Heritage Commerce Corp (NASDAQ:HTBK) Receives $12.25 Average Price Target from Brokerages

Shares of Heritage Commerce Corp (NASDAQ:HTBK) have received a consensus rating of “Moderate Buy” from the eight brokerages that are currently covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $12.25.

A number of research analysts have recently commented on HTBK shares. Stephens restated an “equal weight” rating on shares of Heritage Commerce in a research note on Monday, January 5th. DA Davidson reiterated a “neutral” rating and issued a $14.50 price objective on shares of Heritage Commerce in a report on Wednesday, February 4th. Janney Montgomery Scott downgraded Heritage Commerce from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $12.00 to $14.00 in a report on Monday, December 22nd. Raymond James Financial cut shares of Heritage Commerce from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Finally, Zacks Research raised shares of Heritage Commerce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 11th.

Hedge Funds Weigh In On Heritage Commerce

A number of institutional investors and hedge funds have recently made changes to their positions in HTBK. HoldCo Asset Management LP purchased a new stake in shares of Heritage Commerce in the 2nd quarter worth approximately $16,121,000. Creative Planning raised its stake in Heritage Commerce by 38.5% during the second quarter. Creative Planning now owns 173,005 shares of the financial services provider’s stock valued at $1,718,000 after buying an additional 48,130 shares during the last quarter. Voya Investment Management LLC boosted its holdings in 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 worth $645,000 after acquiring an additional 45,350 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Heritage Commerce by 5.9% in the second quarter. Geode Capital Management LLC now owns 1,565,168 shares of the financial services provider’s stock worth $15,544,000 after acquiring an additional 87,229 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of Heritage Commerce in the second quarter worth $389,000. Institutional investors own 75.55% of the company’s stock.

Heritage Commerce Price Performance

HTBK stock opened at $12.01 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.74 and a quick ratio of 0.74. Heritage Commerce has a 1 year low of $8.09 and a 1 year high of $13.82. The firm has a 50-day moving average of $12.82 and a 200 day moving average of $11.49. The company has a market cap of $739.70 million, a P/E ratio of 15.40 and a beta of 0.79.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.05. Heritage Commerce had a return on equity of 8.07% and a net margin of 17.77%.The business had revenue of $104.04 million for the quarter, compared to analysts’ expectations of $50.78 million. On average, sell-side analysts forecast that Heritage Commerce will post 0.8 EPS for the current year.

Heritage Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Wednesday, March 25th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, March 25th. This represents a $0.52 annualized dividend and a yield of 4.3%. Heritage Commerce’s payout ratio is presently 66.67%.

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.