Heritage Commerce Corp (NASDAQ:HTBK) Given Average Recommendation of “Moderate Buy” by Brokerages

Heritage Commerce Corp (NASDAQ:HTBK) has been given a consensus rating of “Moderate Buy” by the four brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $10.50.

A number of research firms recently weighed in on HTBK. Piper Sandler decreased their price target on Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Friday, April 26th. StockNews.com raised shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research report on Monday, May 27th.

Hedge Funds Weigh In On Heritage Commerce

A number of large investors have recently made changes to their positions in the business. EJF Capital LLC purchased a new position in Heritage Commerce during the first quarter valued at approximately $1,321,000. Black Maple Capital Management LP grew its holdings in shares of Heritage Commerce by 239.2% during the 1st quarter. Black Maple Capital Management LP now owns 112,181 shares of the financial services provider’s stock valued at $963,000 after acquiring an additional 79,104 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Heritage Commerce by 14.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 16,966 shares of the financial services provider’s stock worth $146,000 after acquiring an additional 2,159 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Heritage Commerce by 3.9% during the first quarter. Vanguard Group Inc. now owns 3,309,141 shares of the financial services provider’s stock worth $28,392,000 after acquiring an additional 123,973 shares in the last quarter. Finally, Pacific Ridge Capital Partners LLC boosted its position in Heritage Commerce by 3.2% during the first quarter. Pacific Ridge Capital Partners LLC now owns 99,301 shares of the financial services provider’s stock valued at $852,000 after purchasing an additional 3,108 shares during the last quarter. Institutional investors and hedge funds own 75.55% of the company’s stock.

Heritage Commerce Price Performance

Shares of NASDAQ HTBK opened at $8.70 on Monday. The firm has a 50-day moving average of $8.15 and a two-hundred day moving average of $8.56. The company has a market capitalization of $532.96 million, a price-to-earnings ratio of 9.46 and a beta of 0.92. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06. Heritage Commerce has a twelve month low of $7.66 and a twelve month high of $10.22.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings results on Friday, April 26th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.02). The business had revenue of $59.60 million during the quarter, compared to analyst estimates of $43.83 million. Heritage Commerce had a return on equity of 8.36% and a net margin of 22.84%. As a group, analysts expect that Heritage Commerce will post 0.73 earnings per share for the current fiscal year.

Heritage Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th were given a dividend of $0.13 per share. The ex-dividend date was Wednesday, May 8th. This represents a $0.52 dividend on an annualized basis and a yield of 5.98%. Heritage Commerce’s payout ratio is presently 56.52%.

About Heritage Commerce

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.