Heritage Commerce (NASDAQ:HTBK) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Heritage Commerce Corp (NASDAQ:HTBK) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $11.23 and traded as high as $12.69. Heritage Commerce shares last traded at $12.68, with a volume of 620,116 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have weighed in on HTBK. Raymond James Financial cut Heritage Commerce from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Janney Montgomery Scott cut shares of Heritage Commerce from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $12.00 to $14.00 in a research note on Monday, December 22nd. DA Davidson restated a “neutral” rating and set a $14.50 target price on shares of Heritage Commerce in a research report on Wednesday, February 4th. Wall Street Zen downgraded shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, December 20th. Finally, Zacks Research downgraded Heritage Commerce from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Heritage Commerce has a consensus rating of “Hold” and an average target price of $12.25.

Heritage Commerce Stock Performance

The company has a market cap of $780.58 million, a PE ratio of 16.26 and a beta of 0.80. The company’s fifty day moving average price is $12.79 and its 200 day moving average price is $11.23. 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 (NASDAQ:HTBK) last issued its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. Heritage Commerce had a net margin of 17.77% and a return on equity of 8.10%. The business had revenue of $53.62 million during the quarter, compared to the consensus estimate of $50.78 million. On average, equities research analysts predict that Heritage Commerce Corp will post 0.8 earnings per share for the current year.

Heritage Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 19th. Investors of record on Thursday, February 5th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Thursday, February 5th. Heritage Commerce’s dividend payout ratio (DPR) is 66.67%.

Institutional Investors Weigh In On Heritage Commerce

Large investors have recently made changes to their positions in the business. Virtu Financial LLC purchased a new position in shares of Heritage Commerce in the 4th quarter worth about $122,000. Mercer Global Advisors Inc. ADV boosted its stake in Heritage Commerce by 26.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,898 shares of the financial services provider’s stock valued at $347,000 after acquiring an additional 5,997 shares during the last quarter. State of Tennessee Department of Treasury bought a new position in shares of Heritage Commerce during the 4th quarter valued at approximately $623,000. Empowered Funds LLC increased its stake in shares of Heritage Commerce by 10.7% during the 4th quarter. Empowered Funds LLC now owns 235,515 shares of the financial services provider’s stock worth $2,829,000 after purchasing an additional 22,780 shares during the last quarter. Finally, Zacks Investment Management bought a new stake in shares of Heritage Commerce in the 4th quarter worth approximately $136,000. 75.55% of the stock is owned by hedge funds and other institutional investors.

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.