Heritage Commerce (NASDAQ:HTBK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Heritage Commerce (NASDAQ:HTBK) from a sell rating to a hold rating in a report released on Saturday.

HTBK has been the subject of several other reports. Piper Sandler initiated coverage on Heritage Commerce in a report on Friday, October 10th. They set an “overweight” rating and a $11.00 target price for the company. Zacks Research lowered Heritage Commerce from a “hold” rating to a “strong sell” rating in a report on Monday, October 13th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Heritage Commerce in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $11.25.

Heritage Commerce Stock Up 0.2%

Shares of Heritage Commerce stock opened at $10.62 on Friday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.06. The firm has a market cap of $652.60 million, a P/E ratio of 15.17 and a beta of 0.85. Heritage Commerce has a fifty-two week low of $8.09 and a fifty-two week high of $11.27. The business has a 50-day moving average price of $10.04 and a 200 day moving average price of $9.68.

Heritage Commerce (NASDAQ:HTBK) last posted its earnings results on Thursday, October 23rd. The financial services provider reported $0.24 EPS for the quarter, beating the consensus estimate of $0.21 by $0.03. The company had revenue of $50.01 million during the quarter, compared to analyst estimates of $48.90 million. Heritage Commerce had a return on equity of 7.20% and a net margin of 16.31%. On average, sell-side analysts forecast that Heritage Commerce will post 0.8 earnings per share for the current fiscal year.

Heritage Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th will be given a dividend of $0.13 per share. The ex-dividend date is Thursday, November 6th. This represents a $0.52 annualized dividend and a dividend yield of 4.9%. Heritage Commerce’s payout ratio is currently 74.29%.

Insider Activity

In other Heritage Commerce news, COO Thomas A. Sa acquired 20,000 shares of Heritage Commerce stock in a transaction dated Friday, August 1st. The stock was acquired at an average cost of $9.25 per share, for a total transaction of $185,000.00. Following the completion of the transaction, the chief operating officer owned 20,000 shares in the company, valued at approximately $185,000. This represents a ? increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.71% of the company’s stock.

Hedge Funds Weigh In On Heritage Commerce

Several hedge funds and other institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new position in shares of Heritage Commerce during the third quarter worth approximately $359,000. D.A. Davidson & CO. acquired a new position in shares of Heritage Commerce during the third quarter worth approximately $101,000. Diversified Trust Co boosted its stake in Heritage Commerce by 9.2% during the 3rd quarter. Diversified Trust Co now owns 20,469 shares of the financial services provider’s stock valued at $203,000 after purchasing an additional 1,717 shares in the last quarter. CWM LLC boosted its stake in Heritage Commerce by 125.4% during the 3rd quarter. CWM LLC now owns 45,732 shares of the financial services provider’s stock valued at $454,000 after purchasing an additional 25,445 shares in the last quarter. Finally, Voya Investment Management LLC boosted its stake in Heritage Commerce by 231.1% during the 3rd quarter. Voya Investment Management LLC now owns 64,976 shares of the financial services provider’s stock valued at $645,000 after purchasing an additional 45,350 shares in the last quarter. 75.55% of the stock is currently 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.