Zacks Investment Research upgraded shares of Heritage Commerce (NASDAQ:HTBK) from a hold rating to a buy rating in a report released on Tuesday, Zacks.com reports. Zacks Investment Research currently has $14.00 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. “
Several other brokerages have also commented on HTBK. ValuEngine lowered Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. Brean Capital lowered Heritage Commerce from a buy rating to a hold rating in a report on Friday, April 26th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $16.33.
Shares of HTBK opened at $12.17 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.72 and a current ratio of 0.72. Heritage Commerce has a 12 month low of $10.84 and a 12 month high of $17.35. The firm has a 50 day simple moving average of $12.15. The firm has a market capitalization of $525.52 million, a price-to-earnings ratio of 11.48, a P/E/G ratio of 1.49 and a beta of 0.83.
Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.28 EPS for the quarter, meeting the consensus estimate of $0.28. Heritage Commerce had a return on equity of 13.01% and a net margin of 26.62%. The company had revenue of $33.51 million for the quarter, compared to analyst estimates of $35.23 million. On average, analysts anticipate that Heritage Commerce will post 1.16 earnings per share for the current fiscal year.
In related news, COO Keith Wilton sold 5,575 shares of Heritage Commerce stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $12.21, for a total transaction of $68,070.75. Following the transaction, the chief operating officer now owns 108,483 shares in the company, valued at $1,324,577.43. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jack W. Conner acquired 7,879 shares of Heritage Commerce stock in a transaction that occurred on Wednesday, May 22nd. The shares were bought at an average price of $12.24 per share, for a total transaction of $96,438.96. Following the transaction, the director now owns 85,432 shares of the company’s stock, valued at approximately $1,045,687.68. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 22,899 shares of company stock worth $276,618. 4.22% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC purchased a new stake in Heritage Commerce in the fourth quarter valued at $25,000. Marshall Wace North America L.P. acquired a new position in shares of Heritage Commerce during the 1st quarter worth about $56,000. Legal & General Group Plc boosted its position in shares of Heritage Commerce by 12.8% during the 4th quarter. Legal & General Group Plc now owns 7,135 shares of the financial services provider’s stock worth $81,000 after acquiring an additional 811 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Heritage Commerce by 63,869.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 8,316 shares of the financial services provider’s stock worth $101,000 after acquiring an additional 8,303 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of Heritage Commerce during the 2nd quarter worth about $128,000. Hedge funds and other institutional investors own 74.41% of the company’s stock.
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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