Heritage Oaks Bancorp (HEOP) Downgraded by Zacks Investment Research
Heritage Oaks Bancorp (NASDAQ:HEOP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
According to Zacks, “Heritage Oaks Bancorp acts as a bank holding company of Heritage Oaks Bank. Other than holding the shares of the Bank, the Company conducts no significant activities, although it is authorized, with the prior approval of the Board of Governors of the Federal Reserve System, to engage in a variety of activities that are deemed closely related to the business of banking. The Bank offers traditional banking products, such as checking, savings and certificates of deposit, as well as mortgage loans and commercial and consumer loans. “
Separately, Hovde Group started coverage on Heritage Oaks Bancorp in a research report on Friday, August 19th. They set a “market perform” rating and a $8.50 target price on the stock.
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Shares of Heritage Oaks Bancorp (NASDAQ:HEOP) traded down 0.25% during trading on Wednesday, reaching $8.13. The company had a trading volume of 9,849 shares. The firm has a market capitalization of $276.45 million, a P/E ratio of 17.67 and a beta of 0.72. Heritage Oaks Bancorp has a 12 month low of $6.95 and a 12 month high of $9.25. The firm’s 50 day moving average price is $8.14 and its 200 day moving average price is $8.06.
Heritage Oaks Bancorp (NASDAQ:HEOP) last released its earnings results on Monday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.01. Heritage Oaks Bancorp had a return on equity of 7.52% and a net margin of 19.59%. Equities analysts predict that Heritage Oaks Bancorp will post $0.48 EPS for the current year.
In other news, Director Alexander Simas purchased 6,500 shares of the stock in a transaction that occurred on Thursday, August 4th. The shares were acquired at an average price of $8.29 per share, for a total transaction of $53,885.00. Following the acquisition, the director now directly owns 69,685 shares in the company, valued at approximately $577,688.65. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 31.32% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Endeavour Capital Advisors Inc. purchased a new stake in Heritage Oaks Bancorp during the first quarter worth $3,069,000. Bridgeway Capital Management Inc. purchased a new stake in Heritage Oaks Bancorp during the second quarter worth $2,123,000. FSI Group LLC boosted its stake in Heritage Oaks Bancorp by 27.8% in the second quarter. FSI Group LLC now owns 164,500 shares of the company’s stock worth $1,306,000 after buying an additional 35,747 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Heritage Oaks Bancorp by 26.9% in the first quarter. Renaissance Technologies LLC now owns 81,200 shares of the company’s stock worth $633,000 after buying an additional 17,200 shares in the last quarter. Finally, State Street Corp boosted its stake in Heritage Oaks Bancorp by 5.2% in the second quarter. State Street Corp now owns 345,833 shares of the company’s stock worth $2,746,000 after buying an additional 17,018 shares in the last quarter. Institutional investors and hedge funds own 62.85% of the company’s stock.
About Heritage Oaks Bancorp
Heritage Oaks Bancorp is the holding company for Heritage Oaks Bank (the Bank). The Bank offers traditional banking products, such as checking, savings, money market account and certificates of deposit, as well as mortgage loans and commercial and consumer loans to customers who are predominately small to medium-sized businesses (SMBs) and individuals.
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