ValuEngine Downgrades Heritage Commerce (HTBK) to Hold

Heritage Commerce (NASDAQ:HTBK) was downgraded by ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Saturday.

A number of other equities analysts also recently weighed in on HTBK. Brean Capital reaffirmed a “buy” rating on shares of Heritage Commerce in a research note on Tuesday, December 5th. Zacks Investment Research raised shares of Heritage Commerce from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Wednesday, September 27th. Finally, BidaskClub downgraded shares of Heritage Commerce from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. Heritage Commerce presently has a consensus rating of “Hold” and an average target price of $16.00.

Heritage Commerce (NASDAQ HTBK) opened at $15.86 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.76 and a current ratio of 0.77. The firm has a market cap of $605.85, a P/E ratio of 20.60, a price-to-earnings-growth ratio of 1.97 and a beta of 0.51. Heritage Commerce has a one year low of $12.76 and a one year high of $16.63.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.01. The company had revenue of $28.78 million for the quarter, compared to the consensus estimate of $28.70 million. Heritage Commerce had a net margin of 26.40% and a return on equity of 11.15%. equities analysts expect that Heritage Commerce will post 0.8 EPS for the current year.

Hedge funds have recently modified their holdings of the company. Legal & General Group Plc raised its stake in shares of Heritage Commerce by 20.4% in the 2nd quarter. Legal & General Group Plc now owns 7,903 shares of the financial services provider’s stock valued at $109,000 after acquiring an additional 1,339 shares during the period. IFP Advisors Inc purchased a new position in shares of Heritage Commerce in the 2nd quarter valued at $132,000. Trexquant Investment LP purchased a new position in shares of Heritage Commerce in the 3rd quarter valued at $146,000. Principal Financial Group Inc. purchased a new position in shares of Heritage Commerce in the 2nd quarter valued at $175,000. Finally, Voya Investment Management LLC purchased a new position in shares of Heritage Commerce in the 2nd quarter valued at $189,000. 69.98% of the stock is currently owned by institutional investors and hedge funds.

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About Heritage Commerce

Heritage Commerce Corp is a bank holding company. The Company, through its subsidiary Heritage Bank of Commerce (the Bank), provides a range of banking services. The Bank is a California state-chartered multi-community independent bank that offers a range of commercial banking services to small and medium-sized businesses and their owners, managers and employees.

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