SCHEDULE: Vanguard Group Reports 0% Stake in Heritage Financial

The Vanguard Group has filed an amended Schedule 13G, reporting zero beneficial ownership in Heritage Financial Corp/WA following an internal realignment.

Summary

• The Vanguard Group filed an Amendment No. 6 to Schedule 13G for Heritage Financial Corp/WA, indicating a change in its beneficial ownership reporting.
• The filing reports 0% beneficial ownership of Heritage Financial Corp/WA common stock by The Vanguard Group.
• This change stems from an internal realignment at The Vanguard Group, Inc. that occurred on January 12, 2026.
• Following the realignment, certain subsidiaries or business divisions of The Vanguard Group, Inc. will now report beneficial ownership separately (on a disaggregated basis) in reliance on SEC Release No. 34-39538.
• These subsidiaries and/or business divisions continue to pursue the same investment strategies as previously pursued by The Vanguard Group, Inc.
• The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over the securities beneficially owned by these subsidiaries and/or business divisions.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing for Heritage Financial Corp/WA, as it primarily reflects an internal organizational change at The Vanguard Group rather than a divestment of underlying assets from Vanguard's broader managed funds.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding Heritage Financial Corp/WA's future performance or The Vanguard Group's future investment intentions beyond the current reporting structure.

Management Comments

• To the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.

Industry Context

StockSavvy.ai notes that this filing reflects a procedural change in how The Vanguard Group reports its beneficial ownership, rather than a change in its overall investment strategy or underlying holdings in Heritage Financial Corp/WA. This disaggregated reporting aligns with SEC guidance for large institutional investors managing diverse portfolios through various subsidiaries.

Stakeholder Impact

• Shareholders: May initially perceive a major institutional investor reporting 0% ownership as a negative, but understanding the internal realignment context should clarify that the underlying assets are still managed by Vanguard's subsidiaries, mitigating concerns about a true divestment.

Key Dates

Recommendation

The filing indicates a procedural change in how The Vanguard Group reports its beneficial ownership in Heritage Financial Corp/WA, moving to a disaggregated reporting model due to an internal realignment. It does not signify a divestment of the underlying investment by Vanguard's managed funds, but rather a change in the reporting entity. Therefore, this filing alone does not warrant a change in investment thesis for Heritage Financial Corp/WA, suggesting a 'hold' recommendation.

Keywords

Vanguard Group, Heritage Financial Corp/WA, Schedule 13G, Beneficial Ownership, Institutional Ownership, SEC Filing, Common Stock, Internal Realignment