Heritage Commerce (NASDAQ:HTBK) Announces Quarterly Earnings Results

Heritage Commerce (NASDAQ:HTBK) announced its quarterly earnings data on Wednesday. The financial services provider reported $0.24 EPS for the quarter, FiscalAI reports. The firm had revenue of $50.01 million during the quarter. Heritage Commerce had a return on equity of 7.20% and a net margin of 16.31%.

Heritage Commerce Stock Performance

HTBK stock traded up $0.11 during midday trading on Friday, hitting $10.58. 363,978 shares of the company traded hands, compared to its average volume of 411,877. Heritage Commerce has a twelve month low of $8.09 and a twelve month high of $11.27. The stock has a market capitalization of $650.11 million, a price-to-earnings ratio of 15.11 and a beta of 0.89. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.06. The business has a 50 day simple moving average of $10.12 and a 200-day simple moving average of $9.80.

Heritage Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, November 6th. This represents a $0.52 dividend on an annualized basis and a yield of 4.9%. Heritage Commerce’s dividend payout ratio is presently 74.29%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of HTBK. Rhino Investment Partners Inc bought a new stake in Heritage Commerce in the first quarter valued at $5,222,000. Hsbc Holdings PLC acquired a new stake in shares of Heritage Commerce in the 1st quarter valued at $371,000. Vanguard Group Inc. boosted its stake in shares of Heritage Commerce by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 3,495,577 shares of the financial services provider’s stock valued at $33,278,000 after purchasing an additional 108,505 shares in the last quarter. Strs Ohio bought a new stake in shares of Heritage Commerce in the 1st quarter worth about $547,000. Finally, Cerity Partners LLC increased its position in shares of Heritage Commerce by 1.9% during the 1st quarter. Cerity Partners LLC now owns 148,300 shares of the financial services provider’s stock worth $1,412,000 after purchasing an additional 2,726 shares in the last quarter. Institutional investors and hedge funds own 75.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Wall Street Zen upgraded shares of Heritage Commerce from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings reiterated a “hold (c)” rating on shares of Heritage Commerce in a research report on Wednesday, October 8th. Piper Sandler lifted their target price on shares of Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Zacks Research upgraded shares of Heritage Commerce from a “strong sell” rating to a “strong-buy” rating in a report on Wednesday, October 29th. Finally, DA Davidson increased their price objective on Heritage Commerce from $12.00 to $12.50 and gave the stock a “buy” rating in a report on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $11.50.

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. 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.