Heritage Commerce Corp (HTBK) Expected to Announce Quarterly Sales of $28.70 Million
Wall Street brokerages forecast that Heritage Commerce Corp (NASDAQ:HTBK) will post $28.70 million in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Heritage Commerce Corp’s earnings, with estimates ranging from $28.50 million to $28.90 million. Heritage Commerce Corp posted sales of $25.36 million in the same quarter last year, which would indicate a positive year over year growth rate of 13.2%. The company is scheduled to announce its next earnings report on Thursday, October 26th.
On average, analysts expect that Heritage Commerce Corp will report full-year sales of $28.70 million for the current financial year, with estimates ranging from $111.30 million to $112.00 million. For the next fiscal year, analysts anticipate that the firm will post sales of $123.55 million per share, with estimates ranging from $122.40 million to $124.70 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Heritage Commerce Corp.
Heritage Commerce Corp (NASDAQ:HTBK) last announced its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.19. Heritage Commerce Corp had a net margin of 25.75% and a return on equity of 10.61%. The company had revenue of $27.23 million during the quarter, compared to analysts’ expectations of $27.90 million.
HTBK has been the subject of a number of research analyst reports. BidaskClub downgraded shares of Heritage Commerce Corp from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. Zacks Investment Research upgraded shares of Heritage Commerce Corp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. ValuEngine downgraded shares of Heritage Commerce Corp from a “buy” rating to a “hold” rating in a research report on Tuesday, August 22nd. Finally, Brean Capital reiterated a “buy” rating on shares of Heritage Commerce Corp in a research report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $15.50.
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In other news, Director Komas Julianne M. Biagini sold 3,650 shares of the firm’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $13.65, for a total transaction of $49,822.50. Following the transaction, the director now owns 25,696 shares in the company, valued at approximately $350,750.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director J Philip Dinapoli purchased 5,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were acquired at an average price of $13.53 per share, for a total transaction of $67,650.00. Following the acquisition, the director now directly owns 163,376 shares in the company, valued at approximately $2,210,477.28. The disclosure for this purchase can be found here. 5.69% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in HTBK. Thrivent Financial For Lutherans bought a new position in shares of Heritage Commerce Corp during the 1st quarter valued at $9,445,000. Wellington Management Group LLP raised its holdings in shares of Heritage Commerce Corp by 19.5% during the 1st quarter. Wellington Management Group LLP now owns 3,597,197 shares of the financial services provider’s stock valued at $50,720,000 after purchasing an additional 586,438 shares in the last quarter. Westwood Holdings Group Inc. raised its holdings in shares of Heritage Commerce Corp by 31.6% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,002,565 shares of the financial services provider’s stock valued at $13,815,000 after purchasing an additional 240,467 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Heritage Commerce Corp by 11.2% during the 2nd quarter. Vanguard Group Inc. now owns 1,550,961 shares of the financial services provider’s stock valued at $21,373,000 after purchasing an additional 155,957 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Heritage Commerce Corp by 36.1% during the 2nd quarter. State Street Corp now owns 558,166 shares of the financial services provider’s stock valued at $7,693,000 after purchasing an additional 148,073 shares in the last quarter. Institutional investors and hedge funds own 69.47% of the company’s stock.
Shares of Heritage Commerce Corp (NASDAQ:HTBK) opened at 13.62 on Friday. The stock has a market capitalization of $519.33 million, a PE ratio of 18.68 and a beta of 0.51. Heritage Commerce Corp has a 52 week low of $10.23 and a 52 week high of $14.87. The stock’s 50 day moving average is $13.53 and its 200 day moving average is $13.78.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 10th were given a $0.10 dividend. The ex-dividend date was Tuesday, August 8th. This represents a $0.40 dividend on an annualized basis and a yield of 2.94%. Heritage Commerce Corp’s payout ratio is 54.79%.
About Heritage Commerce Corp
Heritage Commerce Corp is a bank holding company. The Company, through its subsidiary Heritage Bank of Commerce (the Bank), provides a range of banking services. The Bank is a California state-chartered multi-community independent bank that offers a range of commercial banking services to small and medium-sized businesses and their owners, managers and employees.
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