5 Best Performing Bank Stocks in 2022

4. Heritage Financial Corporation (NASDAQ:HFWA)

Number of Hedge Fund Holders: 12

YTD Share Price Gain as of December 28: 26.27%

Heritage Financial Corporation (NASDAQ:HFWA) is a Washington-based bank holding company for Heritage Bank that provides various financial services to small and medium-sized businesses and individuals in the United States. On October 20, Heritage Financial Corporation (NASDAQ:HFWA) reported Q3 GAAP earnings per share of $0.59 and a revenue of $66.74 million, outperforming Wall Street estimates by $0.08 and $4.93 million, respectively. Heritage Financial Corporation (NASDAQ:HFWA) is one of the best performing bank stock stocks in 2022. 

On June 29, DA Davidson analyst Jeffrey Rulis upgraded Heritage Financial Corporation (NASDAQ:HFWA) to Buy from Neutral with a price target of $29, up from $27. He raised his 2022, 2023, and 2024 EPS estimates, calling Heritage Financial Corporation (NASDAQ:HFWA) “a robust rate play with accelerating loan growth and a history of above peer credit performance.” In addition to rate bump catalysts, he cited in-market M&A opportunities, efficiency gains, and scarcity value adding to Heritage Financial Corporation (NASDAQ:HFWA)’s “compelling investment opportunity.”

According to Insider Monkey’s data, Heritage Financial Corporation (NASDAQ:HFWA) was part of 12 hedge fund portfolios at the end of Q3 2022, compared to 13 in the prior quarter. Mark Lee’s Forest Hill Capital is the biggest position holder in the company, with 273,090 shares worth $7.2 million. 

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