Heritage Commerce (NASDAQ:HTBK) Hits New 1-Year High – What’s Next?

Heritage Commerce Corp (NASDAQ:HTBK)’s stock price hit a new 52-week high on Thursday . The stock traded as high as $12.91 and last traded at $12.9050, with a volume of 161505 shares changing hands. The stock had previously closed at $12.45.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Zacks Research lowered shares of Heritage Commerce from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Raymond James Financial lowered shares of Heritage Commerce from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Janney Montgomery Scott downgraded Heritage Commerce from a “buy” rating to a “neutral” rating and increased their target price for the company from $12.00 to $14.00 in a research note on Monday, December 22nd. Weiss Ratings restated a “hold (c+)” rating on shares of Heritage Commerce in a research note on Monday, December 29th. Finally, Wall Street Zen downgraded Heritage Commerce from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Two research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $12.25.

Heritage Commerce Price Performance

The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06. The firm has a 50 day moving average price of $11.59 and a 200-day moving average price of $10.59. The firm has a market capitalization of $785.92 million, a P/E ratio of 18.29 and a beta of 0.80.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.24 earnings per share for the quarter. The business had revenue of $50.01 million for the quarter. Heritage Commerce had a net margin of 16.31% and a return on equity of 7.18%. On average, analysts expect that Heritage Commerce Corp will post 0.8 earnings per share for the current year.

Heritage Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, November 6th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 4.1%. Heritage Commerce’s dividend payout ratio is currently 74.29%.

Institutional Trading of Heritage Commerce

A number of large investors have recently made changes to their positions in HTBK. Parkside Financial Bank & Trust increased its stake in Heritage Commerce by 56.5% in 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 period. 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 worth $54,000 after acquiring an additional 5,370 shares in the last quarter. Larson Financial Group LLC increased its position in shares of Heritage Commerce by 495.3% during the third quarter. Larson Financial Group LLC now owns 5,620 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 4,676 shares during the period. Russell Investments Group Ltd. increased its position in shares of Heritage Commerce by 368.9% during the third quarter. Russell Investments Group Ltd. now owns 6,433 shares of the financial services provider’s stock worth $64,000 after acquiring an additional 5,061 shares during the period. Finally, D.A. Davidson & CO. bought a new stake in shares of Heritage Commerce during the third quarter valued at approximately $101,000. 75.55% of the stock is owned by hedge funds and other institutional investors.

About Heritage Commerce

Heritage Commerce Corporation, headquartered in Farmington Hills, Michigan, is the bank holding company for Heritage Bank, N.A., a community-oriented financial institution. Traded on NASDAQ under the symbol HTBK, the company focuses on delivering tailored banking services to businesses, professionals and individuals throughout Southeastern Michigan.

Heritage Bank, N.A. offers a comprehensive portfolio of deposit and lending products designed to meet the needs of commercial and consumer clients.