Heritage Commerce (NASDAQ:HTBK) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Heritage Commerce (NASDAQ:HTBK) from a sell rating to a hold rating in a report published on Friday morning.

Several other brokerages have also recently issued reports on HTBK. Piper Sandler boosted their price objective on Heritage Commerce from $10.00 to $12.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods boosted their price objective on Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a report on Friday, July 26th.

Heritage Commerce Stock Up 3.5 %

Heritage Commerce stock opened at $10.85 on Friday. 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 business’s 50-day simple moving average is $9.86 and its two-hundred day simple moving average is $9.24. The company has a market cap of $665.00 million, a PE ratio of 15.28 and a beta of 0.93. Heritage Commerce has a fifty-two week low of $7.66 and a fifty-two week high of $11.01.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The business had revenue of $63.68 million for the quarter, compared to the consensus estimate of $43.14 million. Heritage Commerce had a return on equity of 6.39% and a net margin of 17.61%. Equities analysts anticipate that Heritage Commerce will post 0.66 EPS for the current year.

Heritage Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.52 annualized dividend and a dividend yield of 4.79%. Heritage Commerce’s dividend payout ratio (DPR) is presently 73.24%.

Hedge Funds Weigh In On Heritage Commerce

Large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its holdings in Heritage Commerce by 185.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 3,155 shares during the period. nVerses Capital LLC purchased a new stake in Heritage Commerce during the 3rd quarter worth approximately $73,000. CWM LLC increased its stake in Heritage Commerce by 148.0% during the 2nd quarter. CWM LLC now owns 9,936 shares of the financial services provider’s stock worth $86,000 after buying an additional 5,929 shares in the last quarter. ProShare Advisors LLC purchased a new stake in Heritage Commerce during the 1st quarter worth approximately $91,000. Finally, One Wealth Advisors LLC purchased a new stake in Heritage Commerce during the 3rd quarter worth approximately $99,000. Institutional investors and hedge funds own 75.55% of the company’s stock.

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.