Heritage Commerce Corp to Issue Quarterly Dividend of $0.13 (NASDAQ:HTBK)

Heritage Commerce Corp (NASDAQ:HTBK) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Shareholders of record on Thursday, May 9th will be given a dividend of 0.13 per share by the financial services provider on Thursday, May 23rd. This represents a $0.52 annualized dividend and a yield of 6.50%. The ex-dividend date of this dividend is Wednesday, May 8th.

Heritage Commerce has a payout ratio of 59.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Heritage Commerce to earn $0.89 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 58.4%.

Heritage Commerce Stock Down 2.2 %

Shares of Heritage Commerce stock traded down $0.18 during trading on Friday, hitting $8.00. 827,652 shares of the stock were exchanged, compared to its average volume of 300,620. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.77 and a quick ratio of 0.77. The firm’s 50-day moving average price is $8.25 and its 200 day moving average price is $8.71. The stock has a market cap of $490 million, a price-to-earnings ratio of 8.70 and a beta of 0.90. Heritage Commerce has a 12-month low of $6.69 and a 12-month high of $10.22.

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 analysts’ consensus estimates of $0.24 by ($0.02). Heritage Commerce had a return on equity of 8.40% and a net margin of 22.84%. The business had revenue of $44.24 million for the quarter, compared to analysts’ expectations of $46.38 million. As a group, analysts forecast that Heritage Commerce will post 0.81 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Jack W. Conner sold 6,944 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $8.92, for a total transaction of $61,940.48. Following the transaction, the director now owns 102,501 shares of the company’s stock, valued at $914,308.92. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 3.99% of the company’s stock.

Analyst Upgrades and Downgrades

HTBK has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lowered their price target on Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, January 26th. StockNews.com downgraded shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Friday, April 19th. Piper Sandler dropped their target price on shares of Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Raymond James lifted their price target on shares of Heritage Commerce from $9.50 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $10.50.

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. Its deposit products for business banking and retail markets include interest and non-interest-bearing demand, savings, and money market accounts, as well as certificates of deposit and time deposits.