Zacks: Analysts Set $16.17 Target Price for Heritage Commerce Corp (HTBK)
Shares of Heritage Commerce Corp (NASDAQ:HTBK) have been given an average broker rating score of 2.00 (Buy) from the four brokers that provide coverage for the stock, Zacks Investment Research reports. Two investment analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the company.
Brokerages have set a 1 year consensus target price of $16.17 for the company and are expecting that the company will post $0.23 EPS for the current quarter, according to Zacks. Zacks has also assigned Heritage Commerce an industry rank of 96 out of 265 based on the ratings given to related companies.
A number of equities research analysts recently issued reports on the company. Brean Capital reissued a “buy” rating on shares of Heritage Commerce in a research note on Monday, October 30th. ValuEngine lowered Heritage Commerce from a “buy” rating to a “hold” rating in a research note on Saturday, December 9th. Zacks Investment Research raised Heritage Commerce from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research note on Wednesday, September 27th. Finally, BidaskClub downgraded Heritage Commerce from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. increased its holdings in Heritage Commerce by 1.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 16,613 shares of the financial services provider’s stock worth $234,000 after purchasing an additional 278 shares during the period. John W. Rosenthal Capital Management Inc. increased its holdings in shares of Heritage Commerce by 3.0% in the 2nd quarter. John W. Rosenthal Capital Management Inc. now owns 160,100 shares of the financial services provider’s stock valued at $2,206,000 after acquiring an additional 4,700 shares during the period. Alliancebernstein L.P. increased its holdings in shares of Heritage Commerce by 79.7% in the 2nd quarter. Alliancebernstein L.P. now owns 24,126 shares of the financial services provider’s stock valued at $332,000 after acquiring an additional 10,700 shares during the period. Vanguard Group Inc. increased its holdings in shares of Heritage Commerce by 11.2% in the 2nd quarter. Vanguard Group Inc. now owns 1,550,961 shares of the financial services provider’s stock valued at $21,373,000 after acquiring an additional 155,957 shares during the period. Finally, PDT Partners LLC purchased a new position in shares of Heritage Commerce in the 2nd quarter valued at $413,000. Institutional investors own 69.98% of the company’s stock.
Heritage Commerce (HTBK) opened at $15.37 on Friday. Heritage Commerce has a 1-year low of $12.76 and a 1-year high of $16.63. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.77 and a quick ratio of 0.76. The firm has a market capitalization of $603.56, a PE ratio of 20.52, a price-to-earnings-growth ratio of 1.97 and a beta of 0.51.
Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.01. Heritage Commerce had a return on equity of 11.15% and a net margin of 26.40%. The firm had revenue of $28.78 million during the quarter, compared to analyst estimates of $28.70 million. equities research analysts forecast that Heritage Commerce will post 0.8 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 21st. Shareholders of record on Tuesday, November 7th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, November 6th. This represents a $0.40 annualized dividend and a yield of 2.60%. Heritage Commerce’s payout ratio is currently 51.95%.
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Heritage Commerce Company Profile
Heritage Commerce Corp is a bank holding company. The Company, through its subsidiary Heritage Bank of Commerce (the Bank), provides a range of banking services. The Bank is a California state-chartered multi-community independent bank that offers a range of commercial banking services to small and medium-sized businesses and their owners, managers and employees.
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