Heritage Commerce (NASDAQ:HTBK - Get Free Report) issued its quarterly earnings data on Thursday. The financial services provider reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates of $0.19 by $0.02, Zacks reports. The firm had revenue of $47.78 million during the quarter, compared to analyst estimates of $47.17 million. Heritage Commerce had a return on equity of 6.62% and a net margin of 15.00%.
Heritage Commerce Stock Down 1.6%
Shares of HTBK stock traded down $0.16 on Wednesday, hitting $9.48. The stock had a trading volume of 1,395,767 shares, compared to its average volume of 398,051. The firm has a market capitalization of $583.62 million, a price-to-earnings ratio of 15.06 and a beta of 0.81. The stock's 50 day moving average is $9.75 and its 200-day moving average is $9.59. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.75 and a current ratio of 0.75. Heritage Commerce has a 52-week low of $8.09 and a 52-week high of $11.27.
Heritage Commerce Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $0.52 annualized dividend and a dividend yield of 5.49%. Heritage Commerce's dividend payout ratio (DPR) is presently 82.54%.
Institutional Trading of Heritage Commerce
A number of institutional investors and hedge funds have recently modified their holdings of HTBK. Acadian Asset Management LLC bought a new position in shares of Heritage Commerce during the 1st quarter valued at about $316,000. Jane Street Group LLC boosted its holdings in shares of Heritage Commerce by 158.2% during the first quarter. Jane Street Group LLC now owns 144,919 shares of the financial services provider's stock worth $1,380,000 after purchasing an additional 88,801 shares during the period. Empowered Funds LLC boosted its holdings in shares of Heritage Commerce by 8.5% during the first quarter. Empowered Funds LLC now owns 171,866 shares of the financial services provider's stock worth $1,636,000 after purchasing an additional 13,519 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Heritage Commerce by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,402 shares of the financial services provider's stock worth $337,000 after purchasing an additional 1,482 shares during the period. 75.55% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several analysts have recently weighed in on HTBK shares. Keefe, Bruyette & Woods decreased their price target on shares of Heritage Commerce from $11.50 to $11.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Wall Street Zen downgraded shares of Heritage Commerce from a "hold" rating to a "sell" rating in a research report on Saturday. Stephens reissued an "overweight" rating and issued a $11.00 price target on shares of Heritage Commerce in a research note on Monday, April 28th. Finally, Raymond James Financial set a $10.00 price objective on shares of Heritage Commerce in a report on Monday, April 28th.
Check Out Our Latest Research Report on Heritage Commerce
Heritage Commerce Company Profile
(
Get Free Report)
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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