Heritage Commerce (NASDAQ:HTBK) Cut to “Sell” at Zacks Investment Research

Heritage Commerce (NASDAQ:HTBK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Heritage Commerce Corp. is the holding company of Heritage Bank of Commerce, Heritage Bank East Bay, Heritage Bank South Valley and Bank of Los Altos. The company offers a range of loans, primarily commercial, including real estate, construction, Small Business Administration), inventory and accounts receivable, and equipment loans. The company also accepts checking, savings, and time deposits; NOW and money market deposit accounts; and provides travelers’ checks, safe deposit, and other customary non-deposit banking services. “

HTBK has been the topic of several other research reports. BidaskClub cut shares of Heritage Commerce from a “sell” rating to a “strong sell” rating in a research report on Wednesday, September 25th. ValuEngine raised shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research report on Friday, October 4th.

Heritage Commerce stock opened at $12.46 on Wednesday. Heritage Commerce has a 52 week low of $10.84 and a 52 week high of $14.73. The company’s 50 day moving average price is $11.74 and its two-hundred day moving average price is $11.95. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 0.10. The stock has a market cap of $536.34 million, a P/E ratio of 11.75 and a beta of 0.83.

Heritage Commerce (NASDAQ:HTBK) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.26 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.26. Heritage Commerce had a net margin of 32.92% and a return on equity of 13.05%. The firm had revenue of $33.24 million for the quarter, compared to analysts’ expectations of $33.99 million. On average, equities analysts anticipate that Heritage Commerce will post 1.05 EPS for the current year.

Large investors have recently bought and sold shares of the stock. Campbell & CO Investment Adviser LLC bought a new stake in shares of Heritage Commerce in the 2nd quarter worth approximately $128,000. JPMorgan Chase & Co. raised its holdings in shares of Heritage Commerce by 25.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 150,911 shares of the financial services provider’s stock worth $1,847,000 after purchasing an additional 30,899 shares during the period. Tiedemann Advisors LLC raised its holdings in shares of Heritage Commerce by 0.3% in the 2nd quarter. Tiedemann Advisors LLC now owns 606,001 shares of the financial services provider’s stock worth $7,424,000 after purchasing an additional 1,632 shares during the period. BlackRock Inc. raised its holdings in shares of Heritage Commerce by 2.5% in the 2nd quarter. BlackRock Inc. now owns 3,085,235 shares of the financial services provider’s stock worth $37,794,000 after purchasing an additional 75,200 shares during the period. Finally, Security National Bank raised its holdings in shares of Heritage Commerce by 6.7% in the 2nd quarter. Security National Bank now owns 217,883 shares of the financial services provider’s stock worth $2,669,000 after purchasing an additional 13,688 shares during the period. 77.96% 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. It offers a range of deposit products for business banking and retail markets, including interest and non-interest bearing demand, savings accounts, certificate of deposit, money market accounts, and time deposits.

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