Heritage Commerce Corp (NASDAQ:HTBK) Receives Average Rating of "Hold" from Analysts

Key Points

• Heritage Commerce Corp (NASDAQ:HTBK) receives an average rating of "Hold" from analysts, with one sell rating, one hold rating, and three buy ratings among the five research firms covering the stock.
• Insider trading activity includes COO Thomas A. Sa purchasing 20,000 shares at $9.25 per share, indicating a significant boost in his ownership position.
• The firm recently announced a quarterly dividend of $0.13 per share, yielding 5.2%, with a dividend payout ratio of 82.54%.

Heritage Commerce Corp (NASDAQ:HTBK - Get Free Report) has been assigned a consensus recommendation of "Hold" from the five research firms that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $10.75.

A number of equities research analysts have recently issued reports on HTBK shares. Zacks Research lowered shares of Heritage Commerce from a "hold" rating to a "strong sell" rating in a research note on Monday. Piper Sandler started coverage on shares of Heritage Commerce in a research note on Friday. They issued an "overweight" rating and a $11.00 target price on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Heritage Commerce in a research note on Wednesday, October 8th. Finally, Wall Street Zen lowered shares of Heritage Commerce from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th.

Insider Transactions at Heritage Commerce

In other Heritage Commerce news, COO Thomas A. Sa bought 20,000 shares of the business's stock in a transaction on Friday, August 1st. The shares were purchased at an average price of $9.25 per share, with a total value of $185,000.00. Following the completion of the acquisition, the chief operating officer directly owned 20,000 shares of the company's stock, valued at approximately $185,000. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.71% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Heritage Commerce

Large investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. lifted its holdings in Heritage Commerce by 143.5% in the first quarter. PNC Financial Services Group Inc. now owns 2,851 shares of the financial services provider's stock worth $27,000 after acquiring an additional 1,680 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Heritage Commerce by 16,272.7% in the second quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider's stock worth $54,000 after acquiring an additional 5,370 shares during the last quarter. US Bancorp DE lifted its holdings in Heritage Commerce by 66.7% in the first quarter. US Bancorp DE now owns 5,789 shares of the financial services provider's stock worth $55,000 after acquiring an additional 2,316 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Heritage Commerce by 50.4% in the second quarter. Tower Research Capital LLC TRC now owns 10,749 shares of the financial services provider's stock worth $107,000 after acquiring an additional 3,604 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Heritage Commerce in the second quarter valued at approximately $107,000. Institutional investors own 75.55% of the company's stock.

Heritage Commerce Stock Performance

NASDAQ:HTBK opened at $10.02 on Wednesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a 50-day moving average of $9.99 and a two-hundred day moving average of $9.61. The stock has a market cap of $615.70 million, a P/E ratio of 15.91 and a beta of 0.85. Heritage Commerce has a 1-year low of $8.09 and a 1-year high of $11.27.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates of $0.19 by $0.02. The company had revenue of $47.78 million during the quarter, compared to analysts' expectations of $47.17 million. Heritage Commerce had a net margin of 15.00% and a return on equity of 6.61%. On average, research analysts expect that Heritage Commerce will post 0.8 earnings per share for the current fiscal year.

Heritage Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.52 dividend on an annualized basis and a yield of 5.2%. Heritage Commerce's dividend payout ratio (DPR) is currently 82.54%.

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.

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