Heritage Commerce (NASDAQ:HTBK) Cut to Hold at Zacks Research

Key Points

• Zacks Research downgraded Heritage Commerce (HTBK) from "strong-buy" to "hold"; the stock's consensus from analysts is currently a "Hold" with a consensus price target of $12.25.
• Heritage Commerce beat quarterly estimates, reporting $0.28 EPS versus $0.23 expected and revenue of $104.04 million versus $50.78 million expected.
• HTBK opened at $13.37, trades in a 12‑month range of $8.11–$13.82, has a market cap of $823.46 million and a P/E of 17.14, with institutional investors owning about 75.6% of the shares.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Thursday,Zacks.com reports.

HTBK has been the subject of several other reports. Janney Montgomery Scott cut Heritage Commerce from a "buy" rating to a "neutral" rating and lifted their price target for the stock from $12.00 to $14.00 in a report on Monday, December 22nd. Wall Street Zen cut Heritage Commerce from a "hold" rating to a "sell" rating in a report on Saturday, December 20th. Stephens reissued an "equal weight" rating on shares of Heritage Commerce in a report on Monday, January 5th. Weiss Ratings raised Heritage Commerce from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, March 9th. Finally, DA Davidson reissued a "neutral" rating and set a $14.50 price target on shares of Heritage Commerce in a report on Wednesday, February 4th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $12.25.

Heritage Commerce Stock Performance

HTBK opened at $13.37 on Thursday. Heritage Commerce has a 12-month low of $8.11 and a 12-month high of $13.82. The stock has a market cap of $823.46 million, a price-to-earnings ratio of 17.14 and a beta of 0.69. The business has a 50 day moving average of $12.78 and a 200-day moving average of $11.77. 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 (NASDAQ:HTBK - Get Free Report) last released its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.05. Heritage Commerce had a return on equity of 8.07% and a net margin of 17.77%.The company had revenue of $104.04 million during the quarter, compared to analysts' expectations of $50.78 million. On average, equities research analysts expect that Heritage Commerce will post 0.8 earnings per share for the current year.

Hedge Funds Weigh In On Heritage Commerce

Hedge funds and other institutional investors have recently modified their holdings of the business. Clearstead Advisors LLC increased its stake in shares of Heritage Commerce by 129.5% in the 4th quarter. Clearstead Advisors LLC now owns 3,599 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 2,031 shares during the last quarter. Parkside Financial Bank & Trust increased its stake in shares of Heritage Commerce by 56.5% in the 3rd quarter. Parkside Financial Bank & Trust now owns 5,026 shares of the financial services provider's stock valued at $50,000 after purchasing an additional 1,815 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Heritage Commerce by 16,272.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider's stock valued at $54,000 after purchasing an additional 5,370 shares during the last quarter. Larson Financial Group LLC increased its stake in shares of Heritage Commerce by 495.3% in the 3rd quarter. Larson Financial Group LLC now owns 5,620 shares of the financial services provider's stock valued at $56,000 after purchasing an additional 4,676 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Heritage Commerce by 368.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,433 shares of the financial services provider's stock valued at $64,000 after purchasing an additional 5,061 shares during the last quarter. Institutional investors own 75.55% of the company's stock.

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.

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