Brokers Offer Predictions for Heritage Commerce Corp’s Q2 2024 Earnings (NASDAQ:HTBK)

Heritage Commerce Corp (NASDAQ:HTBK) – Research analysts at DA Davidson issued their Q2 2024 EPS estimates for shares of Heritage Commerce in a research note issued on Monday, April 29th. DA Davidson analyst G. Tenner expects that the financial services provider will post earnings per share of $0.19 for the quarter. The consensus estimate for Heritage Commerce’s current full-year earnings is $0.74 per share. DA Davidson also issued estimates for Heritage Commerce’s FY2024 earnings at $0.75 EPS and FY2025 earnings at $0.82 EPS.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Friday, April 26th. The financial services provider reported $0.17 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.02). The company had revenue of $59.60 million for the quarter, compared to analyst estimates of $43.83 million. Heritage Commerce had a return on equity of 8.40% and a net margin of 22.84%.

Several other analysts also recently commented on the stock. Piper Sandler reduced their price objective on shares of Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Friday, April 26th. Raymond James lifted their target price on Heritage Commerce from $9.50 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. StockNews.com cut Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods decreased their price target on Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, January 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Heritage Commerce presently has an average rating of “Hold” and a consensus price target of $10.50.

Heritage Commerce Stock Performance

Shares of HTBK stock opened at $8.13 on Tuesday. The company has a market cap of $497.96 million, a price-to-earnings ratio of 8.71 and a beta of 0.90. 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. The firm has a 50 day moving average of $8.23 and a 200-day moving average of $8.70.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of HTBK. SG Americas Securities LLC increased its position in shares of Heritage Commerce by 107.6% in the third quarter. SG Americas Securities LLC now owns 32,558 shares of the financial services provider’s stock worth $276,000 after purchasing an additional 16,878 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of Heritage Commerce by 17.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 78,664 shares of the financial services provider’s stock worth $666,000 after purchasing an additional 11,550 shares during the last quarter. Rosenthal Henry Capital Advisors Inc. bought a new position in shares of Heritage Commerce in the third quarter worth approximately $1,863,000. Watershed Asset Management L.L.C. bought a new position in shares of Heritage Commerce in the third quarter worth approximately $248,000. Finally, Panagora Asset Management Inc. grew its position in Heritage Commerce by 76.0% during the third quarter. Panagora Asset Management Inc. now owns 224,353 shares of the financial services provider’s stock valued at $1,900,000 after acquiring an additional 96,854 shares during the last quarter. 75.55% of the stock is currently owned by institutional investors.

Heritage Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, May 9th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 6.40%. The ex-dividend date is Wednesday, May 8th. Heritage Commerce’s dividend payout ratio (DPR) is 56.52%.

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.