Heritage Commerce Corp (NASDAQ:HTBK) Given Average Recommendation of “Hold” by Brokerages

Shares of Heritage Commerce Corp (NASDAQ:HTBK) have been given a consensus recommendation of “Hold” by the eight research firms that are covering the firm, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $12.25.

A number of analysts recently issued reports on the company. Zacks Research cut Heritage Commerce from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Heritage Commerce in a report on Monday, December 29th. Stephens reaffirmed an “equal weight” rating on shares of Heritage Commerce in a research note on Monday, January 5th. Wall Street Zen cut Heritage Commerce from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Finally, Raymond James Financial lowered Heritage Commerce from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. HoldCo Asset Management LP bought a new stake in Heritage Commerce in the 2nd quarter valued at about $16,121,000. Creative Planning increased its stake in shares of Heritage Commerce by 38.5% in the second quarter. Creative Planning now owns 173,005 shares of the financial services provider’s stock worth $1,718,000 after purchasing an additional 48,130 shares in the last quarter. Voya Investment Management LLC raised its position in shares of Heritage Commerce by 231.1% in the third quarter. Voya Investment Management LLC now owns 64,976 shares of the financial services provider’s stock valued at $645,000 after purchasing an additional 45,350 shares during the period. Geode Capital Management LLC lifted its stake in shares of Heritage Commerce by 5.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,565,168 shares of the financial services provider’s stock valued at $15,544,000 after buying an additional 87,229 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new position in Heritage Commerce in the 2nd quarter worth approximately $389,000. 75.55% of the stock is currently owned by institutional investors and hedge funds.

Heritage Commerce Stock Down 1.1%

Heritage Commerce stock opened at $12.64 on Friday. The firm has a market capitalization of $774.58 million, a price-to-earnings ratio of 16.21 and a beta of 0.80. The company’s 50 day simple moving average is $12.02 and its 200 day simple moving average is $10.75. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.75 and a quick ratio of 0.75. Heritage Commerce has a fifty-two week low of $8.09 and a fifty-two week high of $13.64.

Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. The business had revenue of $53.62 million during the quarter, compared to analysts’ expectations of $50.78 million. Heritage Commerce had a net margin of 17.77% and a return on equity of 8.10%. As a group, sell-side analysts anticipate that Heritage Commerce will post 0.8 EPS for the current year.

Heritage Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 19th. Shareholders of record on Thursday, February 5th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Thursday, February 5th. Heritage Commerce’s dividend payout ratio (DPR) is currently 66.67%.

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.