Heritage Commerce Corp (NASDAQ:HTBK) Declares Quarterly Dividend of $0.13

Heritage Commerce Corp (NASDAQ:HTBK) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Shareholders of record on Thursday, May 9th will be paid a dividend of 0.13 per share by the financial services provider on Thursday, May 23rd. This represents a $0.52 dividend on an annualized basis and a yield of 6.50%. The ex-dividend date is Wednesday, May 8th.

Heritage Commerce has a payout ratio of 59.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Heritage Commerce to earn $0.89 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 58.4%.

Heritage Commerce Stock Performance

Shares of NASDAQ HTBK traded down $0.18 during mid-day trading on Friday, hitting $8.00. The company had a trading volume of 827,652 shares, compared to its average volume of 300,620. Heritage Commerce has a 12 month low of $6.69 and a 12 month high of $10.22. The stock has a market cap of $490 million, a price-to-earnings ratio of 8.70 and a beta of 0.90. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.77 and a quick ratio of 0.77. The firm’s 50 day simple moving average is $8.25 and its two-hundred day simple moving average is $8.71.

Heritage Commerce (NASDAQ:HTBK) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.02). Heritage Commerce had a net margin of 22.84% and a return on equity of 8.40%. The company had revenue of $44.24 million during the quarter, compared to the consensus estimate of $46.38 million. As a group, equities research analysts forecast that Heritage Commerce will post 0.81 earnings per share for the current year.

Insider Activity

In related news, Director Jack W. Conner sold 6,944 shares of the firm’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $8.92, for a total value of $61,940.48. Following the completion of the transaction, the director now directly owns 102,501 shares of the company’s stock, valued at $914,308.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.99% of the stock is owned by company insiders.

Analysts Set New Price Targets

HTBK has been the subject of several recent analyst reports. Raymond James upped their target price on shares of Heritage Commerce from $9.50 to $11.00 and gave the stock an “outperform” rating in a research report on Friday, January 5th. Piper Sandler lowered their price target on Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Friday. StockNews.com cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Friday, April 19th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, January 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $10.50.

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.