Heritage Commerce (NASDAQ:HTBK) Cut to Hold at DA Davidson

DA Davidson downgraded shares of Heritage Commerce (NASDAQ:HTBK) from a buy rating to a hold rating in a research note published on Thursday, MarketBeat reports. They currently have $14.50 target price on the financial services provider’s stock, up from their previous target price of $12.50.

Several other equities research analysts also recently weighed in on HTBK. Piper Sandler raised their price target on Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Wall Street Zen upgraded shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Zacks Research upgraded shares of Heritage Commerce from a “strong sell” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Heritage Commerce in a report on Monday, December 15th. Finally, Stephens boosted their price objective on shares of Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.90.

Heritage Commerce Price Performance

Shares of HTBK opened at $12.42 on Thursday. The company has a 50 day moving average of $10.81 and a two-hundred day moving average of $10.23. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.06. Heritage Commerce has a twelve month low of $8.09 and a twelve month high of $12.89. The company has a market cap of $761.10 million, a price-to-earnings ratio of 17.74 and a beta of 0.81.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.24 EPS for the quarter. Heritage Commerce had a return on equity of 7.18% and a net margin of 16.31%.The firm had revenue of $50.01 million during the quarter. As a group, analysts predict that Heritage Commerce will post 0.8 earnings per share for the current fiscal year.

Heritage Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Thursday, November 6th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Thursday, November 6th. Heritage Commerce’s dividend payout ratio (DPR) is 74.29%.

Institutional Investors Weigh In On Heritage Commerce

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HTBK. PNC Financial Services Group Inc. lifted its holdings in shares of Heritage Commerce by 143.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,851 shares of the financial services provider’s stock valued at $27,000 after buying an additional 1,680 shares during the period. Parkside Financial Bank & Trust raised its position in Heritage Commerce by 56.5% during the third quarter. Parkside Financial Bank & Trust now owns 5,026 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 1,815 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Heritage Commerce by 16,272.7% in the second quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 5,370 shares during the period. Larson Financial Group LLC lifted its holdings in Heritage Commerce by 495.3% in the third quarter. Larson Financial Group LLC now owns 5,620 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 4,676 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in Heritage Commerce by 368.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,433 shares of the financial services provider’s stock worth $64,000 after purchasing an additional 5,061 shares in the last quarter. 75.55% of the stock is owned by institutional investors and hedge funds.

About Heritage Commerce

Heritage Commerce Corporation, headquartered in Farmington Hills, Michigan, is the bank holding company for Heritage Bank, N.A., a community-oriented financial institution. Traded on NASDAQ under the symbol HTBK, the company focuses on delivering tailored banking services to businesses, professionals and individuals throughout Southeastern Michigan.

Heritage Bank, N.A. offers a comprehensive portfolio of deposit and lending products designed to meet the needs of commercial and consumer clients.