Heritage Commerce (NASDAQ:HTBK) Price Target Cut to $10.00

Heritage Commerce (NASDAQ:HTBK) had its price objective lowered by Piper Sandler from $11.00 to $10.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target would indicate a potential upside of 25.00% from the stock’s previous close.

HTBK has been the subject of several other research reports. Keefe, Bruyette & Woods decreased their price objective on shares of Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, January 26th. StockNews.com downgraded shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Friday, April 19th. Finally, Raymond James raised their price objective on shares of Heritage Commerce from $9.50 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $10.50.

Heritage Commerce Stock Down 2.2 %

Shares of NASDAQ:HTBK opened at $8.00 on Friday. 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 cap of $490 million, a price-to-earnings ratio of 8.70 and a beta of 0.90. Heritage Commerce has a 12 month low of $6.69 and a 12 month high of $10.22. The company has a 50-day moving average price of $8.25 and a 200 day moving average price of $8.71.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.02). The firm had revenue of $44.24 million during the quarter, compared to the consensus estimate of $46.38 million. Heritage Commerce had a return on equity of 8.40% and a net margin of 22.84%. As a group, equities research analysts predict that Heritage Commerce will post 0.81 earnings per share for the current year.

Insider Transactions at Heritage Commerce

In other news, Director Jack W. Conner sold 6,944 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $8.92, for a total transaction of $61,940.48. Following the transaction, the director now directly owns 102,501 shares of the company’s stock, valued at $914,308.92. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.99% of the company’s stock.

Hedge Funds Weigh In On Heritage Commerce

Several institutional investors have recently bought and sold shares of HTBK. SG Americas Securities LLC increased its holdings in Heritage Commerce by 107.6% during the third quarter. SG Americas Securities LLC now owns 32,558 shares of the financial services provider’s stock valued at $276,000 after buying an additional 16,878 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in Heritage Commerce by 17.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 78,664 shares of the financial services provider’s stock valued at $666,000 after buying an additional 11,550 shares during the period. Rosenthal Henry Capital Advisors Inc. purchased a new position in Heritage Commerce during the third quarter valued at approximately $1,863,000. Watershed Asset Management L.L.C. purchased a new position in Heritage Commerce in the third quarter worth $248,000. Finally, Panagora Asset Management Inc. grew its holdings in Heritage Commerce by 76.0% in the third quarter. Panagora Asset Management Inc. now owns 224,353 shares of the financial services provider’s stock worth $1,900,000 after purchasing an additional 96,854 shares during the last quarter. 75.55% of the stock is owned by hedge funds and other institutional investors.

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.