Heritage Commerce Corp (NASDAQ:HTBK) Given Average Rating of “Hold” by Brokerages

Shares of Heritage Commerce Corp (NASDAQ:HTBK) have been assigned an average rating of “Hold” from the seven research firms that are currently covering the company, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $13.1250.

A number of brokerages have recently weighed in on HTBK. Zacks Research cut Heritage Commerce from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 9th. Weiss Ratings upgraded Heritage Commerce from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 9th. Finally, DA Davidson reiterated a “neutral” rating and set a $14.50 price target on shares of Heritage Commerce in a research report on Wednesday, February 4th.

Heritage Commerce Price Performance

Shares of Heritage Commerce stock opened at $13.45 on Thursday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06. The business’s 50 day simple moving average is $13.10 and its 200-day simple moving average is $12.52. The stock has a market capitalization of $828.43 million, a price-to-earnings ratio of 17.24 and a beta of 0.69. Heritage Commerce has a twelve month low of $8.73 and a twelve month high of $13.83.

Heritage Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 8th. Stockholders of record on Wednesday, March 25th were given a dividend of $0.13 per share. The ex-dividend date was Wednesday, March 25th. This represents a $0.52 annualized dividend and a dividend yield of 3.9%. Heritage Commerce’s payout ratio is currently 66.67%.

Hedge Funds Weigh In On Heritage Commerce

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rhino Investment Partners Inc boosted its position in shares of Heritage Commerce by 29.9% during the third quarter. Rhino Investment Partners Inc now owns 795,180 shares of the financial services provider’s stock worth $7,896,000 after buying an additional 183,005 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of Heritage Commerce during the fourth quarter worth approximately $5,010,000. Maltese Capital Management LLC boosted its position in shares of Heritage Commerce by 32.2% during the third quarter. Maltese Capital Management LLC now owns 251,175 shares of the financial services provider’s stock worth $2,494,000 after buying an additional 61,175 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Heritage Commerce by 2.4% during the third quarter. JPMorgan Chase & Co. now owns 1,883,705 shares of the financial services provider’s stock worth $18,705,000 after buying an additional 44,948 shares during the period. Finally, Rafferty Asset Management LLC boosted its position in shares of Heritage Commerce by 92.3% during the third quarter. Rafferty Asset Management LLC now owns 90,017 shares of the financial services provider’s stock worth $894,000 after buying an additional 43,212 shares during the period. 75.55% of the stock is currently owned by institutional investors and hedge funds.

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.