Heritage Commerce Corp (NASDAQ:HTBK) Receives Average Rating of “Moderate Buy” from Brokerages
by Sarita Garza · The Markets DailyHeritage Commerce Corp (NASDAQ:HTBK – Get Free Report) has received an average rating of “Moderate Buy” from the eight brokerages that are covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $12.25.
HTBK has been the topic of several recent research reports. Janney Montgomery Scott downgraded shares of Heritage Commerce from a “buy” rating to a “neutral” rating and increased their price target for the stock from $12.00 to $14.00 in a research report on Monday, December 22nd. Stephens reiterated an “equal weight” rating on shares of Heritage Commerce in a research report on Monday, January 5th. DA Davidson reiterated a “neutral” rating and issued a $14.50 price target on shares of Heritage Commerce in a research report on Wednesday, February 4th. Raymond James Financial cut shares of Heritage Commerce from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Finally, Weiss Ratings raised shares of Heritage Commerce from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 9th.
Read Our Latest Research Report on HTBK
Heritage Commerce Stock Up 0.7%
HTBK opened at $12.89 on Wednesday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06. Heritage Commerce has a 1-year low of $8.09 and a 1-year high of $13.82. The company has a market capitalization of $793.90 million, a PE ratio of 16.53 and a beta of 0.69. The firm’s 50 day simple moving average is $12.74 and its two-hundred day simple moving average is $11.72.
Heritage Commerce (NASDAQ:HTBK – Get Free Report) last released its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.28 earnings per share 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 8.07%. The business had revenue of $104.04 million for the quarter, compared to the consensus estimate of $50.78 million. As a group, equities analysts forecast that Heritage Commerce will post 0.8 EPS for the current year.
Heritage Commerce Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Stockholders of record on Wednesday, March 25th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, March 25th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 4.0%. Heritage Commerce’s dividend payout ratio is 66.67%.
Institutional Trading of Heritage Commerce
A number of hedge funds and other institutional investors have recently modified their holdings of HTBK. Clearstead Advisors LLC increased its stake in shares of Heritage Commerce by 129.5% in the fourth quarter. Clearstead Advisors LLC now owns 3,599 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 2,031 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in shares of Heritage Commerce by 56.5% in the third quarter. Parkside Financial Bank & Trust now owns 5,026 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 1,815 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Heritage Commerce by 16,272.7% in the second quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 5,370 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of Heritage Commerce by 495.3% in the third quarter. Larson Financial Group LLC now owns 5,620 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 4,676 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Heritage Commerce by 368.9% in the third quarter. Russell Investments Group Ltd. now owns 6,433 shares of the financial services provider’s stock worth $64,000 after purchasing an additional 5,061 shares in the last quarter. 75.55% of the stock is owned by hedge funds and other 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.