Heritage Commerce Corp (NASDAQ:HTBK) Given Average Recommendation of “Hold” by Brokerages

Shares of Heritage Commerce Corp (NASDAQ:HTBK) have been given a consensus rating of “Hold” by the seven ratings firms that are currently covering the firm, Marketbeat.com reports. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $13.1250.

A number of analysts have issued reports on HTBK shares. Weiss Ratings raised Heritage Commerce from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 9th. DA Davidson reissued a “neutral” rating and set a $14.50 price objective on shares of Heritage Commerce in a report on Wednesday, February 4th. Finally, Zacks Research lowered Heritage Commerce from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 9th.

Heritage Commerce Stock Performance

HTBK opened at $13.45 on Thursday. The firm has a market capitalization of $828.43 million, a P/E ratio of 17.24 and a beta of 0.69. The stock’s 50 day moving average price is $13.23 and its two-hundred day moving average price is $12.62. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.06. Heritage Commerce has a 12-month low of $8.73 and a 12-month high of $13.83.

Heritage Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 8th. Stockholders of record on Wednesday, March 25th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Wednesday, March 25th. Heritage Commerce’s dividend payout ratio (DPR) is presently 66.67%.

Institutional Trading of Heritage Commerce

Several institutional investors have recently modified their holdings of HTBK. Rhino Investment Partners Inc lifted its position in shares of Heritage Commerce by 29.9% during the 3rd quarter. Rhino Investment Partners Inc now owns 795,180 shares of the financial services provider’s stock worth $7,896,000 after buying an additional 183,005 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Heritage Commerce during the 4th quarter worth approximately $5,010,000. Maltese Capital Management LLC lifted its position in shares of Heritage Commerce by 32.2% during the 3rd quarter. Maltese Capital Management LLC now owns 251,175 shares of the financial services provider’s stock worth $2,494,000 after buying an additional 61,175 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Heritage Commerce by 2.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,883,705 shares of the financial services provider’s stock worth $18,705,000 after buying an additional 44,948 shares during the period. Finally, Rafferty Asset Management LLC lifted its position in shares of Heritage Commerce by 92.3% during the 3rd quarter. Rafferty Asset Management LLC now owns 90,017 shares of the financial services provider’s stock worth $894,000 after buying an additional 43,212 shares during the period. Institutional investors and hedge funds own 75.55% of the company’s stock.

About Heritage Commerce

Heritage Commerce Corporation, headquartered in Farmington Hills, Michigan, is the bank holding company for Heritage Bank, N.A., a community-oriented financial institution. Traded on NASDAQ under the symbol HTBK, the company focuses on delivering tailored banking services to businesses, professionals and individuals throughout Southeastern Michigan.

Heritage Bank, N.A. offers a comprehensive portfolio of deposit and lending products designed to meet the needs of commercial and consumer clients.