Heritage Commerce (NASDAQ:HTBK) Shares Gap Down – Here’s Why

Heritage Commerce Corp (NASDAQ:HTBK)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $10.65, but opened at $10.21. Heritage Commerce shares last traded at $10.61, with a volume of 23,487 shares trading hands.

Analysts Set New Price Targets

HTBK has been the subject of several research analyst reports. Stephens upgraded shares of Heritage Commerce from an “equal weight” rating to an “overweight” rating in a research note on Friday, February 7th. StockNews.com upgraded shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research note on Wednesday, December 4th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Heritage Commerce from $12.50 to $11.50 and set an “outperform” rating for the company in a research note on Friday, January 24th.

Heritage Commerce Stock Up 0.7 %

The firm has a market cap of $657.17 million, a P/E ratio of 16.24 and a beta of 0.96. The stock’s 50 day simple moving average is $9.68 and its 200 day simple moving average is $9.90. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.73 and a current ratio of 0.73.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.17 EPS for the quarter, meeting analysts’ consensus estimates of $0.17. Heritage Commerce had a net margin of 16.12% and a return on equity of 5.96%. Research analysts anticipate that Heritage Commerce Corp 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 Thursday, February 20th. Shareholders of record on Thursday, February 6th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 4.85%. The ex-dividend date of this dividend is Thursday, February 6th. Heritage Commerce’s dividend payout ratio is 78.79%.

Hedge Funds Weigh In On Heritage Commerce

Hedge funds have recently bought and sold shares of the company. State Street Corp boosted its holdings in Heritage Commerce by 3.2% during the 3rd quarter. State Street Corp now owns 1,965,643 shares of the financial services provider’s stock worth $19,421,000 after acquiring an additional 61,630 shares during the last quarter. Barclays PLC boosted its holdings in shares of Heritage Commerce by 7.2% in the 3rd quarter. Barclays PLC now owns 216,439 shares of the financial services provider’s stock worth $2,139,000 after buying an additional 14,466 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Heritage Commerce by 58.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 463,774 shares of the financial services provider’s stock valued at $4,350,000 after buying an additional 170,989 shares during the period. Jane Street Group LLC increased its holdings in Heritage Commerce by 55.6% during the third quarter. Jane Street Group LLC now owns 103,596 shares of the financial services provider’s stock worth $1,024,000 after buying an additional 36,997 shares during the last quarter. Finally, FMR LLC raised its position in Heritage Commerce by 103.7% in the third quarter. FMR LLC now owns 7,832 shares of the financial services provider’s stock worth $77,000 after acquiring an additional 3,987 shares during the period. 75.55% of the stock is owned by hedge funds and other institutional investors.

Heritage Commerce Company Profile

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.