Zacks Investment Research upgraded shares of Heritage Commerce (NASDAQ:HTBK) from a hold rating to a strong-buy rating in a report released on Wednesday. The firm currently has $19.00 price target on the financial services provider’s stock.
According to Zacks, “Heritage Commerce Corp. is the holding company of Heritage Bank of Commerce, Heritage Bank East Bay, Heritage Bank South Valley and Bank of Los Altos. The company offers a range of loans, primarily commercial, including real estate, construction, Small Business Administration), inventory and accounts receivable, and equipment loans. The company also accepts checking, savings, and time deposits; NOW and money market deposit accounts; and provides travelers’ checks, safe deposit, and other customary non-deposit banking services. “
HTBK has been the subject of a number of other research reports. BidaskClub upgraded shares of Heritage Commerce from a sell rating to a hold rating in a report on Saturday, February 24th. Brean Capital restated a buy rating on shares of Heritage Commerce in a report on Tuesday, January 2nd. DA Davidson upgraded shares of Heritage Commerce from a neutral rating to a buy rating in a report on Monday, February 12th. ValuEngine downgraded shares of Heritage Commerce from a buy rating to a hold rating in a report on Saturday, December 9th. Finally, Keefe, Bruyette & Woods upgraded shares of Heritage Commerce from a market perform rating to an outperform rating in a report on Tuesday. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Heritage Commerce presently has an average rating of Buy and an average price target of $18.25.
Shares of Heritage Commerce (NASDAQ HTBK) opened at $16.94 on Wednesday. The company has a market cap of $643.30, a PE ratio of 21.05, a price-to-earnings-growth ratio of 1.65 and a beta of 0.60. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.14. Heritage Commerce has a 1-year low of $12.76 and a 1-year high of $17.28.
Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.01). The firm had revenue of $29.01 million for the quarter, compared to analyst estimates of $29.65 million. Heritage Commerce had a return on equity of 11.48% and a net margin of 20.56%. equities research analysts expect that Heritage Commerce will post 1.02 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, February 22nd. Stockholders of record on Thursday, February 8th were issued a dividend of $0.11 per share. The ex-dividend date was Wednesday, February 7th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.60%. This is an increase from Heritage Commerce’s previous quarterly dividend of $0.10. Heritage Commerce’s dividend payout ratio (DPR) is currently 70.97%.
In other news, Director Jack W. Conner sold 24,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $15.47, for a total transaction of $379,015.00. Following the completion of the sale, the director now owns 83,324 shares in the company, valued at approximately $1,289,022.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.69% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of HTBK. Meeder Asset Management Inc. boosted its position in shares of Heritage Commerce by 471.6% during the 4th quarter. Meeder Asset Management Inc. now owns 8,100 shares of the financial services provider’s stock worth $123,000 after purchasing an additional 6,683 shares during the period. Trexquant Investment LP purchased a new position in shares of Heritage Commerce during the 3rd quarter worth approximately $146,000. UBS Asset Management Americas Inc. purchased a new position in shares of Heritage Commerce during the 4th quarter worth approximately $172,000. Voya Investment Management LLC purchased a new position in shares of Heritage Commerce during the 2nd quarter worth approximately $189,000. Finally, Teacher Retirement System of Texas purchased a new position in shares of Heritage Commerce during the 4th quarter worth approximately $190,000. 71.49% of the stock is owned by hedge funds and other institutional investors.
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Heritage Commerce Company Profile
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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