Heritage Commerce (NASDAQ:HTBK) Stock Rating Lowered by DA Davidson

Heritage Commerce (NASDAQ:HTBK) was downgraded by analysts at DA Davidson from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, Marketbeat.com reports. They currently have a $14.50 price objective on the financial services provider’s stock, up from their previous price objective of $12.50. DA Davidson’s price target points to a potential upside of 14.87% from the company’s current price.

HTBK has been the topic of several other research reports. Wall Street Zen raised Heritage Commerce from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Heritage Commerce in a research report on Monday. Stephens increased their price target on shares of Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Zacks Research raised shares of Heritage Commerce from a “strong sell” rating to a “strong-buy” rating in a research report on Wednesday, October 29th. Finally, Piper Sandler upped their target price on shares of Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Monday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $11.90.

Heritage Commerce Stock Up 1.3%

Heritage Commerce stock traded up $0.16 during mid-day trading on Thursday, reaching $12.62. 221,780 shares of the company’s stock were exchanged, compared to its average volume of 448,093. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.06. Heritage Commerce has a twelve month low of $8.09 and a twelve month high of $12.89. The company has a market cap of $773.54 million, a P/E ratio of 18.07 and a beta of 0.81. The company has a fifty day moving average of $10.75 and a 200-day moving average of $10.20.

Heritage Commerce (NASDAQ:HTBK) last issued its earnings results on Wednesday, November 5th. The financial services provider reported $0.24 earnings per share for the quarter. Heritage Commerce had a net margin of 16.31% and a return on equity of 7.18%. The firm had revenue of $50.01 million for the quarter. Sell-side analysts expect that Heritage Commerce will post 0.8 EPS for the current year.

Hedge Funds Weigh In On Heritage Commerce

A number of institutional investors and hedge funds have recently made changes to their positions in HTBK. PNC Financial Services Group Inc. boosted its holdings in Heritage Commerce by 143.5% during the first quarter. PNC Financial Services Group Inc. now owns 2,851 shares of the financial services provider’s stock worth $27,000 after buying an additional 1,680 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in shares of Heritage Commerce by 56.5% during the 3rd quarter. Parkside Financial Bank & Trust now owns 5,026 shares of the financial services provider’s stock worth $50,000 after buying an additional 1,815 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Heritage Commerce by 16,272.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 5,370 shares during the last quarter. Larson Financial Group LLC grew its stake in Heritage Commerce by 495.3% in the 3rd quarter. Larson Financial Group LLC now owns 5,620 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 4,676 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Heritage Commerce by 368.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,433 shares of the financial services provider’s stock valued at $64,000 after acquiring an additional 5,061 shares in the last quarter. 75.55% of the stock is owned by institutional investors and hedge funds.

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.