Piper Sandler Lowers Heritage Commerce (NASDAQ:HTBK) Price Target to $10.00

Heritage Commerce (NASDAQ:HTBK) had its price target reduced by Piper Sandler from $11.00 to $10.00 in a research report report published on Friday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock.

Other research analysts also recently issued research reports about the company. Raymond James boosted their price target on Heritage Commerce from $9.50 to $11.00 and gave the company an outperform rating in a research note on Friday, January 5th. Keefe, Bruyette & Woods dropped their price target on Heritage Commerce from $12.00 to $11.00 and set an outperform rating for the company in a research note on Friday, January 26th. Finally, StockNews.com downgraded Heritage Commerce from a hold rating to a sell rating in a research note on Friday, April 19th. One 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $10.50.

Heritage Commerce Stock Up 0.2 %

HTBK stock opened at $8.02 on Friday. The company has a market cap of $491.23 million, a PE ratio of 8.72 and a beta of 0.90. The business has a 50-day simple moving average of $8.24 and a 200 day simple moving average of $8.70. Heritage Commerce has a 52 week low of $6.69 and a 52 week high of $10.22. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 6.48%. The ex-dividend date of this dividend is Wednesday, May 8th. Heritage Commerce’s dividend payout ratio is presently 56.52%.

Insider Buying and Selling at Heritage Commerce

In other Heritage Commerce news, Director Jack W. Conner sold 6,944 shares of Heritage Commerce stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $8.92, for a total value of $61,940.48. Following the transaction, the director now owns 102,501 shares in the company, valued at $914,308.92. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.99% of the company’s stock.

Institutional Trading of Heritage Commerce

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Lindbrook Capital LLC grew its holdings in shares of Heritage Commerce by 47.7% during the fourth quarter. Lindbrook Capital LLC now owns 4,780 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,543 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Heritage Commerce by 6.1% during the third quarter. Teacher Retirement System of Texas now owns 45,098 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 2,583 shares during the last quarter. Swiss National Bank grew its holdings in shares of Heritage Commerce by 2.3% during the third quarter. Swiss National Bank now owns 134,000 shares of the financial services provider’s stock worth $1,135,000 after purchasing an additional 3,000 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Heritage Commerce by 185.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 3,155 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Heritage Commerce by 5.5% during the third quarter. Federated Hermes Inc. now owns 81,122 shares of the financial services provider’s stock worth $687,000 after purchasing an additional 4,220 shares during the last quarter. 75.55% of the stock is currently owned by institutional investors.

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.