Heritage Commerce (NASDAQ:HTBK) Upgraded to “Hold” at StockNews.com

by · The Markets Daily

StockNews.com upgraded shares of Heritage Commerce (NASDAQ:HTBK – Free Report) from a sell rating to a hold rating in a research note issued to investors on Friday.

A number of other brokerages also recently weighed in on HTBK. Piper Sandler raised their price objective on Heritage Commerce from $10.00 to $12.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods raised their price objective on shares of Heritage Commerce from $10.50 to $11.50 and gave the stock an “outperform” rating in a report on Friday, July 26th.

Read Our Latest Stock Report on Heritage Commerce

Heritage Commerce Stock Performance

Shares of NASDAQ HTBK traded up $0.08 during trading on Friday, reaching $10.48. The stock had a trading volume of 273,672 shares, compared to its average volume of 372,443. Heritage Commerce has a one year low of $7.66 and a one year high of $11.01. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a market cap of $642.32 million, a PE ratio of 14.76 and a beta of 0.93. The firm’s 50 day moving average price is $9.85 and its two-hundred day moving average price is $9.21.

Heritage Commerce (NASDAQ:HTBK – Get Free Report) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17. Heritage Commerce had a return on equity of 6.39% and a net margin of 17.61%. The company had revenue of $63.68 million during the quarter, compared to analysts’ expectations of $43.14 million. On average, research analysts forecast that Heritage Commerce will post 0.66 earnings per share for the current fiscal year.

Heritage Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be given a dividend of $0.13 per share. The ex-dividend date is Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 4.96%. Heritage Commerce’s dividend payout ratio is currently 73.24%.

Hedge Funds Weigh In On Heritage Commerce

Several institutional investors and hedge funds have recently added to or reduced their stakes in HTBK. Allspring Global Investments Holdings LLC boosted its holdings in shares of Heritage Commerce by 185.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock worth $42,000 after buying an additional 3,155 shares in the last quarter. nVerses Capital LLC bought a new position in Heritage Commerce in the 3rd quarter worth about $73,000. CWM LLC boosted its position in shares of Heritage Commerce by 148.0% during the 2nd quarter. CWM LLC now owns 9,936 shares of the financial services provider’s stock valued at $86,000 after acquiring an additional 5,929 shares during the last quarter. One Wealth Advisors LLC purchased a new stake in Heritage Commerce in the third quarter worth approximately $99,000. Finally, NorthCrest Asset Manangement LLC bought a new stake in Heritage Commerce in the third quarter valued at approximately $100,000. 75.55% of the stock is currently owned by institutional investors and hedge funds.

Heritage Commerce Company Profile

(Get Free Report)

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.

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