Heritage Commerce Corp (NASDAQ:HTBK) Receives Average Recommendation of “Buy” from Analysts

Heritage Commerce Corp (NASDAQ:HTBK) has received an average recommendation of “Buy” from the six research firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $11.50.

HTBK has been the topic of several recent analyst reports. DA Davidson increased their price objective on shares of Heritage Commerce from $12.00 to $12.50 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Wall Street Zen raised shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Stephens lifted their price target on shares of Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Piper Sandler upped their price objective on Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Finally, Zacks Research raised Heritage Commerce from a “strong sell” rating to a “strong-buy” rating in a research report on Wednesday, October 29th.

Institutional Trading of Heritage Commerce

A number of institutional investors and hedge funds have recently bought and sold shares of HTBK. HoldCo Asset Management LP purchased a new position in Heritage Commerce in the second quarter valued at approximately $16,121,000. Wellington Management Group LLP increased its position in shares of Heritage Commerce by 64.9% in the first quarter. Wellington Management Group LLP now owns 3,796,472 shares of the financial services provider’s stock worth $36,142,000 after acquiring an additional 1,493,857 shares in the last quarter. Rhino Investment Partners Inc purchased a new position in shares of Heritage Commerce in the 1st quarter valued at $5,222,000. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Heritage Commerce by 69.8% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 1,277,630 shares of the financial services provider’s stock valued at $12,163,000 after acquiring an additional 525,060 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Heritage Commerce during the 1st quarter worth $4,861,000. Institutional investors and hedge funds own 75.55% of the company’s stock.

Heritage Commerce Price Performance

HTBK stock opened at $10.58 on Friday. The stock has a market capitalization of $648.38 million, a price-to-earnings ratio of 15.11 and a beta of 0.89. 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 has a 52-week low of $8.09 and a 52-week high of $11.27. The stock’s fifty day simple moving average is $10.12 and its 200-day simple moving average is $9.81.

Heritage Commerce (NASDAQ:HTBK) last released its earnings results on Wednesday, November 5th. The financial services provider reported $0.24 earnings per share for the quarter. Heritage Commerce had a return on equity of 7.20% and a net margin of 16.31%.The firm had revenue of $50.01 million for the quarter. Equities research analysts expect that Heritage Commerce will post 0.8 EPS for the current year.

Heritage Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date is Thursday, November 6th. Heritage Commerce’s dividend payout ratio (DPR) is 74.29%.

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.