Zacks: Brokerages Expect Heritage Commerce Corp (NASDAQ:HTBK) Will Post Quarterly Sales of $38.42 Million

Equities analysts expect Heritage Commerce Corp (NASDAQ:HTBK) to post $38.42 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Heritage Commerce’s earnings, with the highest sales estimate coming in at $41.30 million and the lowest estimate coming in at $36.67 million. Heritage Commerce reported sales of $41.77 million during the same quarter last year, which indicates a negative year-over-year growth rate of 8%. The firm is scheduled to announce its next earnings report on Thursday, April 22nd.

According to Zacks, analysts expect that Heritage Commerce will report full year sales of $148.77 million for the current year, with estimates ranging from $141.70 million to $159.80 million. For the next financial year, analysts expect that the firm will post sales of $152.39 million, with estimates ranging from $140.38 million to $165.40 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Heritage Commerce.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Thursday, January 28th. The financial services provider reported $0.19 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.01. Heritage Commerce had a net margin of 17.58% and a return on equity of 7.17%.

A number of analysts have recently issued reports on the company. Raymond James boosted their price objective on Heritage Commerce from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Monday. Zacks Investment Research raised shares of Heritage Commerce from a “sell” rating to a “hold” rating in a report on Monday. DA Davidson downgraded shares of Heritage Commerce from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $9.00 to $9.50 in a report on Thursday, December 17th. Finally, TheStreet raised shares of Heritage Commerce from a “c+” rating to a “b-” rating in a research note on Wednesday, December 2nd. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $9.38.

HTBK traded up $0.06 on Wednesday, hitting $8.85. 253,112 shares of the stock traded hands, compared to its average volume of 239,883. The business has a fifty day moving average price of $9.25 and a two-hundred day moving average price of $7.87. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $530.25 million, a PE ratio of 17.44 and a beta of 1.26. Heritage Commerce has a 52 week low of $6.04 and a 52 week high of $12.03.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 26th. Stockholders of record on Friday, February 12th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Thursday, February 11th. This represents a $0.52 annualized dividend and a dividend yield of 5.88%. Heritage Commerce’s dividend payout ratio is presently 48.60%.

In other news, EVP Michael Eugene Benito sold 4,500 shares of the business’s stock in a transaction that occurred on Monday, December 14th. The stock was sold at an average price of $9.24, for a total value of $41,580.00. Following the transaction, the executive vice president now directly owns 65,537 shares of the company’s stock, valued at approximately $605,561.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jason Philip Dinapoli purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 10th. The shares were acquired at an average price of $8.94 per share, for a total transaction of $89,400.00. Following the completion of the transaction, the director now owns 25,347 shares in the company, valued at $226,602.18. The disclosure for this purchase can be found here. 4.30% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the company. Banc Funds Co. LLC raised its holdings in shares of Heritage Commerce by 170.0% in the third quarter. Banc Funds Co. LLC now owns 737,144 shares of the financial services provider’s stock valued at $4,909,000 after buying an additional 464,115 shares during the last quarter. HoldCo Asset Management L.P. acquired a new stake in Heritage Commerce in the 4th quarter valued at about $3,513,000. Thrivent Financial for Lutherans raised its stake in shares of Heritage Commerce by 5.3% in the third quarter. Thrivent Financial for Lutherans now owns 2,534,382 shares of the financial services provider’s stock worth $16,866,000 after acquiring an additional 128,120 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Heritage Commerce by 2.3% during the second quarter. Vanguard Group Inc. now owns 2,921,982 shares of the financial services provider’s stock worth $21,929,000 after purchasing an additional 66,570 shares in the last quarter. Finally, Aperio Group LLC grew its stake in shares of Heritage Commerce by 173.2% during the third quarter. Aperio Group LLC now owns 98,855 shares of the financial services provider’s stock valued at $658,000 after purchasing an additional 62,671 shares during the last quarter. Institutional investors own 68.41% 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. It offers a range of deposit products for business banking and retail markets, including interest and non-interest bearing demand, savings accounts, certificate of deposit, money market accounts, and time deposits.

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Earnings History and Estimates for Heritage Commerce (NASDAQ:HTBK)

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