Heritage Commerce Corp (NASDAQ:HTBK) Receives $12.25 Average PT from Analysts

Shares of Heritage Commerce Corp (NASDAQ:HTBK) have earned a consensus rating of “Hold” from the eight ratings firms that are currently covering the firm, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $12.25.

A number of equities research analysts have recently weighed in on HTBK shares. Weiss Ratings restated a “hold (c+)” rating on shares of Heritage Commerce in a research note on Monday, December 29th. Wall Street Zen cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. Zacks Research downgraded shares of Heritage Commerce from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. DA Davidson restated a “neutral” rating and set a $14.50 price target on shares of Heritage Commerce in a research note on Wednesday, February 4th. Finally, Janney Montgomery Scott downgraded shares of Heritage Commerce from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $12.00 to $14.00 in a research note on Monday, December 22nd.

Heritage Commerce Price Performance

NASDAQ HTBK opened at $12.62 on Tuesday. The firm’s fifty day simple moving average is $12.77 and its two-hundred day simple moving average is $11.21. The firm has a market capitalization of $776.89 million, a P/E ratio of 16.18 and a beta of 0.80. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06. Heritage Commerce has a 12-month low of $8.09 and a 12-month high of $13.82.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. Heritage Commerce had a return on equity of 8.10% and a net margin of 17.77%.The firm had revenue of $53.62 million during the quarter, compared to analysts’ expectations of $50.78 million. Analysts forecast that Heritage Commerce will post 0.8 EPS for the current fiscal year.

Heritage Commerce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 19th. Shareholders of record on Thursday, February 5th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, February 5th. This represents a $0.52 dividend on an annualized basis and a yield of 4.1%. Heritage Commerce’s payout ratio is currently 66.67%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. CANADA LIFE ASSURANCE Co boosted its position in Heritage Commerce by 8.1% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 12,181 shares of the financial services provider’s stock valued at $146,000 after buying an additional 913 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its stake in Heritage Commerce by 0.7% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 218,384 shares of the financial services provider’s stock valued at $2,169,000 after acquiring an additional 1,423 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Heritage Commerce by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,402 shares of the financial services provider’s stock valued at $337,000 after acquiring an additional 1,482 shares during the period. Diversified Trust Co boosted its holdings in shares of Heritage Commerce by 9.2% in the 3rd quarter. Diversified Trust Co now owns 20,469 shares of the financial services provider’s stock valued at $203,000 after acquiring an additional 1,717 shares during the last quarter. Finally, Mariner LLC increased its stake in shares of Heritage Commerce by 2.6% in the third quarter. Mariner LLC now owns 68,844 shares of the financial services provider’s stock worth $684,000 after acquiring an additional 1,730 shares during the period. 75.55% of the stock is currently 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.