Heritage Commerce Corp (NASDAQ:HTBK) Given Consensus Rating of “Hold” by Analysts

Shares of Heritage Commerce Corp (NASDAQ:HTBK) have earned a consensus recommendation of “Hold” from the eight analysts that are presently covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $12.25.

Several equities analysts recently commented on HTBK shares. Raymond James Financial downgraded shares of Heritage Commerce from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Stephens restated an “equal weight” rating on shares of Heritage Commerce in a research report on Monday, January 5th. Janney Montgomery Scott cut Heritage Commerce from a “buy” rating to a “neutral” rating and upped their target price for the company from $12.00 to $14.00 in a research note on Monday, December 22nd. Piper Sandler increased their price target on Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Heritage Commerce in a report on Monday, December 29th.

Heritage Commerce Stock Performance

NASDAQ:HTBK opened at $12.70 on Friday. The stock’s fifty day moving average is $12.11 and its 200 day moving average is $10.78. Heritage Commerce has a fifty-two week low of $8.09 and a fifty-two week high of $13.64. The firm has a market capitalization of $778.26 million, a PE ratio of 16.28 and a beta of 0.80. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.75 and a current ratio of 0.75.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.28 EPS for the quarter, topping the consensus estimate of $0.23 by $0.05. Heritage Commerce had a net margin of 17.77% and a return on equity of 8.10%. The company had revenue of $53.62 million during the quarter, compared to analyst estimates of $50.78 million. On average, sell-side analysts anticipate that Heritage Commerce will post 0.8 earnings per share for the current year.

Heritage Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 19th. Stockholders of record on Thursday, February 5th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Thursday, February 5th. Heritage Commerce’s dividend payout ratio (DPR) is 66.67%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in HTBK. HoldCo Asset Management LP bought a new stake in Heritage Commerce during the 2nd quarter valued at about $16,121,000. Boston Partners increased its position in shares of Heritage Commerce by 52.1% during the third quarter. Boston Partners now owns 1,676,777 shares of the financial services provider’s stock worth $16,636,000 after acquiring an additional 574,070 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Heritage Commerce during the fourth quarter valued at approximately $5,010,000. Vanguard Group Inc. raised its stake in shares of Heritage Commerce by 11.0% during the third quarter. Vanguard Group Inc. now owns 3,946,682 shares of the financial services provider’s stock valued at $39,191,000 after acquiring an additional 390,978 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Heritage Commerce by 979.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 360,543 shares of the financial services provider’s stock valued at $3,580,000 after purchasing an additional 327,138 shares during the period. 75.55% of the stock is currently owned by institutional investors.

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.