BidaskClub Downgrades Heritage Commerce (HTBK) to Sell

Heritage Commerce (NASDAQ:HTBK) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Tuesday.

HTBK has been the topic of a number of other research reports. Brean Capital reaffirmed a “buy” rating on shares of Heritage Commerce in a report on Monday, August 27th. ValuEngine lowered Heritage Commerce from a “hold” rating to a “sell” rating in a report on Tuesday, November 6th. Three equities research analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $18.50.

NASDAQ:HTBK opened at $14.23 on Tuesday. The company has a market capitalization of $618.46 million, a PE ratio of 17.79, a P/E/G ratio of 2.08 and a beta of 0.46. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.11. Heritage Commerce has a 12-month low of $13.67 and a 12-month high of $18.10.

Heritage Commerce (NASDAQ:HTBK) last released its earnings results on Thursday, October 25th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.01. The business had revenue of $34.66 million for the quarter, compared to analyst estimates of $34.56 million. Heritage Commerce had a return on equity of 12.45% and a net margin of 17.74%. Equities analysts predict that Heritage Commerce will post 0.98 earnings per share for the current year.

In other news, Director Jack W. Conner bought 10,418 shares of the firm’s stock in a transaction on Monday, November 12th. The shares were bought at an average cost of $14.42 per share, for a total transaction of $150,227.56. Following the completion of the transaction, the director now owns 68,756 shares in the company, valued at $991,461.52. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Keith Wilton sold 5,649 shares of the business’s stock in a transaction on Wednesday, November 28th. The stock was sold at an average price of $14.36, for a total value of $81,119.64. Following the sale, the chief operating officer now owns 94,058 shares in the company, valued at $1,350,672.88. The disclosure for this sale can be found here. Insiders have purchased 22,173 shares of company stock worth $322,049 in the last ninety days. 5.40% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of HTBK. TD Asset Management Inc. lifted its position in Heritage Commerce by 27.2% during the second quarter. TD Asset Management Inc. now owns 75,650 shares of the financial services provider’s stock valued at $1,285,000 after purchasing an additional 16,197 shares during the period. First Trust Advisors LP lifted its position in Heritage Commerce by 30.7% during the second quarter. First Trust Advisors LP now owns 103,996 shares of the financial services provider’s stock valued at $1,767,000 after purchasing an additional 24,413 shares during the period. Engineers Gate Manager LP bought a new position in Heritage Commerce during the second quarter valued at approximately $241,000. Schwab Charles Investment Management Inc. lifted its position in Heritage Commerce by 10.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 194,303 shares of the financial services provider’s stock valued at $3,302,000 after purchasing an additional 17,853 shares during the period. Finally, Martingale Asset Management L P lifted its position in Heritage Commerce by 15.4% during the second quarter. Martingale Asset Management L P now owns 114,714 shares of the financial services provider’s stock valued at $1,949,000 after purchasing an additional 15,302 shares during the period. Institutional investors own 73.77% of the company’s stock.

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. It offers a range of deposit products for business banking and retail markets, including interest and non-interest bearing demand, savings accounts, certificate of deposit, money market accounts, and time deposits.

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