Heritage Commerce (NASDAQ:HTBK) Raised to Hold at StockNews.com

StockNews.com upgraded shares of Heritage Commerce (NASDAQ:HTBK) from a sell rating to a hold rating in a report released on Monday.

Several other equities analysts have also commented on HTBK. Keefe, Bruyette & Woods increased 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. Piper Sandler upped their target price on Heritage Commerce from $10.00 to $12.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th.

Heritage Commerce Trading Up 1.8 %

Shares of Heritage Commerce stock opened at $10.71 on Monday. The company has a 50 day simple moving average of $9.99 and a two-hundred day simple moving average of $9.37. The firm has a market cap of $656.52 million, a PE ratio of 15.08 and a beta of 0.93. Heritage Commerce has a 1 year low of $7.66 and a 1 year high of $11.01. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.73 and a quick ratio of 0.73.

Heritage Commerce (NASDAQ:HTBK) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17. The company had revenue of $63.68 million during the quarter, compared to analyst estimates of $43.14 million. Heritage Commerce had a net margin of 17.61% and a return on equity of 6.37%. Analysts expect that Heritage Commerce will post 0.66 earnings per share for the current fiscal year.

Heritage Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 4.86%. Heritage Commerce’s dividend payout ratio (DPR) is currently 73.24%.

Institutional Investors Weigh In On Heritage Commerce

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC increased its stake in Heritage Commerce by 185.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 3,155 shares during the period. nVerses Capital LLC purchased a new stake in Heritage Commerce during the 3rd quarter valued at $73,000. FMR LLC grew its holdings in Heritage Commerce by 103.7% in the 3rd quarter. FMR LLC now owns 7,832 shares of the financial services provider’s stock worth $77,000 after acquiring an additional 3,987 shares during the last quarter. CWM LLC increased its position in shares of Heritage Commerce by 148.0% in the second quarter. CWM LLC now owns 9,936 shares of the financial services provider’s stock valued at $86,000 after acquiring an additional 5,929 shares during the period. Finally, ProShare Advisors LLC bought a new position in shares of Heritage Commerce during the first quarter valued at about $91,000. Institutional investors 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.