Heritage Commerce (NASDAQ:HTBK) Stock Rating Lowered by Wall Street Zen

Heritage Commerce (NASDAQ:HTBK) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

A number of other research firms have also weighed in on HTBK. Piper Sandler lifted their price objective on shares of Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Weiss Ratings restated a “hold (c+)” rating on shares of Heritage Commerce in a research report on Monday, December 15th. Zacks Research raised shares of Heritage Commerce from a “strong sell” rating to a “strong-buy” rating in a report on Wednesday, October 29th. DA Davidson reiterated a “neutral” rating and set a $14.50 price target (up from $12.50) on shares of Heritage Commerce in a research note on Thursday. Finally, Stephens increased their price target on shares of Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.90.

Heritage Commerce Stock Down 0.3%

HTBK opened at $12.42 on Friday. Heritage Commerce has a 52 week low of $8.09 and a 52 week high of $12.89. The business has a 50 day moving average price of $10.81 and a two-hundred day moving average price of $10.24. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.06. The company has a market cap of $761.10 million, a PE ratio of 17.74 and a beta of 0.81.

Heritage Commerce (NASDAQ:HTBK) last announced its earnings results on Wednesday, November 5th. The financial services provider reported $0.24 earnings per share for the quarter. The company had revenue of $50.01 million for the quarter. Heritage Commerce had a return on equity of 7.18% and a net margin of 16.31%. As a group, research analysts anticipate that Heritage Commerce will post 0.8 EPS for the current year.

Institutional Trading of Heritage Commerce

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. boosted its holdings in Heritage Commerce by 143.5% during the first quarter. PNC Financial Services Group Inc. now owns 2,851 shares of the financial services provider’s stock worth $27,000 after buying an additional 1,680 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Heritage Commerce by 3.2% during 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 acquiring an additional 108,505 shares during the period. Nuveen LLC acquired a new stake in shares of Heritage Commerce during the 1st quarter valued at approximately $4,861,000. Wellington Management Group LLP boosted its stake in shares of Heritage Commerce by 64.9% during the 1st quarter. Wellington Management Group LLP now owns 3,796,472 shares of the financial services provider’s stock worth $36,142,000 after acquiring an additional 1,493,857 shares in the last quarter. Finally, Quantbot Technologies LP grew its holdings in shares of Heritage Commerce by 29.6% in the 1st quarter. Quantbot Technologies LP now owns 13,120 shares of the financial services provider’s stock worth $125,000 after acquiring an additional 2,997 shares during the period. Institutional investors and hedge funds own 75.55% of the company’s stock.

Heritage Commerce Company Profile

Heritage Commerce Corporation, headquartered in Farmington Hills, Michigan, is the bank holding company for Heritage Bank, N.A., a community-oriented financial institution. Traded on NASDAQ under the symbol HTBK, the company focuses on delivering tailored banking services to businesses, professionals and individuals throughout Southeastern Michigan.

Heritage Bank, N.A. offers a comprehensive portfolio of deposit and lending products designed to meet the needs of commercial and consumer clients.