Heritage Commerce (NASDAQ:HTBK) Earns Hold (C) Rating from Weiss Ratings

Key Points

• Heritage Commerce's stock received a "hold (c)" rating from Weiss Ratings, while Wall Street Zen downgraded it from "hold" to "sell".
• The company reported earnings per share of $0.21 for the last quarter, exceeding analysts' expectations, alongside a revenue of $47.78 million.
• Notable insider activity includes COO Thomas A. Sa purchasing 20,000 shares at an average price of $9.25, increasing their position significantly.

Heritage Commerce (NASDAQ:HTBK - Get Free Report)'s stock had its "hold (c)" rating reissued by equities research analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

Separately, Wall Street Zen lowered shares of Heritage Commerce from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Heritage Commerce currently has an average rating of "Moderate Buy" and an average target price of $10.67.

Heritage Commerce Trading Down 0.2%

Shares of HTBK stock opened at $9.83 on Wednesday. Heritage Commerce has a 1 year low of $8.09 and a 1 year high of $11.27. The firm's fifty day simple moving average is $9.96 and its 200 day simple moving average is $9.61. The firm has a market capitalization of $604.02 million, a P/E ratio of 15.60 and a beta of 0.85. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.06.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last announced its earnings results on Thursday, July 24th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.02. Heritage Commerce had a net margin of 15.00% and a return on equity of 6.61%. The business had revenue of $47.78 million for the quarter, compared to analyst estimates of $47.17 million. As a group, sell-side analysts predict that Heritage Commerce will post 0.8 EPS for the current year.

Insider Transactions at Heritage Commerce

In other Heritage Commerce news, COO Thomas A. Sa purchased 20,000 shares of the 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 acquisition, the chief operating officer directly owned 20,000 shares of the company's stock, valued at $185,000. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 2.71% of the stock is owned by company insiders.

Institutional Investors Weigh In On Heritage Commerce

Several institutional investors and hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC boosted its stake in shares of Heritage Commerce by 50.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,749 shares of the financial services provider's stock valued at $107,000 after purchasing an additional 3,604 shares in the last quarter. Man Group plc boosted its stake in shares of Heritage Commerce by 101.1% in the 2nd quarter. Man Group plc now owns 67,872 shares of the financial services provider's stock valued at $674,000 after purchasing an additional 34,127 shares in the last quarter. HoldCo Asset Management LP acquired a new stake in shares of Heritage Commerce in the 2nd quarter valued at $16,121,000. Bridgeway Capital Management LLC boosted its stake in shares of Heritage Commerce by 5.5% in the 2nd quarter. Bridgeway Capital Management LLC now owns 320,931 shares of the financial services provider's stock valued at $3,187,000 after purchasing an additional 16,601 shares in the last quarter. Finally, Brevan Howard Capital Management LP acquired a new stake in shares of Heritage Commerce in the 2nd quarter valued at $334,000. Institutional investors and hedge funds own 75.55% of the company's stock.

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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