Heritage Commerce (NASDAQ:HTBK) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Heritage Commerce (NASDAQ:HTBK) from a sell rating to a hold rating in a research report sent to investors on Monday morning.

A number of other research analysts have also recently commented on HTBK. Piper Sandler increased their target price on shares of Heritage Commerce from $10.00 to $12.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods upped their price objective on shares of Heritage Commerce from $10.50 to $11.50 and gave the stock an “outperform” rating in a research report on Friday, July 26th.

Heritage Commerce Stock Performance

NASDAQ HTBK opened at $10.62 on Monday. Heritage Commerce has a 1 year low of $7.66 and a 1 year high of $11.01. The firm has a market capitalization of $651.01 million, a price-to-earnings ratio of 14.96 and a beta of 0.93. The company has a current ratio of 0.73, a quick ratio of 0.76 and a debt-to-equity ratio of 0.06. The firm’s 50 day simple moving average is $9.94 and its 200 day simple moving average is $9.33.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.17. Heritage Commerce had a return on equity of 6.37% and a net margin of 17.61%. The company had revenue of $63.68 million for the quarter, compared to analyst estimates of $43.14 million. As a group, research analysts expect that Heritage Commerce will post 0.66 earnings per share for the current fiscal year.

Heritage Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 4.90%. The ex-dividend date of this dividend is Thursday, November 7th. Heritage Commerce’s dividend payout ratio is currently 73.24%.

Institutional Investors Weigh In On Heritage Commerce

Several hedge funds have recently added to or reduced their stakes in HTBK. Barclays PLC lifted its holdings in shares of Heritage Commerce by 7.2% during the third quarter. Barclays PLC now owns 216,439 shares of the financial services provider’s stock worth $2,139,000 after purchasing an additional 14,466 shares during the period. Jane Street Group LLC raised its position in Heritage Commerce by 55.6% during the 3rd quarter. Jane Street Group LLC now owns 103,596 shares of the financial services provider’s stock worth $1,024,000 after purchasing an additional 36,997 shares during the last quarter. Wellington Management Group LLP acquired a new position in Heritage Commerce during the 3rd quarter worth about $20,093,000. State Street Corp grew its position in shares of Heritage Commerce by 3.2% in the 3rd quarter. State Street Corp now owns 1,965,643 shares of the financial services provider’s stock valued at $19,421,000 after buying an additional 61,630 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Heritage Commerce in the third quarter valued at about $107,000. 75.55% of the stock is currently owned by institutional investors and hedge funds.

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. 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.