UPDATE: FIG Partners Cuts PT to $14.50 on Heritage Financial Corporation on Book Value Dilution

FIG Partners maintained Heritage Financial Corporation

with a Market Perform rating and lowered the price target from $15.00 to $14.50. FIG Partners analyst Timothy Coffey commented, "We are maintaining our rating on HFWA-Heritage Financial Corp at “Market-Perform,” but lowering our price target to $14.50 (from $15.00). Our new price target is equivalent to 17.9x forward EPS and 122% of forward tangible book value, which is near the median multiples over the last two years. We anticipate tangible book value dilution from a recent acquisition to limit multiple expansion." Heritage Financial Corporation closed at $14.46 on Wednesday.