Wall Street analysts expect Heritage Commerce Corp (NASDAQ:HTBK) to post earnings per share of $0.21 for the current quarter, according to Zacks. Two analysts have issued estimates for Heritage Commerce’s earnings, with estimates ranging from $0.15 to $0.26. Heritage Commerce reported earnings per share of $0.19 during the same quarter last year, which would indicate a positive year over year growth rate of 10.5%. The business is scheduled to issue its next earnings report on Thursday, July 26th.
According to Zacks, analysts expect that Heritage Commerce will report full year earnings of $1.01 per share for the current year, with EPS estimates ranging from $0.95 to $1.06. For the next fiscal year, analysts expect that the company will post earnings of $1.32 per share, with EPS estimates ranging from $1.27 to $1.36. Zacks’ EPS calculations are a mean average based on a survey of sell-side analysts that follow Heritage Commerce.
Heritage Commerce (NASDAQ:HTBK) last released its earnings results on Thursday, April 26th. The financial services provider reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Heritage Commerce had a return on equity of 12.22% and a net margin of 21.93%. The firm had revenue of $28.54 million for the quarter, compared to the consensus estimate of $29.45 million.
A number of research firms have commented on HTBK. BidaskClub raised Heritage Commerce from a “hold” rating to a “buy” rating in a report on Thursday, March 22nd. Zacks Investment Research raised Heritage Commerce from a “hold” rating to a “strong-buy” rating and set a $19.00 target price on the stock in a report on Wednesday, March 14th. Keefe, Bruyette & Woods raised Heritage Commerce from a “market perform” rating to an “outperform” rating in a report on Tuesday, March 13th. DA Davidson increased their target price on Heritage Commerce from $17.50 to $19.00 and gave the stock a “buy” rating in a report on Monday, April 30th. Finally, Brean Capital reaffirmed a “buy” rating on shares of Heritage Commerce in a report on Thursday, May 3rd. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $18.50.
Heritage Commerce opened at $17.03 on Friday, MarketBeat reports. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.66 and a current ratio of 0.66. Heritage Commerce has a 52 week low of $12.76 and a 52 week high of $17.28. The company has a market cap of $678.70 million, a price-to-earnings ratio of 19.65, a PEG ratio of 1.68 and a beta of 0.59.
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 24th. Investors of record on Thursday, May 10th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 2.58%. The ex-dividend date is Wednesday, May 9th. Heritage Commerce’s dividend payout ratio (DPR) is 55.00%.
In related news, Director Jack W. Conner sold 23,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 10th. The stock was sold at an average price of $16.98, for a total value of $390,540.00. Following the sale, the director now owns 61,812 shares of the company’s stock, valued at approximately $1,049,567.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 5.40% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in HTBK. Wells Fargo & Company MN lifted its holdings in shares of Heritage Commerce by 48.9% in the 3rd quarter. Wells Fargo & Company MN now owns 53,696 shares of the financial services provider’s stock worth $765,000 after purchasing an additional 17,627 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in shares of Heritage Commerce by 147.3% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 129,836 shares of the financial services provider’s stock worth $1,848,000 after purchasing an additional 77,336 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Heritage Commerce by 5.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,652,384 shares of the financial services provider’s stock worth $23,513,000 after purchasing an additional 82,543 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Heritage Commerce by 40.8% in the 4th quarter. Bank of Montreal Can now owns 13,042 shares of the financial services provider’s stock worth $200,000 after purchasing an additional 3,782 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of Heritage Commerce in the 4th quarter worth approximately $195,000. 69.16% of the stock is currently owned by institutional investors and hedge funds.
About Heritage Commerce
Heritage Commerce Corp operates as the bank holding company for Heritage Bank of Commerce that provides various commercial and personal banking services to residents and the business/professional community in California. It offers a range of deposit products for business banking and retail markets, including interest and non-interest bearing demand, savings accounts, certificate of deposit, money market accounts, and time deposits.
Get a free copy of the Zacks research report on Heritage Commerce (HTBK)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Heritage Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Heritage Commerce and related companies with MarketBeat.com's FREE daily email newsletter.