Heritage Commerce (NASDAQ:HTBK) Sets New 52-Week High at $10.33

Heritage Commerce Corp (NASDAQ:HTBK) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $10.33 and last traded at $10.32, with a volume of 22813 shares trading hands. The stock had previously closed at $10.17.

Wall Street Analyst Weigh In

Several research firms recently issued reports on HTBK. Piper Sandler decreased their target price on shares of Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Friday, April 26th. StockNews.com cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $10.50.

Heritage Commerce Stock Performance

The company has a market cap of $634.04 million, a PE ratio of 11.05 and a beta of 0.94. The firm’s fifty day moving average is $8.43 and its 200 day moving average is $8.48. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings results on Friday, April 26th. The financial services provider reported $0.17 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.02). The company had revenue of $59.60 million during the quarter, compared to analysts’ expectations of $43.83 million. Heritage Commerce had a return on equity of 8.36% and a net margin of 22.84%. As a group, research analysts predict that Heritage Commerce Corp will post 0.73 EPS for the current fiscal year.

Heritage Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date was Wednesday, May 8th. Heritage Commerce’s payout ratio is 56.52%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of HTBK. Vanguard Group Inc. boosted its position in shares of Heritage Commerce by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 3,118,504 shares of the financial services provider’s stock valued at $26,414,000 after acquiring an additional 36,615 shares during the last quarter. SG Americas Securities LLC lifted its position in Heritage Commerce by 27.9% in the fourth quarter. SG Americas Securities LLC now owns 41,642 shares of the financial services provider’s stock valued at $413,000 after buying an additional 9,084 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Heritage Commerce by 10.9% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 87,264 shares of the financial services provider’s stock valued at $866,000 after buying an additional 8,600 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Heritage Commerce by 31.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 242,268 shares of the financial services provider’s stock valued at $2,403,000 after buying an additional 57,882 shares during the last quarter. Finally, Cerity Partners LLC lifted its position in Heritage Commerce by 6.5% in the fourth quarter. Cerity Partners LLC now owns 113,254 shares of the financial services provider’s stock valued at $1,123,000 after buying an additional 6,950 shares during the last quarter. Institutional investors and hedge funds own 75.55% of the company’s stock.

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.