Analysts Expect Heritage Commerce Corp (HTBK) Will Announce Quarterly Sales of $28.70 Million
Equities research analysts expect Heritage Commerce Corp (NASDAQ:HTBK) to report sales of $28.70 million for the current quarter, Zacks reports. Two analysts have issued 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 during the same quarter last year, which suggests a positive year-over-year growth rate of 13.2%. The company is scheduled to issue 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 fiscal year, with estimates ranging from $111.30 million to $112.00 million. For the next year, analysts forecast that the company will post sales of $123.55 million per share, with estimates ranging from $122.40 million to $124.70 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Heritage Commerce Corp.
Heritage Commerce Corp (NASDAQ:HTBK) last posted its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.19 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.19. The company had revenue of $27.23 million during the quarter, compared to analyst estimates of $27.90 million. Heritage Commerce Corp had a net margin of 25.75% and a return on equity of 10.61%.
A number of brokerages have weighed in on HTBK. Brean Capital set a $16.00 target price on Heritage Commerce Corp and gave the stock a “buy” rating in a research report on Friday, July 28th. Zacks Investment Research raised Heritage Commerce Corp from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Wednesday, September 27th. BidaskClub lowered Heritage Commerce Corp from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Finally, ValuEngine lowered Heritage Commerce Corp from a “buy” rating to a “hold” rating in a research report on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. Heritage Commerce Corp currently has an average rating of “Hold” and a consensus target price of $15.67.
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Heritage Commerce Corp (HTBK) traded up 1.19% during trading on Thursday, reaching $14.45. 32,609 shares of the company traded hands. The company’s 50-day moving average price is $13.63 and its 200 day moving average price is $13.77. The firm has a market capitalization of $550.98 million, a price-to-earnings ratio of 19.82 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.
In other news, Director J Philip Dinapoli purchased 5,000 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was acquired at an average cost of $13.53 per share, for a total transaction of $67,650.00. Following the purchase, the director now directly owns 163,376 shares in the company, valued at approximately $2,210,477.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Komas Julianne M. Biagini sold 3,650 shares of the business’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $13.65, for a total value of $49,822.50. Following the sale, the director now owns 25,696 shares of the company’s stock, valued at $350,750.40. The disclosure for this sale can be found here. 5.69% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in HTBK. Legal & General Group Plc grew its stake in shares of Heritage Commerce Corp by 20.4% during the 2nd quarter. Legal & General Group Plc now owns 7,903 shares of the financial services provider’s stock valued at $109,000 after purchasing an additional 1,339 shares during the period. IFP Advisors Inc bought a new stake in shares of Heritage Commerce Corp during the 2nd quarter valued at about $132,000. Two Sigma Securities LLC bought a new stake in shares of Heritage Commerce Corp during the 1st quarter valued at about $150,000. Principal Financial Group Inc. bought a new stake in shares of Heritage Commerce Corp during the 2nd quarter valued at about $175,000. Finally, Voya Investment Management LLC bought a new stake in shares of Heritage Commerce Corp during the 2nd quarter valued at about $189,000. Institutional investors and hedge funds own 69.47% of the company’s stock.
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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