Heritage Commerce Corp (NASDAQ:HTBK) Receives Average Recommendation of “Hold” from Brokerages

Shares of Heritage Commerce Corp (NASDAQ:HTBK) have been assigned a consensus rating of “Hold” from the eight research firms that are currently covering the stock, Marketbeat reports. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $12.25.

HTBK has been the subject of several recent research reports. Stephens restated an “equal weight” rating on shares of Heritage Commerce in a report on Monday, January 5th. Zacks Research downgraded shares of Heritage Commerce from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Wall Street Zen cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, December 20th. Weiss Ratings reissued a “hold (c+)” rating on shares of Heritage Commerce in a report on Monday, December 29th. Finally, Piper Sandler boosted their price objective on shares of Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th.

Heritage Commerce Stock Up 0.5%

Shares of NASDAQ HTBK opened at $13.30 on Tuesday. Heritage Commerce has a 52-week low of $8.09 and a 52-week high of $13.82. The firm has a market capitalization of $818.75 million, a price-to-earnings ratio of 17.05 and a beta of 0.80. The stock has a 50 day moving average price of $12.64 and a 200 day moving average price of $11.07. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.75 and a current ratio of 0.75.

Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.28 EPS for the quarter, topping the consensus estimate of $0.23 by $0.05. Heritage Commerce had a return on equity of 8.10% and a net margin of 17.77%.The company had revenue of $53.62 million for the quarter, compared to the consensus estimate of $50.78 million. Sell-side analysts expect that Heritage Commerce will post 0.8 earnings per share for the current year.

Heritage Commerce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 19th. Stockholders of record on Thursday, February 5th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Thursday, February 5th. Heritage Commerce’s payout ratio is presently 66.67%.

Institutional Trading of Heritage Commerce

Hedge funds have recently modified their holdings of the company. Clearstead Advisors LLC boosted its holdings in shares of Heritage Commerce by 129.5% in the 4th quarter. Clearstead Advisors LLC now owns 3,599 shares of the financial services provider’s stock valued at $43,000 after buying an additional 2,031 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in Heritage Commerce by 56.5% during the third quarter. Parkside Financial Bank & Trust now owns 5,026 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 1,815 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Heritage Commerce by 16,272.7% in the second quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 5,370 shares in the last quarter. Globeflex Capital L P purchased a new position in Heritage Commerce in the fourth quarter worth $66,000. Finally, Larson Financial Group LLC grew its holdings in Heritage Commerce by 495.3% in the third quarter. Larson Financial Group LLC now owns 5,620 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 4,676 shares during the last quarter. 75.55% of the stock is owned by hedge funds and other institutional investors.

Heritage Commerce Company Profile

Heritage Commerce Corporation, headquartered in Farmington Hills, Michigan, is the bank holding company for Heritage Bank, N.A., a community-oriented financial institution. Traded on NASDAQ under the symbol HTBK, the company focuses on delivering tailored banking services to businesses, professionals and individuals throughout Southeastern Michigan.

Heritage Bank, N.A. offers a comprehensive portfolio of deposit and lending products designed to meet the needs of commercial and consumer clients.