Heritage Commerce Corp (NASDAQ:HTBK) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Heritage Commerce Corp (NASDAQ:HTBK) have earned a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $12.25.

A number of research firms have recently issued reports on HTBK. Janney Montgomery Scott lowered Heritage Commerce from a “buy” rating to a “neutral” rating and increased their target price for the company from $12.00 to $14.00 in a report on Monday, December 22nd. Wall Street Zen lowered Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, December 20th. Piper Sandler raised their price objective on Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Zacks Research raised Heritage Commerce from a “strong sell” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. Finally, Stephens upped their target price on Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Monday, October 27th.

Heritage Commerce Price Performance

HTBK stock opened at $12.06 on Monday. Heritage Commerce has a one year low of $8.09 and a one year high of $12.89. The firm has a 50-day moving average of $11.30 and a two-hundred day moving average of $10.42. The firm has a market capitalization of $739.04 million, a PE ratio of 17.23 and a beta of 0.80. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06.

Heritage Commerce (NASDAQ:HTBK) last released its earnings results on Wednesday, November 5th. The financial services provider reported $0.24 earnings per share for the quarter. The business had revenue of $50.01 million for the quarter. Heritage Commerce had a net margin of 16.31% and a return on equity of 7.18%. On average, analysts forecast that Heritage Commerce will post 0.8 earnings per share for the current year.

Heritage Commerce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th were given a $0.13 dividend. The ex-dividend date was Thursday, November 6th. This represents a $0.52 dividend on an annualized basis and a yield of 4.3%. Heritage Commerce’s dividend payout ratio is presently 74.29%.

Hedge Funds Weigh In On Heritage Commerce

Institutional investors and hedge funds have recently modified their holdings of the stock. Hsbc Holdings PLC acquired a new position in Heritage Commerce during the 1st quarter worth $371,000. Strs Ohio bought a new stake in shares of Heritage Commerce during the first quarter worth $547,000. HoldCo Asset Management LP acquired a new position in shares of Heritage Commerce during the second quarter valued at $16,121,000. Creative Planning lifted its stake in shares of Heritage Commerce by 38.5% during the second quarter. Creative Planning now owns 173,005 shares of the financial services provider’s stock valued at $1,718,000 after acquiring an additional 48,130 shares during the period. Finally, Jacobs Levy Equity Management Inc. bought a new position in Heritage Commerce in the first quarter valued at about $504,000. 75.55% of the stock is currently owned by hedge funds and other institutional investors.

Heritage Commerce Company Profile

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.