Analysts Set Heritage Commerce Corp (NASDAQ:HTBK) PT at $10.50

Heritage Commerce Corp (NASDAQ:HTBK) has been assigned an average rating of “Moderate Buy” from the four analysts that are covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $10.50.

A number of research analysts recently weighed in on HTBK shares. Piper Sandler dropped their price target on shares of Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Friday, April 26th. StockNews.com lowered shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Tuesday, April 30th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, January 26th.

Heritage Commerce Price Performance

Shares of NASDAQ:HTBK opened at $8.30 on Friday. Heritage Commerce has a 1-year low of $6.77 and a 1-year high of $10.22. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.06. The stock has a market cap of $508.38 million, a PE ratio of 9.02 and a beta of 0.91. The stock’s fifty day simple moving average is $8.23 and its two-hundred day simple moving average is $8.69.

Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings results on Friday, April 26th. The financial services provider reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.02). Heritage Commerce had a net margin of 22.84% and a return on equity of 8.40%. The firm had revenue of $59.60 million for the quarter, compared to the consensus estimate of $43.83 million. As a group, analysts forecast that Heritage Commerce will post 0.74 EPS for the current fiscal year.

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 issued a dividend of $0.13 per share. The ex-dividend date is Wednesday, May 8th. This represents a $0.52 dividend on an annualized basis and a yield of 6.27%. Heritage Commerce’s dividend payout ratio (DPR) is presently 56.52%.

Institutional Trading of Heritage Commerce

A number of large investors have recently added to or reduced their stakes in HTBK. Empowered Funds LLC increased its stake in shares of Heritage Commerce by 8.1% in the first quarter. Empowered Funds LLC now owns 132,835 shares of the financial services provider’s stock worth $1,140,000 after purchasing an additional 9,975 shares in the last quarter. GSA Capital Partners LLP increased its stake in shares of Heritage Commerce by 17.2% in the first quarter. GSA Capital Partners LLP now owns 264,107 shares of the financial services provider’s stock worth $2,266,000 after purchasing an additional 38,740 shares in the last quarter. BNP Paribas Financial Markets increased its stake in shares of Heritage Commerce by 10.7% in the first quarter. BNP Paribas Financial Markets now owns 71,033 shares of the financial services provider’s stock worth $609,000 after purchasing an additional 6,866 shares in the last quarter. Norden Group LLC purchased a new position in shares of Heritage Commerce in the first quarter worth about $111,000. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Heritage Commerce by 185.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 3,155 shares in the last quarter. Hedge funds and other institutional investors own 75.55% of the company’s stock.

Heritage Commerce Company Profile

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.