Wall Street brokerages expect that Heritage Commerce Corp. (NASDAQ:HTBK) will report $29.45 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Heritage Commerce’s earnings, with estimates ranging from $29.40 million to $29.50 million. Heritage Commerce reported sales of $26.12 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 12.7%. The firm is expected to announce its next quarterly earnings report on Thursday, April 26th.
According to Zacks, analysts expect that Heritage Commerce will report full year sales of $29.45 million for the current fiscal year, with estimates ranging from $134.20 million to $137.00 million. For the next fiscal year, analysts expect that the business will post sales of $158.55 million per share, with estimates ranging from $155.60 million to $161.50 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Heritage Commerce.
Heritage Commerce (NASDAQ:HTBK) last released its earnings results on Thursday, January 25th. The financial services provider reported $0.22 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.01). The company had revenue of $29.01 million for the quarter, compared to analyst estimates of $29.65 million. Heritage Commerce had a net margin of 20.56% and a return on equity of 11.48%.
In other news, Director Jack W. Conner sold 24,500 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $15.47, for a total value of $379,015.00. Following the sale, the director now owns 83,324 shares of the company’s stock, valued at approximately $1,289,022.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.69% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of HTBK. Meeder Asset Management Inc. grew its holdings in shares of Heritage Commerce by 471.6% in the 4th quarter. Meeder Asset Management Inc. now owns 8,100 shares of the financial services provider’s stock worth $123,000 after purchasing an additional 6,683 shares during the last quarter. Trexquant Investment LP bought a new stake in shares of Heritage Commerce in the 3rd quarter worth about $146,000. UBS Asset Management Americas Inc. bought a new stake in shares of Heritage Commerce in the 4th quarter worth about $172,000. Voya Investment Management LLC bought a new stake in shares of Heritage Commerce in the 2nd quarter worth about $189,000. Finally, Teacher Retirement System of Texas bought a new stake in shares of Heritage Commerce in the 4th quarter worth about $190,000. 71.49% of the stock is currently owned by institutional investors and hedge funds.
Heritage Commerce (HTBK) opened at $16.70 on Tuesday. The company has a market cap of $642.92, a price-to-earnings ratio of 26.94, a P/E/G ratio of 1.65 and a beta of 0.60. Heritage Commerce has a one year low of $12.76 and a one year high of $16.90. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.76 and a current ratio of 0.77.
The company also recently announced a quarterly dividend, which was paid on Thursday, February 22nd. Stockholders of record on Thursday, February 8th were issued a $0.11 dividend. This is a positive change from Heritage Commerce’s previous quarterly dividend of $0.10. The ex-dividend date was Wednesday, February 7th. This represents a $0.44 annualized dividend and a dividend yield of 2.63%. Heritage Commerce’s dividend payout ratio is presently 70.97%.
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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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