Heritage Commerce (NASDAQ:HTBK) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Heritage Commerce (NASDAQ:HTBK) issued its quarterly earnings data on Thursday. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.05, FiscalAI reports. The business had revenue of $53.62 million during the quarter, compared to analyst estimates of $50.78 million. Heritage Commerce had a return on equity of 7.18% and a net margin of 16.31%.

Heritage Commerce Stock Performance

Shares of HTBK traded down $0.09 during trading hours on Thursday, hitting $13.37. The company had a trading volume of 602,046 shares, compared to its average volume of 818,660. The business has a fifty day moving average of $11.82 and a 200-day moving average of $10.68. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.06. The firm has a market cap of $819.31 million, a price-to-earnings ratio of 19.10 and a beta of 0.80. Heritage Commerce has a 12 month low of $8.09 and a 12 month high of $13.64.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on HTBK. DA Davidson reiterated a “neutral” rating and issued a $14.50 price target (up previously from $12.50) on shares of Heritage Commerce in a report on Thursday, December 18th. Janney Montgomery Scott cut Heritage Commerce from a “buy” rating to a “neutral” rating and increased their target price for the stock from $12.00 to $14.00 in a report on Monday, December 22nd. Zacks Research lowered Heritage Commerce from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Raymond James Financial cut Heritage Commerce from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Finally, Stephens reiterated an “equal weight” rating on shares of Heritage Commerce in a report on Monday, January 5th. Two research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Heritage Commerce presently has an average rating of “Hold” and a consensus target price of $12.25.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Heritage Commerce by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,402 shares of the financial services provider’s stock worth $337,000 after acquiring an additional 1,482 shares during the period. Empowered Funds LLC lifted its holdings in Heritage Commerce by 8.5% during the 1st quarter. Empowered Funds LLC now owns 171,866 shares of the financial services provider’s stock worth $1,636,000 after purchasing an additional 13,519 shares during the last quarter. Jane Street Group LLC lifted its holdings in Heritage Commerce by 158.2% during the 1st quarter. Jane Street Group LLC now owns 144,919 shares of the financial services provider’s stock worth $1,380,000 after purchasing an additional 88,801 shares during the last quarter. Acadian Asset Management LLC bought a new stake in Heritage Commerce in the 1st quarter valued at $316,000. Finally, Rhumbline Advisers grew its holdings in Heritage Commerce by 19.9% in the 2nd quarter. Rhumbline Advisers now owns 109,442 shares of the financial services provider’s stock valued at $1,087,000 after buying an additional 18,150 shares in the last quarter. 75.55% of the stock is 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.