HFWA (Heritage Financial) Dividend Payout Ratio: 0.41 (As of Mar. 2026) — Near Median

What is Heritage Financial Dividend Payout Ratio?

Heritage Financial HFWA +0.82% 63 Dividend Payout Ratio is 0.41 as of Mar. 2026, which is 5% above its 10-year median of 0.39. GuruFocus rates HFWA with a GF Score™ of 63/100 and a GF Value™ of $27.21 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,168 Banks companies, Heritage Financial ranks worse than 64.55% on this metric.

The Dividend Payout Ratio is the measure of dividends paid out to shareholders relative to the company's net income. It is calculated as the Dividends per Share divided by the Earnings per Share (Diluted) during the same time period. Heritage Financial's Dividend Payout Ratio for the months ended in Mar. 2026 was 0.41.

The historical rank and industry rank for Heritage Financial's Dividend Payout Ratio or its related term are showing as below:

HFWA' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.31 Med: 0.39 Max: 0.77
Current: 0.41

During the past 13 years, the highest Dividend Payout Ratio of Heritage Financial was 0.77. The lowest was 0.31. And the median was 0.39.

HFWA's Dividend Payout Ratio is ranked worse than
64.55% of 1168 companies
in the Banks industry
Industry Median: 0.32 vs HFWA: 0.41

As of today (2026-06-27), the Dividend Yield % of Heritage Financial is 3.25%.

During the past 13 years, the highest Trailing Annual Dividend Yield of Heritage Financial was 5.57%. The lowest was 1.51%. And the median was 3.20%.

Heritage Financial's Dividends per Share for the months ended in Mar. 2026 was $0.24.

During the past 12 months, Heritage Financial's average Dividends Per Share Growth Rate was 3.20% per year. During the past 3 years, the average Dividends Per Share Growth Rate was 4.60% per year. During the past 5 years, the average Dividends Per Share Growth Rate was 3.90% per year. During the past 10 years, the average Dividends Per Share Growth Rate was 8.60% per year.

During the past 13 years, the highest 3-Year average Dividends Per Share Growth Rate of Heritage Financial was 73.50% per year. The lowest was -49.80% per year. And the median was 13.70% per year.

The growth rate is calculated with least square regression.

For more information regarding to dividend, please check our Dividend Page.

* Please note that "special dividend" is not included in the calculation of dividend per share and related fields.

Heritage Financial (NAS:HFWA) Dividend Payout Ratio Explanation

In dividends investing, Dividend Payout Ratio and Dividend Growth Rate are the two most important variables for consideration. A lower payout ratio may indicate that the company has more room to increase its dividends.

Heritage Financial Dividend Payout Ratio Related Terms

Heritage Financial Dividend Payout Ratio Historical Data

* Premium members only.

The historical data trend for Heritage Financial's Dividend Payout Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Heritage Financial Dividend Payout Ratio Chart

Heritage Financial Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Dividend Payout Ratio

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0.31

0.37

0.50

0.77

0.43

Heritage Financial Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Dividend Payout Ratio	Get a 7-Day Free Trial															0.60	0.45	0.43	0.36	0.41

HFWA vs PFBC, MCB, UVSP: Dividend Payout Ratio Comparison

For the Banks - Regional subindustry, Heritage Financial's Dividend Payout Ratio, along with its competitors' market caps and Dividend Payout Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Heritage Financial Dividend Payout Ratio vs Banks Industry

For the Banks industry and Financial Services sector, Heritage Financial's Dividend Payout Ratio distribution charts can be found below:

* The bar in red indicates where Heritage Financial's Dividend Payout Ratio falls into.

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63GF Score

Heritage Financial Corp HFWA

Dividend Payout Ratio is just one metric. See GF Score™, valuation, warning signs, and more.

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Heritage Financial Dividend Payout Ratio Calculation

Heritage Financial's Dividend Payout Ratio for the fiscal year that ended in Dec. 2025 is calculated as

Dividend Payout Ratio	=	Dividends per Share (A: Dec. 2025 )	/	EPS without NRI (A: Dec. 2025 )
	=	0.96	/	2.24
	=	0.43

Heritage Financial's Dividend Payout Ratio for the quarter that ended in Mar. 2026 is calculated as

Dividend Payout Ratio	=	Dividends per Share (Q: Mar. 2026 )	/	EPS without NRI (Q: Mar. 2026 )
	=	0.24	/	0.59
	=	0.41

Frequently Asked Questions Learn more about Dividend Payout Ratio →

What does a Dividend Payout Ratio of 0.41 mean?

Heritage Financial (HFWA) has a Dividend Payout Ratio of 0.41 as of Mar. 2026. Dividend payout ratio is the percent of company earnings paid out as dividends. View historical data on Heritage Financial and its competitors. This is near median its historical median of 0.39. Over the past decade, Heritage Financial's Dividend Payout Ratio has ranged from 0.31 to 0.77. According to the industry distribution chart, Heritage Financial ranks #754 out of 1168 companies in the Banks industry, placing it in the top 64.6%.

Is Heritage Financial's Dividend Payout Ratio too high?

Heritage Financial's current Dividend Payout Ratio of 0.41 is near median its 10-year median of 0.39. Over the past 10 years, this metric has ranged from a low of 0.31 to a high of 0.77. The Banks industry median Dividend Payout Ratio is 0.32. Heritage Financial's value of 0.41 is 28.1% above this industry median. Based on the distribution chart, Heritage Financial ranks #754 out of 1168 companies in the Banks industry, which is below the industry midpoint. Overall, Heritage Financial has a GF Score™ of 63/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Heritage Financial's Dividend Payout Ratio compare to PFBC and MCB?

According to the Banks industry distribution chart, Heritage Financial ranks #754 out of 1168 companies for Dividend Payout Ratio. This places Heritage Financial in the lower half of its industry. The industry median Dividend Payout Ratio is 0.32. Heritage Financial's value of 0.41 is 28.1% above this benchmark. Historically, Heritage Financial's own Dividend Payout Ratio has ranged from 0.31 to 0.77 over the past decade. While the company's 10-year median is 0.39 vs. the industry median of 0.32, Heritage Financial has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Dividend Payout Ratio for a Banks company?

The median Dividend Payout Ratio among Banks companies is 0.32, based on 1,168 companies in the industry. Companies in the top quartile (top 25%) have a Dividend Payout Ratio significantly above this median, while those in the bottom quartile fall well below. However, Dividend Payout Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Heritage Financial's current Dividend Payout Ratio of 0.41 is 28.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Dividend Payout Ratio mean?

A high Dividend Payout Ratio can signal that a stock is expensive relative to its fundamentals. Dividend payout ratio is the percent of company earnings paid out as dividends. View historical data on Heritage Financial and its competitors. For the Banks industry, the median Dividend Payout Ratio is 0.32 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Heritage Financial's current Dividend Payout Ratio is 0.41, which is near median its own 10-year median of 0.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Heritage Financial stock overvalued right now?

Based on GuruFocus' analysis, Heritage Financial (HFWA) is currently considered Fairly Valued. The stock's GF Value™ is $27.21, compared to a current price of $29.54 — trading 8.6% above its estimated fair value. The current Dividend Payout Ratio is 0.41, which is near median its 10-year median of 0.39 and 28.1% above the Banks industry median of 0.32. Heritage Financial's overall GF Score™ is 63/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Dividend Payout Ratio calculated?

Dividend Payout Ratio is calculated from a company's financial statements. For Heritage Financial (HFWA), the current Dividend Payout Ratio is 0.41 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Heritage Financial (HFWA) Overvalued in 2026?

Based on GuruFocus' analysis, Heritage Financial stock appears to be overvalued. The current stock price of $29.54 is trading 8.6% above its estimated GF Value™ of $27.21. GuruFocus considers Heritage Financial to be Fairly Valued.

Key valuation signals for HFWA:

Dividend Payout Ratio: 0.41 (near median its 10-year median of 0.39)
GF Value™: $27.21 vs. price of $29.54 (8.6% above fair value)
GF Score™: 63/100 with 4 warning signs
Industry Position: 28.1% above the Banks median (#754 of 1168)

No single metric tells the full story. See the HFWA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Heritage Financial Business Description

Industry Financial Services Banks

Comparable Companies PFBC MCB UVSP OSBC AGBK CCB OCFC NBN FMBH FBAK SHSE:600036 SGX:D05 MIL:UCG NSE:HDFCBANK XPAR:BNP MIL:ISP TSE:8411 SAU:1120 NSE:ICICIBANK XMAD:CABK

Address 201 Fifth Avenue SW, Olympia, WA, USA, 98501

Website https://www.hf-wa.com

Heritage Financial Corp is a bank holding company. The company, through its subsidiary, provides commercial lending and deposit relationships with small businesses and their owners in its market areas and attracts deposits from the general public. It accepts various deposit products, such as non-interest demand accounts, money market accounts, savings accounts, and certificates of deposit. Besides, the Bank also makes real estate construction loans, land development loans, and consumer loans, and originates first mortgage loans on residential properties mainly located in its market area. Geographically, all the business activity functions through the region of the United States.

63GF Score

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Dividend Payout Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$29.54

Price

$27.21

GF Value

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