Heritage Commerce (NASDAQ:HTBK) Lowered to Sell Rating by StockNews.com

StockNews.com cut shares of Heritage Commerce (NASDAQ:HTBK) from a hold rating to a sell rating in a research report sent to investors on Tuesday.

Heritage Commerce Trading Down 1.7 %

HTBK stock opened at $10.73 on Tuesday. Heritage Commerce has a 1-year low of $7.66 and a 1-year high of $11.27. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.73 and a quick ratio of 0.73. The company has a market capitalization of $657.78 million, a price-to-earnings ratio of 15.23 and a beta of 0.93. The business has a 50 day simple moving average of $10.03 and a two-hundred day simple moving average of $9.42.

Heritage Commerce (NASDAQ:HTBK) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.17 EPS for the quarter, meeting analysts’ consensus estimates of $0.17. The firm had revenue of $63.68 million during the quarter, compared to the consensus estimate of $43.14 million. Heritage Commerce had a return on equity of 6.37% and a net margin of 17.61%. Research analysts anticipate that Heritage Commerce will post 0.66 EPS for the current fiscal year.

Heritage Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were given a $0.13 dividend. The ex-dividend date was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 4.85%. Heritage Commerce’s dividend payout ratio is presently 73.24%.

Institutional Trading of Heritage Commerce

A number of institutional investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. increased its stake in Heritage Commerce by 830.2% in the second quarter. Assenagon Asset Management S.A. now owns 1,024,377 shares of the financial services provider’s stock worth $8,912,000 after purchasing an additional 914,249 shares during the period. Vanguard Group Inc. increased its stake in shares of Heritage Commerce by 3.9% during the first 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 period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Heritage Commerce by 27.7% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 16,262 shares of the financial services provider’s stock valued at $161,000 after buying an additional 3,529 shares during the period. Hennion & Walsh Asset Management Inc. increased its stake in shares of Heritage Commerce by 106.9% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 29,300 shares of the financial services provider’s stock valued at $255,000 after buying an additional 15,136 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Heritage Commerce by 14.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 16,966 shares of the financial services provider’s stock valued at $146,000 after buying an additional 2,159 shares during the period. 75.55% of the stock is currently owned by institutional investors.

About Heritage Commerce

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.