Analysts Set Heritage Commerce Corp (NASDAQ:HTBK) Target Price at $10.75

Shares of Heritage Commerce Corp (NASDAQ:HTBK) have earned an average recommendation of “Moderate Buy” from the four brokerages that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $10.75.

Several research analysts have recently weighed in on HTBK shares. StockNews.com raised shares of Heritage Commerce from a “sell” rating to a “hold” rating in a report on Tuesday, April 9th. Piper Sandler upped their price target on shares of Heritage Commerce from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Friday, January 26th. Raymond James upped their price target on shares of Heritage Commerce from $9.50 to $11.00 and gave the stock an “outperform” rating in a report on Friday, January 5th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, January 26th.

Heritage Commerce Trading Down 0.5 %

Shares of HTBK stock opened at $7.88 on Wednesday. The stock has a market capitalization of $482.65 million, a price-to-earnings ratio of 7.43 and a beta of 0.90. Heritage Commerce has a 1 year low of $6.69 and a 1 year high of $10.22. The company’s fifty day simple moving average is $8.27 and its two-hundred day simple moving average is $8.73. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.77 and a quick ratio of 0.77.

Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.02). The firm had revenue of $44.24 million during the quarter, compared to the consensus estimate of $46.38 million. Heritage Commerce had a return on equity of 9.78% and a net margin of 26.49%. As a group, analysts anticipate that Heritage Commerce will post 0.81 earnings per share for the current year.

Heritage Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 22nd. Investors of record on Thursday, February 8th were paid a $0.13 dividend. The ex-dividend date was Wednesday, February 7th. This represents a $0.52 dividend on an annualized basis and a yield of 6.60%. Heritage Commerce’s dividend payout ratio is presently 49.06%.

Insider Activity at Heritage Commerce

In related news, Director Jack W. Conner sold 6,944 shares of the stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $8.92, for a total value of $61,940.48. Following the transaction, the director now owns 102,501 shares of the company’s stock, valued at $914,308.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.05% of the stock is owned by insiders.

Institutional Trading of Heritage Commerce

Institutional investors have recently added to or reduced their stakes in the business. Rosenthal Henry Capital Advisors Inc. purchased a new stake in Heritage Commerce during the third quarter valued at about $1,863,000. Public Employees Retirement System of Ohio boosted its holdings in shares of Heritage Commerce by 1,070.2% during the fourth quarter. Public Employees Retirement System of Ohio now owns 12,299 shares of the financial services provider’s stock worth $122,000 after purchasing an additional 11,248 shares during the period. Swiss National Bank boosted its holdings in shares of Heritage Commerce by 2.3% during the third quarter. Swiss National Bank now owns 134,000 shares of the financial services provider’s stock worth $1,135,000 after purchasing an additional 3,000 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Heritage Commerce by 17.2% during 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 period. Finally, Federated Hermes Inc. boosted its holdings in shares of Heritage Commerce by 5.5% during the third quarter. Federated Hermes Inc. now owns 81,122 shares of the financial services provider’s stock worth $687,000 after purchasing an additional 4,220 shares during the period. 75.55% of the stock is currently owned by hedge funds and other institutional investors.

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.