Heritage Commerce (NASDAQ:HTBK) Upgraded by Zacks Research to “Strong-Buy” Rating

Heritage Commerce (NASDAQ:HTBK) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

HTBK has been the topic of several other research reports. DA Davidson restated a “neutral” rating and set a $14.50 price target on shares of Heritage Commerce in a research note on Wednesday, February 4th. Raymond James Financial downgraded shares of Heritage Commerce from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Weiss Ratings raised shares of Heritage Commerce from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. Janney Montgomery Scott lowered shares of Heritage Commerce from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $12.00 to $14.00 in a report on Monday, December 22nd. Finally, Wall Street Zen downgraded shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.25.

Heritage Commerce Price Performance

Shares of HTBK stock opened at $12.17 on Wednesday. The company has a market capitalization of $749.55 million, a P/E ratio of 15.60 and a beta of 0.79. The company’s 50-day simple moving average is $12.83 and its two-hundred day simple moving average is $11.43. Heritage Commerce has a one year low of $8.09 and a one year high of $13.82. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.74 and a quick ratio of 0.75.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. The firm had revenue of $104.04 million during the quarter, compared to analyst estimates of $50.78 million. Heritage Commerce had a return on equity of 8.07% and a net margin of 17.77%. As a group, equities analysts anticipate that Heritage Commerce will post 0.8 EPS for the current year.

Hedge Funds Weigh In On Heritage Commerce

A number of large investors have recently made changes to their positions in the business. HoldCo Asset Management LP purchased a new stake in shares of Heritage Commerce during the second quarter worth about $16,121,000. Creative Planning grew its holdings in shares of Heritage Commerce by 38.5% during the second quarter. Creative Planning now owns 173,005 shares of the financial services provider’s stock valued at $1,718,000 after buying an additional 48,130 shares during the last quarter. Voya Investment Management LLC increased its position in shares of Heritage Commerce by 231.1% in the 3rd quarter. Voya Investment Management LLC now owns 64,976 shares of the financial services provider’s stock valued at $645,000 after acquiring an additional 45,350 shares during the period. Geode Capital Management LLC lifted its position in Heritage Commerce by 5.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,565,168 shares of the financial services provider’s stock worth $15,544,000 after acquiring an additional 87,229 shares during the period. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in Heritage Commerce during the 2nd quarter valued at about $389,000. 75.55% of the stock is owned by institutional investors and hedge funds.

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.