Heritage Commerce (NASDAQ:HTBK) Reaches New 1-Year High – What’s Next?

Heritage Commerce Corp (NASDAQ:HTBK) reached a new 52-week high during trading on Tuesday . The company traded as high as $11.08 and last traded at $11.0250, with a volume of 105967 shares traded. The stock had previously closed at $10.77.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Zacks Research upgraded Heritage Commerce from a “strong sell” rating to a “strong-buy” rating in a report on Wednesday, October 29th. Stephens lifted their price target on shares of Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Wall Street Zen upgraded shares of Heritage Commerce from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings reissued a “hold (c+)” rating on shares of Heritage Commerce in a research report on Tuesday. Finally, Piper Sandler boosted 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. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $11.50.

Heritage Commerce Price Performance

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $674.12 million, a P/E ratio of 15.71 and a beta of 0.89. The company has a 50 day moving average price of $10.23 and a 200 day moving average price of $9.95.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.24 EPS for the quarter. The business 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%. On average, equities analysts predict that Heritage Commerce Corp will post 0.8 EPS for the current fiscal year.

Heritage Commerce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Thursday, November 6th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, November 6th. This represents a $0.52 annualized dividend and a dividend yield of 4.7%. Heritage Commerce’s dividend payout ratio (DPR) is currently 74.29%.

Institutional Investors Weigh In On Heritage Commerce

Large investors have recently modified their holdings of the business. Allianz Asset Management GmbH raised its holdings in shares of Heritage Commerce by 12.3% during the 1st 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 grew its position in Heritage Commerce by 266.6% in the first quarter. Y Intercept Hong Kong Ltd now owns 38,598 shares of the financial services provider’s stock valued at $367,000 after acquiring an additional 28,069 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Heritage Commerce during the first quarter worth about $301,000. US Bancorp DE lifted its holdings in shares of Heritage Commerce by 66.7% in the first quarter. US Bancorp DE now owns 5,789 shares of the financial services provider’s stock worth $55,000 after acquiring an additional 2,316 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Heritage Commerce by 143.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,851 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 1,680 shares in the last quarter. Institutional investors and hedge funds own 75.55% of the company’s stock.

Heritage Commerce Company Profile

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.