Keefe, Bruyette & Woods Increases Heritage Commerce (NASDAQ:HTBK) Price Target to $11.50

Heritage Commerce (NASDAQ:HTBK) had its price target raised by Keefe, Bruyette & Woods from $10.50 to $11.50 in a report released on Friday, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Several other equities research analysts have also commented on HTBK. StockNews.com lowered Heritage Commerce from a hold rating to a sell rating in a research note on Wednesday, July 10th. Piper Sandler reduced their price target on Heritage Commerce from $11.00 to $10.00 and set an overweight rating for the company in a research report on Friday, April 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Heritage Commerce currently has a consensus rating of Hold and an average price target of $11.13.

Heritage Commerce Trading Down 0.8 %

Shares of NASDAQ:HTBK opened at $10.57 on Friday. Heritage Commerce has a 52-week low of $7.66 and a 52-week high of $10.99. The stock has a market capitalization of $647.52 million, a price-to-earnings ratio of 11.49 and a beta of 0.94. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.75 and a current ratio of 0.75. The stock’s 50-day simple moving average is $8.64 and its two-hundred day simple moving average is $8.51.

Heritage Commerce (NASDAQ:HTBK) last announced its earnings results on Friday, July 26th. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.04). Heritage Commerce had a net margin of 19.82% and a return on equity of 7.24%. The business had revenue of $61.35 million for the quarter, compared to the consensus estimate of $43.35 million. Analysts expect that Heritage Commerce will post 0.71 EPS for the current year.

Heritage Commerce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date of this dividend is Thursday, August 8th. Heritage Commerce’s dividend payout ratio (DPR) is 56.52%.

Institutional Investors Weigh In On Heritage Commerce

A number of institutional investors have recently bought and sold shares of the business. Boston Partners boosted its stake in shares of Heritage Commerce by 101.4% in the fourth quarter. Boston Partners now owns 1,893,847 shares of the financial services provider’s stock worth $18,718,000 after acquiring an additional 953,372 shares during the period. Banc Funds Co. LLC lifted its holdings in Heritage Commerce by 8.2% in the 4th quarter. Banc Funds Co. LLC now owns 683,598 shares of the financial services provider’s stock worth $6,781,000 after purchasing an additional 51,515 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Heritage Commerce by 185.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 3,155 shares during the period. Public Employees Retirement System of Ohio grew its holdings in Heritage Commerce by 1,070.2% during the 4th quarter. Public Employees Retirement System of Ohio now owns 12,299 shares of the financial services provider’s stock valued at $122,000 after buying an additional 11,248 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Heritage Commerce by 94.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,381 shares of the financial services provider’s stock valued at $182,000 after buying an additional 8,905 shares during the last quarter. Hedge funds and other institutional investors own 75.55% 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. 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.