Heritage Commerce Corp (NASDAQ:HTBK) Receives Consensus Rating of “Hold” from Brokerages

Shares of Heritage Commerce Corp (NASDAQ:HTBK) have received a consensus recommendation of “Hold” from the eight analysts that are currently covering the stock, MarketBeat.com reports. Six research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $12.25.

A number of analysts have recently weighed in on the stock. Piper Sandler boosted their target price 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. DA Davidson reissued a “neutral” rating and set a $14.50 price objective on shares of Heritage Commerce in a research note on Wednesday, February 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Heritage Commerce in a report on Monday, December 29th. Zacks Research lowered Heritage Commerce from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Finally, Janney Montgomery Scott lowered shares of Heritage Commerce from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $12.00 to $14.00 in a research note on Monday, December 22nd.

Heritage Commerce Price Performance

Shares of Heritage Commerce stock opened at $13.30 on Tuesday. The firm has a market cap of $818.75 million, a PE ratio of 17.05 and a beta of 0.80. The stock has a 50 day moving average of $12.64 and a 200 day moving average of $11.07. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06. Heritage Commerce has a 12 month low of $8.09 and a 12 month high of $13.82.

Heritage Commerce (NASDAQ:HTBK) last posted its earnings results on Thursday, January 22nd. The financial services provider reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. Heritage Commerce had a return on equity of 8.10% and a net margin of 17.77%.The firm had revenue of $53.62 million during the quarter, compared to the consensus estimate of $50.78 million. On average, research analysts expect that Heritage Commerce will post 0.8 EPS for the current fiscal year.

Heritage Commerce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 19th. Investors of record on Thursday, February 5th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 3.9%. The ex-dividend date is Thursday, February 5th. Heritage Commerce’s dividend payout ratio is presently 66.67%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Clearstead Advisors LLC boosted its holdings in Heritage Commerce by 129.5% during the 4th quarter. Clearstead Advisors LLC now owns 3,599 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 2,031 shares during the period. Parkside Financial Bank & Trust lifted its position in shares of Heritage Commerce by 56.5% during the third quarter. Parkside Financial Bank & Trust now owns 5,026 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 1,815 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Heritage Commerce by 16,272.7% during the second quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 5,370 shares during the period. Larson Financial Group LLC grew its holdings in shares of Heritage Commerce by 495.3% in the third quarter. Larson Financial Group LLC now owns 5,620 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 4,676 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Heritage Commerce by 368.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,433 shares of the financial services provider’s stock worth $64,000 after buying an additional 5,061 shares during the period. Institutional investors own 75.55% of the company’s stock.

About Heritage Commerce

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.