StockNews.com Downgrades Heritage Commerce (NASDAQ:HTBK) to Sell

Heritage Commerce (NASDAQ:HTBK) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a report issued on Tuesday.

Other research analysts have also issued reports about the company. Piper Sandler cut their price objective on Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Friday, April 26th. Raymond James boosted their price target on Heritage Commerce from $9.50 to $11.00 and gave the stock an “outperform” rating in a research report on Friday, January 5th. Finally, Keefe, Bruyette & Woods decreased their price target on Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, January 26th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Heritage Commerce has an average rating of “Hold” and an average price target of $10.50.

Heritage Commerce Stock Performance

NASDAQ:HTBK opened at $8.13 on Tuesday. Heritage Commerce has a fifty-two week low of $6.69 and a fifty-two week high of $10.22. The firm’s 50 day moving average is $8.23 and its two-hundred day moving average is $8.70. The company has a market cap of $497.96 million, a P/E ratio of 8.71 and a beta of 0.90. 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 earnings results on Friday, April 26th. The financial services provider reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.02). The firm had revenue of $59.60 million during the quarter, compared to analysts’ expectations of $43.83 million. Heritage Commerce had a return on equity of 8.40% and a net margin of 22.84%. Analysts expect that Heritage Commerce will post 0.74 EPS for the current year.

Institutional Trading of Heritage Commerce

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rosenthal Henry Capital Advisors Inc. bought a new position in Heritage Commerce during the 3rd quarter worth approximately $1,863,000. Public Employees Retirement System of Ohio boosted its holdings in Heritage Commerce by 1,070.2% in the fourth 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 period. Swiss National Bank increased its stake in Heritage Commerce by 2.3% during the third quarter. Swiss National Bank now owns 134,000 shares of the financial services provider’s stock valued at $1,135,000 after purchasing an additional 3,000 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Heritage Commerce by 10.9% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 87,264 shares of the financial services provider’s stock worth $866,000 after purchasing an additional 8,600 shares during the period. Finally, Federated Hermes Inc. lifted its position in shares of Heritage Commerce by 5.5% in the 3rd quarter. Federated Hermes Inc. now owns 81,122 shares of the financial services provider’s stock worth $687,000 after buying an additional 4,220 shares during the last quarter. Institutional investors 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.