Heritage Commerce Corp (NASDAQ:HTBK) to Post FY2022 Earnings of $1.11 Per Share, DA Davidson Forecasts

Heritage Commerce Corp (NASDAQ:HTBKGet Rating) – Research analysts at DA Davidson reduced their FY2022 earnings per share estimates for shares of Heritage Commerce in a report released on Monday, August 1st. DA Davidson analyst G. Tenner now expects that the financial services provider will earn $1.11 per share for the year, down from their previous forecast of $1.15. The consensus estimate for Heritage Commerce’s current full-year earnings is $1.06 per share. DA Davidson also issued estimates for Heritage Commerce’s FY2023 earnings at $1.40 EPS.

Separately, Raymond James upgraded shares of Heritage Commerce from an “outperform” rating to a “strong-buy” rating and set a $13.00 target price on the stock in a research report on Thursday, July 7th.

Heritage Commerce Trading Up 0.6 %

Shares of HTBK stock opened at $11.69 on Wednesday. Heritage Commerce has a fifty-two week low of $10.42 and a fifty-two week high of $12.94. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.65 and a current ratio of 0.65. The stock has a 50 day simple moving average of $11.11 and a two-hundred day simple moving average of $11.48. The company has a market cap of $706.54 million, a P/E ratio of 12.85 and a beta of 1.01.

Institutional Trading of Heritage Commerce

Hedge funds and other institutional investors have recently modified their holdings of the business. Janney Montgomery Scott LLC boosted its position in shares of Heritage Commerce by 29.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 13,140 shares of the financial services provider’s stock worth $157,000 after purchasing an additional 2,978 shares during the period. Quadrant Capital Group LLC grew its position in Heritage Commerce by 29.5% in the fourth quarter. Quadrant Capital Group LLC now owns 4,589 shares of the financial services provider’s stock worth $55,000 after acquiring an additional 1,045 shares in the last quarter. Monarch Partners Asset Management LLC increased its stake in Heritage Commerce by 41.6% during the fourth quarter. Monarch Partners Asset Management LLC now owns 269,312 shares of the financial services provider’s stock worth $3,216,000 after acquiring an additional 79,062 shares during the last quarter. Redmond Asset Management LLC lifted its stake in shares of Heritage Commerce by 106.2% in the 4th quarter. Redmond Asset Management LLC now owns 150,262 shares of the financial services provider’s stock valued at $1,794,000 after purchasing an additional 77,403 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Heritage Commerce by 3.5% during the 4th quarter. Victory Capital Management Inc. now owns 152,200 shares of the financial services provider’s stock valued at $1,817,000 after purchasing an additional 5,200 shares during the last quarter. 71.49% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Heritage Commerce

In other news, CFO Lawrence D. Mcgovern sold 2,500 shares of the stock in a transaction that occurred on Friday, June 3rd. The stock was sold at an average price of $11.37, for a total value of $28,425.00. Following the completion of the sale, the chief financial officer now directly owns 94,079 shares of the company’s stock, valued at $1,069,678.23. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Lawrence D. Mcgovern sold 4,550 shares of the company’s stock in a transaction on Monday, June 6th. The shares were sold at an average price of $11.42, for a total value of $51,961.00. Following the completion of the transaction, the chief financial officer now directly owns 89,529 shares in the company, valued at $1,022,421.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Lawrence D. Mcgovern sold 2,500 shares of Heritage Commerce stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $11.37, for a total transaction of $28,425.00. Following the completion of the transaction, the chief financial officer now owns 94,079 shares in the company, valued at approximately $1,069,678.23. The disclosure for this sale can be found here. 4.05% of the stock is owned by insiders.

Heritage Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, August 10th. This represents a $0.52 dividend on an annualized basis and a yield of 4.45%. Heritage Commerce’s dividend payout ratio (DPR) is presently 57.14%.

Heritage Commerce Company Profile

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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.

Further Reading

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

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