Heritage Commerce (NASDAQ:HTBK) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Heritage Commerce Corp (NASDAQ:HTBK) shares passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $11.02 and traded as high as $13.41. Heritage Commerce shares last traded at $13.30, with a volume of 380,941 shares trading hands.

Analyst Upgrades and Downgrades

HTBK has been the subject of several research analyst reports. Janney Montgomery Scott downgraded shares of Heritage Commerce from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $12.00 to $14.00 in a report on Monday, December 22nd. Stephens restated an “equal weight” rating on shares of Heritage Commerce in a report on Monday, January 5th. Zacks Research lowered Heritage Commerce from a “strong-buy” rating to a “hold” rating 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, Weiss Ratings restated a “hold (c+)” rating on shares of Heritage Commerce in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Heritage Commerce presently has a consensus rating of “Hold” and a consensus price target of $12.25.

Heritage Commerce Stock Up 0.5%

The stock has a 50-day moving average of $12.61 and a 200-day moving average of $11.02. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a market cap of $818.75 million, a price-to-earnings ratio of 17.05 and a beta of 0.80.

Heritage Commerce (NASDAQ:HTBK) last released its earnings results on Thursday, January 22nd. The financial services provider reported $0.28 earnings per share for the quarter, beating 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%. Sell-side analysts predict that Heritage Commerce Corp will post 0.8 EPS for the current fiscal year.

Heritage Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 19th. Investors of record on Thursday, February 5th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, February 5th. This represents a $0.52 annualized dividend and a yield of 3.9%. Heritage Commerce’s dividend payout ratio is currently 66.67%.

Hedge Funds Weigh In On Heritage Commerce

Hedge funds and other institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Heritage Commerce by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,402 shares of the financial services provider’s stock worth $337,000 after acquiring an additional 1,482 shares in the last quarter. Empowered Funds LLC raised its position in Heritage Commerce by 8.5% during the first quarter. Empowered Funds LLC now owns 171,866 shares of the financial services provider’s stock valued at $1,636,000 after purchasing an additional 13,519 shares in the last quarter. Jane Street Group LLC lifted its stake in Heritage Commerce by 158.2% during the first quarter. Jane Street Group LLC now owns 144,919 shares of the financial services provider’s stock worth $1,380,000 after purchasing an additional 88,801 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Heritage Commerce in the 1st quarter valued at $316,000. Finally, CWM LLC boosted its holdings in shares of Heritage Commerce by 51.5% in the 2nd quarter. CWM LLC now owns 20,287 shares of the financial services provider’s stock valued at $201,000 after purchasing an additional 6,896 shares in the last quarter. 75.55% of the stock is currently owned by institutional investors and hedge funds.

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.