Heritage Commerce (NASDAQ:HTBK) Posts Earnings Results

Key Points

• Heritage Commerce reported a profit of $0.24 per share for the last quarter, surpassing analysts' expectations of $0.21 per share.
• COO Thomas A. Sa recently acquired 20,000 shares of the company at an average price of $9.25, reflecting confidence in the firm's prospects.
• Research analysts have mixed opinions on Heritage Commerce, with Zacks downgrading the stock to a "strong sell" while Piper Sandler issued an "overweight" rating and a price target of $11.00.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) posted its earnings results on Thursday. The financial services provider reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.21 by $0.03, Zacks reports. Heritage Commerce had a return on equity of 6.61% and a net margin of 15.00%.

Heritage Commerce Price Performance

NASDAQ:HTBK traded down $0.15 on Thursday, reaching $9.74. 323,789 shares of the company's stock traded hands, compared to its average volume of 410,121. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.06. The stock has a 50-day simple moving average of $10.01 and a 200-day simple moving average of $9.63. The firm has a market cap of $598.52 million, a PE ratio of 15.46 and a beta of 0.85. Heritage Commerce has a 12 month low of $8.09 and a 12 month high of $11.27.

Insider Buying and Selling at Heritage Commerce

In other news, COO Thomas A. Sa acquired 20,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was purchased at an average price of $9.25 per share, for a total transaction of $185,000.00. Following the completion of the transaction, the chief operating officer directly owned 20,000 shares in the company, valued at approximately $185,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.71% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC boosted its holdings in shares of 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 valued at $54,000 after purchasing an additional 5,370 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of 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 valued at $107,000 after purchasing an additional 3,604 shares during the period. XTX Topco Ltd purchased a new stake in shares of Heritage Commerce in the second quarter valued at approximately $113,000. Prudential Financial Inc. boosted its holdings in shares of Heritage Commerce by 18.3% in the second quarter. Prudential Financial Inc. now owns 19,826 shares of the financial services provider's stock valued at $197,000 after purchasing an additional 3,068 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in shares of Heritage Commerce in the first quarter valued at approximately $316,000. Hedge funds and other institutional investors own 75.55% of the company's stock.

Analyst Upgrades and Downgrades

HTBK has been the topic of a number of research analyst reports. Zacks Research downgraded Heritage Commerce from a "hold" rating to a "strong sell" rating in a report on Monday, October 13th. Piper Sandler began coverage on Heritage Commerce in a research note on Friday, October 10th. They issued an "overweight" rating and a $11.00 price target 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 downgraded Heritage Commerce from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Heritage Commerce has an average rating of "Hold" and an average target price of $10.75.

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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