Heritage Commerce (NASDAQ:HTBK) Releases Quarterly Earnings Results

Heritage Commerce (NASDAQ:HTBK) announced its quarterly earnings data on Wednesday. The financial services provider reported $0.24 earnings per share for the quarter, FiscalAI reports. The business 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 Trading Up 1.1%

NASDAQ HTBK traded up $0.11 on Friday, hitting $10.58. 363,978 shares of the stock were exchanged, compared to its average volume of 411,877. The company’s 50-day moving average price is $10.12 and its two-hundred day moving average price is $9.80. 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 has a 52-week low of $8.09 and a 52-week high of $11.27. The company has a market capitalization of $650.11 million, a price-to-earnings ratio of 15.11 and a beta of 0.89.

Heritage Commerce Dividend Announcement

The company also recently disclosed 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. This represents a $0.52 annualized dividend and a yield of 4.9%. The ex-dividend date is Thursday, November 6th. Heritage Commerce’s payout ratio is presently 74.29%.

Analyst Ratings Changes

HTBK has been the subject of a number of research analyst reports. DA Davidson upped their price target on shares of Heritage Commerce from $12.00 to $12.50 and gave the company a “buy” rating in a report on Tuesday, October 28th. Stephens increased 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. Piper Sandler lifted their price target on shares of Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Heritage Commerce in a report on Wednesday, October 8th. Finally, Wall Street Zen raised Heritage Commerce from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $11.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. HoldCo Asset Management LP acquired a new stake in shares of Heritage Commerce in the 2nd quarter valued at $16,121,000. Wellington Management Group LLP raised its holdings in Heritage Commerce by 64.9% during the first quarter. Wellington Management Group LLP now owns 3,796,472 shares of the financial services provider’s stock valued at $36,142,000 after buying an additional 1,493,857 shares in the last quarter. Rhino Investment Partners Inc bought a new position in Heritage Commerce during the first quarter valued at about $5,222,000. Hotchkis & Wiley Capital Management LLC lifted its position in shares of Heritage Commerce by 69.8% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 1,277,630 shares of the financial services provider’s stock worth $12,163,000 after buying an additional 525,060 shares during the last quarter. Finally, Nuveen LLC bought a new stake in shares of Heritage Commerce during the 1st quarter worth about $4,861,000. Hedge funds and other institutional investors own 75.55% of the company’s stock.

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.