Heritage Commerce Corp (NASDAQ:HTBK) Expected to Earn FY2024 Earnings of $0.64 Per Share

Heritage Commerce Corp (NASDAQ:HTBK) – Research analysts at DA Davidson reduced their FY2024 earnings per share estimates for shares of Heritage Commerce in a report issued on Thursday, October 3rd. DA Davidson analyst G. Tenner now forecasts that the financial services provider will earn $0.64 per share for the year, down from their prior forecast of $0.65. The consensus estimate for Heritage Commerce’s current full-year earnings is $0.66 per share. DA Davidson also issued estimates for Heritage Commerce’s FY2025 earnings at $0.69 EPS.

Several other brokerages have also issued reports on HTBK. Keefe, Bruyette & Woods boosted their price objective on Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a research report on Friday, July 26th. StockNews.com lowered Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Wednesday, July 10th. Finally, Piper Sandler upped their price target on Heritage Commerce from $10.00 to $12.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th.

Heritage Commerce Price Performance

Shares of HTBK opened at $9.42 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a 50 day simple moving average of $9.91 and a 200 day simple moving average of $8.91. Heritage Commerce has a 52-week low of $7.66 and a 52-week high of $10.99. The firm has a market capitalization of $577.03 million, a PE ratio of 10.24 and a beta of 0.93.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings data on Friday, July 26th. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.04). Heritage Commerce had a net margin of 19.82% and a return on equity of 7.21%. The business had revenue of $61.35 million during the quarter, compared to analyst estimates of $43.35 million.

Heritage Commerce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 5.52%. The ex-dividend date was Thursday, August 8th. Heritage Commerce’s dividend payout ratio (DPR) is currently 56.52%.

Hedge Funds Weigh In On Heritage Commerce

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Heritage Commerce by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 3,309,141 shares of the financial services provider’s stock valued at $28,392,000 after buying an additional 123,973 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Heritage Commerce by 830.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,024,377 shares of the financial services provider’s stock valued at $8,912,000 after buying an additional 914,249 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Heritage Commerce by 21.2% in the 2nd quarter. American Century Companies Inc. now owns 921,389 shares of the financial services provider’s stock valued at $8,016,000 after buying an additional 160,977 shares during the last quarter. AlTi Global Inc. boosted its holdings in shares of Heritage Commerce by 1.1% in the 2nd quarter. AlTi Global Inc. now owns 648,286 shares of the financial services provider’s stock valued at $5,640,000 after buying an additional 6,747 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Heritage Commerce by 32.5% in the 2nd quarter. AQR Capital Management LLC now owns 544,471 shares of the financial services provider’s stock valued at $4,737,000 after buying an additional 133,514 shares during the last quarter. Institutional investors and hedge funds own 75.55% of the company’s stock.

Heritage Commerce Company Profile

Heritage Commerce Corp operates as the bank holding company for Heritage Bank of Commerce that provides various commercial and personal banking services to residents and the business/professional community in California. Its deposit products for business banking and retail markets include interest and non-interest-bearing demand, savings, and money market accounts, as well as certificates of deposit and time deposits.