Heritage Commerce Corp (NASDAQ:HTBK) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Heritage Commerce Corp (NASDAQ:HTBK) have been assigned a consensus rating of “Moderate Buy” from the four brokerages that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $10.50.

HTBK has been the subject of a number of recent analyst reports. Piper Sandler decreased 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. Keefe, Bruyette & Woods decreased their target price on shares of Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, January 26th. Finally, StockNews.com lowered shares of Heritage Commerce from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th.

Heritage Commerce Stock Up 2.8 %

HTBK stock opened at $8.44 on Friday. Heritage Commerce has a 52 week low of $6.69 and a 52 week high of $10.22. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $516.95 million, a price-to-earnings ratio of 9.17 and a beta of 0.91. The firm’s 50-day moving average is $8.23 and its two-hundred day moving average is $8.69.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings results on Friday, April 26th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.02). Heritage Commerce had a net margin of 22.84% and a return on equity of 8.40%. The firm had revenue of $59.60 million for the quarter, compared to the consensus estimate of $43.83 million. On average, analysts forecast that Heritage Commerce will post 0.74 earnings per share for the current fiscal year.

Heritage Commerce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders 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 dividend yield of 6.16%. The ex-dividend date is Wednesday, May 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 modified their holdings of HTBK. Allspring Global Investments Holdings LLC raised its stake in shares of Heritage Commerce by 185.5% during 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 in the last quarter. Lindbrook Capital LLC raised its position in Heritage Commerce by 47.7% during the fourth quarter. Lindbrook Capital LLC now owns 4,780 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 1,543 shares in the last quarter. GAMMA Investing LLC acquired a new stake in Heritage Commerce in the fourth quarter valued at approximately $49,000. Norden Group LLC bought a new stake in Heritage Commerce in the first quarter worth approximately $111,000. Finally, Public Employees Retirement System of Ohio increased its stake in shares of 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 worth $122,000 after purchasing an additional 11,248 shares during the last quarter. Institutional investors and hedge funds own 75.55% of the company’s stock.

About Heritage Commerce

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.