Brokerages forecast that Heritage Commerce Corp. (NASDAQ:HTBK) will announce earnings per share of $0.29 for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Heritage Commerce’s earnings, with the highest EPS estimate coming in at $0.29 and the lowest estimate coming in at $0.28. Heritage Commerce reported earnings per share of $0.22 in the same quarter last year, which would indicate a positive year-over-year growth rate of 31.8%. The company is expected to announce its next quarterly earnings results on Thursday, January 24th.
On average, analysts expect that Heritage Commerce will report full year earnings of $0.98 per share for the current financial year, with EPS estimates ranging from $0.95 to $1.01. For the next fiscal year, analysts expect that the firm will post earnings of $1.23 per share, with EPS estimates ranging from $1.17 to $1.32. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Heritage Commerce.
Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. Heritage Commerce had a return on equity of 12.45% and a net margin of 17.74%. The business had revenue of $34.66 million for the quarter, compared to the consensus estimate of $34.56 million.
HTBK has been the topic of a number of recent research reports. Brean Capital restated a “buy” rating and set a $17.00 price objective on shares of Heritage Commerce in a research report on Monday, October 22nd. ValuEngine downgraded Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Tuesday, November 6th. Finally, BidaskClub downgraded Heritage Commerce from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 15th. Three analysts have rated the stock with a sell 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.
In other Heritage Commerce news, Director Jack W. Conner purchased 2,828 shares of Heritage Commerce stock in a transaction dated Tuesday, December 4th. The shares were purchased at an average cost of $13.67 per share, for a total transaction of $38,658.76. Following the completion of the acquisition, the director now owns 74,106 shares in the company, valued at approximately $1,013,029.02. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jack W. Conner purchased 10,418 shares of Heritage Commerce stock in a transaction dated Monday, November 12th. The stock was acquired at an average price of $14.42 per share, for a total transaction of $150,227.56. Following the completion of the acquisition, the director now owns 68,756 shares of the company’s stock, valued at approximately $991,461.52. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 25,001 shares of company stock worth $360,707. Company insiders own 5.40% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Meeder Asset Management Inc. raised its holdings in shares of Heritage Commerce by 100.3% in the third quarter. Meeder Asset Management Inc. now owns 7,088 shares of the financial services provider’s stock worth $106,000 after buying an additional 3,549 shares during the period. California Public Employees Retirement System raised its holdings in shares of Heritage Commerce by 3.9% in the second quarter. California Public Employees Retirement System now owns 96,870 shares of the financial services provider’s stock worth $1,646,000 after buying an additional 3,670 shares during the period. Security National Bank raised its holdings in shares of Heritage Commerce by 2.3% in the third quarter. Security National Bank now owns 180,370 shares of the financial services provider’s stock worth $2,691,000 after buying an additional 4,013 shares during the period. Globeflex Capital L P raised its holdings in shares of Heritage Commerce by 18.3% in the second quarter. Globeflex Capital L P now owns 32,900 shares of the financial services provider’s stock worth $559,000 after buying an additional 5,100 shares during the period. Finally, Summit Global Investments raised its holdings in shares of Heritage Commerce by 21.2% in the third quarter. Summit Global Investments now owns 45,100 shares of the financial services provider’s stock worth $673,000 after buying an additional 7,900 shares during the period. Hedge funds and other institutional investors own 73.77% of the company’s stock.
Shares of HTBK stock opened at $13.27 on Friday. Heritage Commerce has a 1 year low of $12.57 and a 1 year high of $18.10. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.11. The company has a market cap of $576.05 million, a price-to-earnings ratio of 16.59, a P/E/G ratio of 1.94 and a beta of 0.46.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 20th. Stockholders of record on Tuesday, November 6th were issued a $0.11 dividend. The ex-dividend date of this dividend was Monday, November 5th. This represents a $0.44 annualized dividend and a dividend yield of 3.32%. Heritage Commerce’s payout ratio is 55.00%.
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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