Heritage Commerce Corp (NASDAQ:HTBK) Forecasted to Earn Q2 2024 Earnings of $0.19 Per Share

Heritage Commerce Corp (NASDAQ:HTBK) – Equities researchers at DA Davidson issued their Q2 2024 earnings per share estimates for shares of Heritage Commerce in a research report issued on Monday, April 29th. DA Davidson analyst G. Tenner forecasts that the financial services provider will earn $0.19 per share for the quarter. The consensus estimate for Heritage Commerce’s current full-year earnings is $0.79 per share. DA Davidson also issued estimates for Heritage Commerce’s FY2024 earnings at $0.75 EPS and FY2025 earnings at $0.82 EPS.

Several other research analysts have also commented on the company. Keefe, Bruyette & Woods lowered their price target on Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, January 26th. Raymond James lifted their target price on Heritage Commerce from $9.50 to $11.00 and gave the company an “outperform” rating in a research report on Friday, January 5th. Piper Sandler reduced their price target on shares of Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Friday, April 26th. Finally, StockNews.com cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Heritage Commerce currently has a consensus rating of “Hold” and a consensus price target of $10.50.

Heritage Commerce Stock Performance

NASDAQ:HTBK opened at $7.94 on Tuesday. The stock has a market capitalization of $486.33 million, a P/E ratio of 8.63 and a beta of 0.90. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.77 and a current ratio of 0.77. Heritage Commerce has a fifty-two week low of $6.69 and a fifty-two week high of $10.22. The company has a 50 day moving average price of $8.24 and a 200 day moving average price of $8.70.

Heritage Commerce (NASDAQ:HTBK) last announced its earnings results on Friday, April 26th. The financial services provider reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.02). The company had revenue of $59.60 million for the quarter, compared to analysts’ expectations of $43.83 million. Heritage Commerce had a return on equity of 8.40% and a net margin of 22.84%.

Hedge Funds Weigh In On Heritage Commerce

A number of institutional investors and hedge funds have recently made changes to their positions in HTBK. Vanguard Group Inc. lifted its stake in Heritage Commerce by 1.2% in the third quarter. Vanguard Group Inc. now owns 3,118,504 shares of the financial services provider’s stock worth $26,414,000 after acquiring an additional 36,615 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Heritage Commerce by 7.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,959,913 shares of the financial services provider’s stock worth $29,363,000 after purchasing an additional 202,504 shares during the last quarter. Boston Partners grew its stake in shares of Heritage Commerce by 101.4% during the fourth quarter. Boston Partners now owns 1,893,847 shares of the financial services provider’s stock worth $18,718,000 after purchasing an additional 953,372 shares in the last quarter. Banc Funds Co. LLC increased its holdings in Heritage Commerce by 8.2% in the fourth quarter. Banc Funds Co. LLC now owns 683,598 shares of the financial services provider’s stock valued at $6,781,000 after buying an additional 51,515 shares during the last quarter. Finally, Endeavour Capital Advisors Inc. raised its stake in Heritage Commerce by 3.0% in the third quarter. Endeavour Capital Advisors Inc. now owns 562,516 shares of the financial services provider’s stock valued at $4,765,000 after buying an additional 16,416 shares in the last quarter. 75.55% of the stock is owned by institutional investors and hedge funds.

Heritage Commerce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 6.55%. The ex-dividend date of this dividend is Wednesday, May 8th. Heritage Commerce’s dividend payout ratio is currently 56.52%.

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.