$29.65 Million in Sales Expected for Heritage Commerce Corp. (HTBK) This Quarter

Wall Street analysts forecast that Heritage Commerce Corp. (NASDAQ:HTBK) will post $29.65 million in sales for the current quarter, according to Zacks. Two analysts have provided estimates for Heritage Commerce’s earnings, with the lowest sales estimate coming in at $29.50 million and the highest estimate coming in at $29.80 million. Heritage Commerce reported sales of $26.16 million in the same quarter last year, which would suggest a positive year over year growth rate of 13.3%. The business is expected to report its next earnings report on Thursday, January 25th.

According to Zacks, analysts expect that Heritage Commerce will report full-year sales of $29.65 million for the current financial year, with estimates ranging from $111.90 million to $112.50 million. For the next financial year, analysts expect that the business will post sales of $131.90 million per share, with estimates ranging from $127.70 million to $136.10 million. Zacks’ sales averages are an average based on a survey of analysts that follow Heritage Commerce.

Heritage Commerce (NASDAQ:HTBK) last issued its earnings results on Thursday, October 26th. The financial services provider reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.01. Heritage Commerce had a return on equity of 11.15% and a net margin of 26.40%. The firm had revenue of $28.78 million for the quarter, compared to analyst estimates of $28.70 million.

Several brokerages have weighed in on HTBK. Zacks Investment Research lowered Heritage Commerce from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 17th. BidaskClub raised Heritage Commerce from a “sell” rating to a “hold” rating in a research report on Thursday, January 11th. Brean Capital set a $18.00 target price on Heritage Commerce and gave the stock a “buy” rating in a research report on Friday, January 12th. Finally, ValuEngine lowered Heritage Commerce from a “buy” rating to a “hold” rating in a research report on Saturday, December 9th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $16.67.

Shares of Heritage Commerce (NASDAQ HTBK) traded up $0.09 during midday trading on Monday, reaching $16.57. The company’s stock had a trading volume of 103,400 shares, compared to its average volume of 178,962. Heritage Commerce has a 1 year low of $12.76 and a 1 year high of $16.80. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.77 and a quick ratio of 0.76. The firm has a market capitalization of $632.99, a price-to-earnings ratio of 21.52, a PEG ratio of 1.81 and a beta of 0.51.

Several institutional investors and hedge funds have recently modified their holdings of HTBK. Westwood Holdings Group Inc. increased its holdings in shares of Heritage Commerce by 31.6% during the second 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 during the period. Vanguard Group Inc. increased its holdings in shares of Heritage Commerce by 11.2% during the second 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 during the period. State Street Corp increased its holdings in shares of Heritage Commerce by 36.1% during the second 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 during the period. Dimensional Fund Advisors LP increased its holdings in shares of Heritage Commerce by 7.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,569,841 shares of the financial services provider’s stock valued at $21,633,000 after purchasing an additional 109,558 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Heritage Commerce by 27.2% during the second quarter. Northern Trust Corp now owns 383,857 shares of the financial services provider’s stock valued at $5,289,000 after purchasing an additional 82,186 shares during the period. 69.98% of the stock is currently owned by institutional investors.

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About Heritage Commerce

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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