DA Davidson Reiterates Neutral Rating for Heritage Commerce (NASDAQ:HTBK)

Heritage Commerce (NASDAQ:HTBK)‘s stock had its “neutral” rating reiterated by stock analysts at DA Davidson in a note issued to investors on Wednesday,Benzinga reports. They presently have a $14.50 price objective on the financial services provider’s stock. DA Davidson’s price target indicates a potential upside of 8.13% from the stock’s current price.

A number of other analysts have also recently weighed in on HTBK. Piper Sandler increased their price objective on shares of Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Raymond James Financial cut shares of Heritage Commerce from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Stephens restated an “equal weight” rating on shares of Heritage Commerce in a research note on Monday, January 5th. Janney Montgomery Scott downgraded Heritage Commerce from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $12.00 to $14.00 in a research report on Monday, December 22nd. Finally, Zacks Research lowered Heritage Commerce from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Two analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Heritage Commerce currently has an average rating of “Hold” and an average price target of $12.25.

Heritage Commerce Stock Down 0.2%

Shares of Heritage Commerce stock opened at $13.41 on Wednesday. The stock has a market capitalization of $821.76 million, a price-to-earnings ratio of 17.19 and a beta of 0.80. Heritage Commerce has a twelve month low of $8.09 and a twelve month high of $13.64. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06. The business’s 50 day simple moving average is $12.34 and its 200-day simple moving average is $10.87.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. The firm had revenue of $53.62 million during the quarter, compared to the consensus estimate of $50.78 million. Heritage Commerce had a return on equity of 8.10% and a net margin of 17.77%. Equities research analysts forecast that Heritage Commerce will post 0.8 earnings per share for the current year.

Institutional Trading of Heritage Commerce

A number of hedge funds and other institutional investors have recently modified their holdings of HTBK. HoldCo Asset Management LP bought a new position in Heritage Commerce during the second quarter valued at about $16,121,000. Versor Investments LP lifted its holdings in Heritage Commerce by 904.2% in the 4th quarter. Versor Investments LP now owns 740,090 shares of the financial services provider’s stock valued at $8,888,000 after acquiring an additional 666,390 shares during the last quarter. ABC Arbitrage SA bought a new position in shares of Heritage Commerce during the 4th quarter valued at about $6,975,000. Boston Partners boosted its position in shares of Heritage Commerce by 52.1% during the 3rd quarter. Boston Partners now owns 1,676,777 shares of the financial services provider’s stock valued at $16,636,000 after purchasing an additional 574,070 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Heritage Commerce in the 4th quarter worth approximately $5,010,000. Institutional investors own 75.55% of the company’s stock.

Heritage Commerce Company Profile

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.