Heritage Commerce (NASDAQ:HTBK) Downgraded to Sell Rating by Wall Street Zen

Key Points

• Heritage Commerce (NASDAQ:HTBK) has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, reflecting a shift in analyst sentiment.
• The company's shares opened at $9.58 and recently experienced a decline of 3.1%, with a 52-week range between $8.09 and $11.27.
• Institutional investors currently hold 75.55% of Heritage Commerce's stock, with significant increases in holdings from Wellington Management and other firms in the first quarter.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Several other equities research analysts also recently issued reports on the stock. Raymond James Financial set a $10.00 price objective on shares of Heritage Commerce in a research report on Monday, April 28th. Keefe, Bruyette & Woods lowered their price objective on shares of Heritage Commerce from $11.50 to $11.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Finally, Stephens reissued an "overweight" rating and set a $11.00 price objective on shares of Heritage Commerce in a research report on Monday, April 28th.

Heritage Commerce Stock Down 3.1%

Shares of NASDAQ:HTBK opened at $9.58 on Friday. Heritage Commerce has a 52 week low of $8.09 and a 52 week high of $11.27. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.75 and a current ratio of 0.75. The company has a market capitalization of $590.13 million, a PE ratio of 15.21 and a beta of 0.81. The company has a 50 day moving average price of $9.74 and a two-hundred day moving average price of $9.58.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last issued its earnings results on Thursday, July 24th. The financial services provider reported $0.21 EPS for the quarter, beating the consensus estimate of $0.19 by $0.02. Heritage Commerce had a net margin of 15.00% and a return on equity of 6.62%. The firm had revenue of $47.78 million during the quarter, compared to the consensus estimate of $47.17 million. Analysts forecast that Heritage Commerce will post 0.8 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its holdings in Heritage Commerce by 64.9% during the first quarter. Wellington Management Group LLP now owns 3,796,472 shares of the financial services provider's stock worth $36,142,000 after purchasing an additional 1,493,857 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Heritage Commerce by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 3,495,577 shares of the financial services provider's stock worth $33,278,000 after buying an additional 108,505 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Heritage Commerce by 4.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,392,688 shares of the financial services provider's stock worth $31,823,000 after buying an additional 130,144 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Heritage Commerce by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 1,426,816 shares of the financial services provider's stock worth $13,386,000 after buying an additional 4,756 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC lifted its stake in shares of Heritage Commerce by 69.8% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 1,277,630 shares of the financial services provider's stock worth $12,163,000 after buying an additional 525,060 shares during the last quarter. Institutional investors and hedge funds own 75.55% of the company's stock.

Heritage Commerce Company Profile

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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