Heritage Commerce (NASDAQ:HTBK) Hits New 52-Week High – Time to Buy?

Shares of Heritage Commerce Corp (NASDAQ:HTBK) reached a new 52-week high on Tuesday . The company traded as high as $11.19 and last traded at $11.1280, with a volume of 26852 shares. The stock had previously closed at $11.13.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HTBK. Stephens boosted their price objective on Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Wall Street Zen upgraded shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Zacks Research upgraded shares of Heritage Commerce from a “strong sell” rating to a “strong-buy” rating in a report on Wednesday, October 29th. DA Davidson lifted their target price on Heritage Commerce from $12.00 to $12.50 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Finally, Piper Sandler upped their price objective on shares of Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Heritage Commerce presently has an average rating of “Buy” and an average target price of $11.50.

Heritage Commerce Stock Up 0.4%

The business’s fifty day moving average is $10.27 and its two-hundred day moving average is $9.98. The stock has a market cap of $684.48 million, a price-to-earnings ratio of 15.95 and a beta of 0.89. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.06.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.24 EPS for the quarter. The company had revenue of $50.01 million during the quarter. Heritage Commerce had a net margin of 16.31% and a return on equity of 7.20%. Equities analysts forecast that Heritage Commerce Corp will post 0.8 earnings per share for the current fiscal year.

Heritage Commerce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th were given a $0.13 dividend. The ex-dividend date of this dividend was Thursday, November 6th. This represents a $0.52 dividend on an annualized basis and a yield of 4.7%. Heritage Commerce’s dividend payout ratio (DPR) is currently 74.29%.

Institutional Trading of Heritage Commerce

Large investors have recently made changes to their positions in the company. State of New Jersey Common Pension Fund D lifted its stake in Heritage Commerce by 0.7% in the third quarter. State of New Jersey Common Pension Fund D now owns 218,384 shares of the financial services provider’s stock worth $2,169,000 after acquiring an additional 1,423 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Heritage Commerce by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,402 shares of the financial services provider’s stock worth $337,000 after purchasing an additional 1,482 shares during the last quarter. SummerHaven Investment Management LLC lifted its position in shares of Heritage Commerce by 1.8% during the 2nd quarter. SummerHaven Investment Management LLC now owns 91,792 shares of the financial services provider’s stock worth $911,000 after buying an additional 1,590 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in Heritage Commerce by 143.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,851 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 1,680 shares in the last quarter. Finally, Diversified Trust Co lifted its position in Heritage Commerce by 9.2% in the third quarter. Diversified Trust Co now owns 20,469 shares of the financial services provider’s stock valued at $203,000 after acquiring an additional 1,717 shares during the last quarter. 75.55% of the stock is currently owned by hedge funds and other institutional investors.

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.