Heritage Commerce (HTBK) Rating Lowered to Sell at ValuEngine

Heritage Commerce (NASDAQ:HTBK) was downgraded by research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.

Several other analysts have also recently issued reports on HTBK. Brean Capital reaffirmed a “buy” rating on shares of Heritage Commerce in a research report on Monday, October 29th. Raymond James assumed coverage on Heritage Commerce in a research report on Wednesday, July 18th. They set an “outperform” rating and a $19.00 target price on the stock. BidaskClub cut Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Wednesday, July 11th. Finally, Zacks Investment Research cut Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Friday, July 20th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. Heritage Commerce presently has a consensus rating of “Hold” and an average price target of $18.50.

Shares of NASDAQ HTBK opened at $14.49 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.11. The firm has a market cap of $632.34 million, a price-to-earnings ratio of 18.11, a P/E/G ratio of 2.13 and a beta of 0.48. Heritage Commerce has a 12-month low of $13.67 and a 12-month high of $18.10.

Heritage Commerce (NASDAQ:HTBK) last announced its earnings results on Thursday, October 25th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.01. The business had revenue of $34.66 million for the quarter, compared to analysts’ expectations of $34.56 million. Heritage Commerce had a return on equity of 13.05% and a net margin of 17.74%. As a group, equities research analysts expect that Heritage Commerce will post 0.98 EPS for the current year.

In other Heritage Commerce news, Director Jason Philip Dinapoli acquired 10,000 shares of the stock in a transaction dated Tuesday, October 30th. The stock was purchased at an average price of $14.69 per share, with a total value of $146,900.00. Following the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at $293,800. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 5.40% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of HTBK. Northern Trust Corp boosted its position in shares of Heritage Commerce by 1.3% in the 1st quarter. Northern Trust Corp now owns 386,815 shares of the financial services provider’s stock worth $6,374,000 after purchasing an additional 4,785 shares in the last quarter. BlackRock Inc. boosted its position in shares of Heritage Commerce by 3.6% in the 1st quarter. BlackRock Inc. now owns 3,002,983 shares of the financial services provider’s stock worth $49,490,000 after purchasing an additional 104,434 shares in the last quarter. A.R.T. Advisors LLC acquired a new stake in shares of Heritage Commerce in the 1st quarter worth $182,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Heritage Commerce in the 1st quarter worth $165,000. Finally, Boston Advisors LLC acquired a new stake in shares of Heritage Commerce in the 2nd quarter worth $3,473,000. 73.42% of the stock is owned by hedge funds and other institutional investors.

Heritage Commerce Company Profile

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.

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