Heritage Commerce Corp. (HTBK) Given Consensus Recommendation of “Hold” by Analysts

Heritage Commerce Corp. (NASDAQ:HTBK) has been assigned an average recommendation of “Hold” from the seven brokerages that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $19.00.

A number of research firms have recently weighed in on HTBK. ValuEngine cut Heritage Commerce from a “hold” rating to a “sell” rating in a report on Tuesday, November 6th. Brean Capital reissued a “buy” rating and set a $16.00 price target on shares of Heritage Commerce in a research report on Friday, January 25th. BidaskClub downgraded Heritage Commerce from a “sell” rating to a “strong sell” rating in a research report on Tuesday, December 18th. Finally, Zacks Investment Research downgraded Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, January 19th.

Shares of HTBK traded down $0.07 during mid-day trading on Tuesday, reaching $13.90. The company’s stock had a trading volume of 77,877 shares, compared to its average volume of 149,715. The firm has a market capitalization of $624.52 million, a P/E ratio of 13.11, a PEG ratio of 1.69 and a beta of 0.87. Heritage Commerce has a 1 year low of $10.84 and a 1 year high of $18.10. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.11.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Thursday, January 24th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.02. Heritage Commerce had a return on equity of 13.49% and a net margin of 25.34%. The business had revenue of $35.45 million during the quarter, compared to analyst estimates of $35.17 million. On average, analysts expect that Heritage Commerce will post 1.22 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, February 21st. Stockholders of record on Thursday, February 7th were given a $0.12 dividend. This is an increase from Heritage Commerce’s previous quarterly dividend of $0.11. The ex-dividend date was Wednesday, February 6th. This represents a $0.48 annualized dividend and a dividend yield of 3.45%. Heritage Commerce’s dividend payout ratio is presently 45.28%.

In other news, Director Jack W. Conner acquired 2,828 shares of the business’s stock in a transaction on Tuesday, December 4th. The shares were purchased at an average price of $13.67 per share, for a total transaction of $38,658.76. Following the completion of the purchase, the director now directly owns 74,106 shares of the company’s stock, valued at approximately $1,013,029.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jack W. Conner acquired 3,500 shares of the business’s stock in a transaction on Thursday, January 31st. The shares were purchased at an average price of $12.99 per share, for a total transaction of $45,465.00. Following the purchase, the director now directly owns 82,606 shares of the company’s stock, valued at $1,073,051.94. The disclosure for this purchase can be found here. Insiders bought 23,828 shares of company stock valued at $315,649 in the last ninety days. Company insiders own 5.40% of the company’s stock.

Several institutional investors have recently made changes to their positions in HTBK. Bank of America Corp DE grew its holdings in Heritage Commerce by 446.8% in the 2nd quarter. Bank of America Corp DE now owns 161,283 shares of the financial services provider’s stock worth $2,740,000 after buying an additional 131,787 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of Heritage Commerce by 3.9% during the 2nd quarter. California Public Employees Retirement System now owns 96,870 shares of the financial services provider’s stock worth $1,646,000 after acquiring an additional 3,670 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Heritage Commerce by 21.3% during the 2nd quarter. Northern Trust Corp now owns 469,290 shares of the financial services provider’s stock worth $7,973,000 after acquiring an additional 82,475 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Heritage Commerce by 16.9% during the 3rd quarter. First Trust Advisors LP now owns 121,610 shares of the financial services provider’s stock worth $1,814,000 after acquiring an additional 17,614 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Heritage Commerce during the 3rd quarter worth $5,121,000. Institutional investors and hedge funds own 71.22% 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. 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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