Wall Street brokerages forecast that Heritage Commerce Corp (NASDAQ:HTBK) will announce sales of $39.58 million for the current quarter, Zacks reports. Three analysts have issued estimates for Heritage Commerce’s earnings, with the highest sales estimate coming in at $39.90 million and the lowest estimate coming in at $39.40 million. Heritage Commerce posted sales of $36.76 million in the same quarter last year, which suggests a positive year-over-year growth rate of 7.7%. The firm is expected to report its next earnings report on Thursday, October 28th.
According to Zacks, analysts expect that Heritage Commerce will report full year sales of $153.06 million for the current financial year, with estimates ranging from $151.77 million to $154.20 million. For the next fiscal year, analysts expect that the company will post sales of $158.67 million, with estimates ranging from $148.00 million to $165.80 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Heritage Commerce.
Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings results on Thursday, July 22nd. The financial services provider reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.03). Heritage Commerce had a net margin of 27.65% and a return on equity of 7.42%. The company had revenue of $37.05 million for the quarter, compared to analyst estimates of $38.31 million.
Several hedge funds have recently bought and sold shares of the company. Alliancebernstein L.P. boosted its holdings in shares of Heritage Commerce by 3.8% in the 1st quarter. Alliancebernstein L.P. now owns 640,638 shares of the financial services provider’s stock valued at $7,829,000 after purchasing an additional 23,627 shares in the last quarter. Monarch Partners Asset Management LLC bought a new stake in Heritage Commerce in the 2nd quarter valued at about $1,912,000. BNP Paribas Arbitrage SA increased its position in Heritage Commerce by 130.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 25,712 shares of the financial services provider’s stock valued at $314,000 after buying an additional 14,576 shares in the last quarter. TD Asset Management Inc. boosted its stake in Heritage Commerce by 24.7% during the 1st quarter. TD Asset Management Inc. now owns 132,280 shares of the financial services provider’s stock valued at $1,616,000 after purchasing an additional 26,199 shares during the last quarter. Finally, Barclays PLC boosted its stake in shares of Heritage Commerce by 55.5% in the 1st quarter. Barclays PLC now owns 72,767 shares of the financial services provider’s stock worth $889,000 after buying an additional 25,973 shares during the last quarter. 71.27% of the stock is owned by institutional investors.
Shares of Heritage Commerce stock remained flat at $$11.00 during trading on Friday. 150,164 shares of the stock were exchanged, compared to its average volume of 273,368. The stock has a fifty day moving average price of $11.16 and a 200-day moving average price of $11.47. The company has a market capitalization of $662.28 million, a price-to-earnings ratio of 15.28 and a beta of 1.26. Heritage Commerce has a fifty-two week low of $6.13 and a fifty-two week high of $12.65. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.65 and a current ratio of 0.66.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 26th. Stockholders of record on Thursday, August 12th were given a dividend of $0.13 per share. The ex-dividend date was Wednesday, August 11th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 4.73%. Heritage Commerce’s payout ratio is currently 82.54%.
About Heritage Commerce
Heritage Commerce Corp. is a holding company, which engages in the provision of banking. It operates through the following Banking and Factoring segments. The Banking segment includes holding company’s results of operations. The Factoring segment focuses on factoring originated by bay view funding. The company was founded in 1997 and is headquartered in San Jose, CA.
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