Heritage Commerce Corp to Issue Quarterly Dividend of $0.13 (NASDAQ:HTBK)

Heritage Commerce Corp (NASDAQ:HTBK) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders of record on Thursday, May 9th will be given a dividend of 0.13 per share by the financial services provider on Thursday, May 23rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 6.50%. The ex-dividend date of this dividend is Wednesday, May 8th.

Heritage Commerce has a dividend payout ratio of 59.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Heritage Commerce to earn $0.89 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 58.4%.

Heritage Commerce Trading Down 2.2 %

Shares of HTBK traded down $0.18 during mid-day trading on Friday, reaching $8.00. 827,652 shares of the company’s stock traded hands, compared to its average volume of 300,620. The stock has a market cap of $490 million, a P/E ratio of 8.70 and a beta of 0.90. The stock’s 50-day moving average is $8.25 and its two-hundred day moving average is $8.71. Heritage Commerce has a 12 month low of $6.69 and a 12 month high of $10.22. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.77 and a quick ratio of 0.77.

Heritage Commerce (NASDAQ:HTBK) last released its earnings results on Thursday, January 25th. The financial services provider reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.02). The business had revenue of $44.24 million for the quarter, compared to the consensus estimate of $46.38 million. Heritage Commerce had a net margin of 22.84% and a return on equity of 8.40%. Research analysts forecast that Heritage Commerce will post 0.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Heritage Commerce news, Director Jack W. Conner sold 6,944 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $8.92, for a total transaction of $61,940.48. Following the completion of the sale, the director now owns 102,501 shares in the company, valued at $914,308.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 3.99% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on HTBK shares. Raymond James boosted their price target on Heritage Commerce from $9.50 to $11.00 and gave the company an “outperform” rating in a report on Friday, January 5th. Piper Sandler lowered their price target on Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Friday. StockNews.com lowered Heritage Commerce from a “hold” rating to a “sell” rating in a report on Friday, April 19th. Finally, Keefe, Bruyette & Woods lowered their price target on Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, January 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $10.50.

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.