Zacks Investment Research upgraded shares of Heritage Commerce Corp (NASDAQ:HTBK) from a hold rating to a buy rating in a research report sent to investors on Tuesday, October 31st. They currently have $17.00 price target on the financial services provider’s stock.
According to Zacks, “Heritage Commerce Corp. is the holding company of Heritage Bank of Commerce, Heritage Bank East Bay, Heritage Bank South Valley and Bank of Los Altos. The company offers a range of loans, primarily commercial, including real estate, construction, Small Business Administration), inventory and accounts receivable, and equipment loans. The company also accepts checking, savings, and time deposits; NOW and money market deposit accounts; and provides travelers’ checks, safe deposit, and other customary non-deposit banking services. “
A number of other equities analysts have also recently issued reports on HTBK. Brean Capital set a $16.00 target price on shares of Heritage Commerce Corp and gave the stock a buy rating in a report on Friday, July 28th. ValuEngine raised Heritage Commerce Corp from a hold rating to a buy rating in a report on Tuesday, July 11th. Finally, BidaskClub cut Heritage Commerce Corp from a hold rating to a sell rating in a report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $16.00.
Shares of Heritage Commerce Corp (HTBK) traded up $0.15 during trading on Tuesday, hitting $15.28. The company’s stock had a trading volume of 77,070 shares, compared to its average volume of 89,215. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.14. The stock has a market cap of $583.70, a price-to-earnings ratio of 19.84, a PEG ratio of 1.90 and a beta of 0.49. Heritage Commerce Corp has a one year low of $11.75 and a one year high of $15.55.
Heritage Commerce Corp (NASDAQ:HTBK) last released its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. The company had revenue of $28.78 million for the quarter, compared to analyst estimates of $28.70 million. Heritage Commerce Corp had a return on equity of 11.15% and a net margin of 26.40%. analysts forecast that Heritage Commerce Corp will post 0.8 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 21st. Investors of record on Tuesday, November 7th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend is Monday, November 6th. Heritage Commerce Corp’s payout ratio is presently 51.95%.
In other Heritage Commerce Corp news, Director Komas Julianne M. Biagini sold 3,650 shares of the business’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $13.65, for a total transaction of $49,822.50. Following the completion of the transaction, the director now owns 25,696 shares of the company’s stock, valued at approximately $350,750.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.69% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of HTBK. American International Group Inc. grew its stake in Heritage Commerce Corp by 6.9% during the first quarter. American International Group Inc. now owns 16,039 shares of the financial services provider’s stock worth $226,000 after buying an additional 1,038 shares during the last quarter. Teachers Advisors LLC lifted its holdings in Heritage Commerce Corp by 48.6% in the first quarter. Teachers Advisors LLC now owns 76,734 shares of the financial services provider’s stock valued at $1,082,000 after buying an additional 25,106 shares during the period. TIAA CREF Investment Management LLC lifted its holdings in Heritage Commerce Corp by 26.2% in the first quarter. TIAA CREF Investment Management LLC now owns 128,329 shares of the financial services provider’s stock valued at $1,809,000 after buying an additional 26,647 shares during the period. Vanguard Group Inc. raised its holdings in Heritage Commerce Corp by 4.3% in the first quarter. Vanguard Group Inc. now owns 1,395,004 shares of the financial services provider’s stock worth $19,669,000 after purchasing an additional 57,100 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Heritage Commerce Corp by 5.0% in the first quarter. Geode Capital Management LLC now owns 366,672 shares of the financial services provider’s stock worth $5,170,000 after purchasing an additional 17,489 shares during the period. 69.87% of the stock is currently owned by hedge funds and other institutional investors.
About Heritage Commerce Corp
Heritage Commerce Corp is a bank holding company. The Company, through its subsidiary Heritage Bank of Commerce (the Bank), provides a range of banking services. The Bank is a California state-chartered multi-community independent bank that offers a range of commercial banking services to small and medium-sized businesses and their owners, managers and employees.
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