Heritage Commerce (NASDAQ:HTBK) Issues Quarterly Earnings Results

Heritage Commerce (NASDAQ:HTBK) released its quarterly earnings results on Wednesday. The financial services provider reported $0.24 EPS for the quarter, FiscalAI reports. The firm had revenue of $50.01 million for the quarter. Heritage Commerce had a net margin of 16.31% and a return on equity of 7.20%.

Heritage Commerce Trading Up 1.1%

Shares of HTBK traded up $0.11 during trading hours on Friday, reaching $10.58. The stock had a trading volume of 363,978 shares, compared to its average volume of 411,877. The firm has a 50-day moving average of $10.12 and a 200 day moving average of $9.80. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.06. The company has a market cap of $650.11 million, a P/E ratio of 15.11 and a beta of 0.89. Heritage Commerce has a 52 week low of $8.09 and a 52 week high of $11.27.

Heritage Commerce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Thursday, November 6th. Heritage Commerce’s dividend payout ratio is presently 74.29%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on HTBK shares. Zacks Research raised Heritage Commerce from a “strong sell” rating to a “strong-buy” rating in a report on Wednesday, October 29th. Stephens lifted their price objective on Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Piper Sandler boosted their price objective on Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. DA Davidson raised their target price on Heritage Commerce from $12.00 to $12.50 and gave the company a “buy” rating in a research note on Tuesday, October 28th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Heritage Commerce in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Heritage Commerce presently has an average rating of “Buy” and an average target price of $11.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in HTBK. Cerity Partners LLC increased its position in Heritage Commerce by 1.9% during the first quarter. Cerity Partners LLC now owns 148,300 shares of the financial services provider’s stock worth $1,412,000 after acquiring an additional 2,726 shares during the period. Allianz Asset Management GmbH grew its stake in Heritage Commerce by 12.3% during the first quarter. Allianz Asset Management GmbH now owns 34,700 shares of the financial services provider’s stock worth $330,000 after buying an additional 3,800 shares in the last quarter. Y Intercept Hong Kong Ltd increased its holdings in Heritage Commerce by 266.6% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 38,598 shares of the financial services provider’s stock valued at $367,000 after buying an additional 28,069 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Heritage Commerce in the 1st quarter valued at approximately $301,000. Finally, Princeton Capital Management LLC lifted its holdings in shares of Heritage Commerce by 17.6% during the 1st quarter. Princeton Capital Management LLC now owns 20,041 shares of the financial services provider’s stock worth $191,000 after acquiring an additional 3,000 shares during the period. Institutional investors and hedge funds 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.