Heritage Commerce (NASDAQ:HTBK) Rating Increased to Hold at Wall Street Zen

Key Points

• Heritage Commerce has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, while other firms have varying ratings with a consensus of "hold" and an average price target of $10.75.
• The company's stock increased by 8.8% and has a current market cap of $651.37 million, with a price-to-earnings ratio of 15.14.
• Heritage Commerce reported earnings of $0.24 EPS for the last quarter, exceeding expectations, with revenues of $50.01 million compared to forecasts of $48.90 million.

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

A number of other research firms have also recently issued reports on HTBK. Weiss Ratings reissued a "hold (c)" rating on shares of Heritage Commerce in a research note on Wednesday, October 8th. Piper Sandler began coverage on Heritage Commerce in a research note on Friday, October 10th. They issued an "overweight" rating and a $11.00 target price for the company. Finally, Zacks Research cut Heritage Commerce from a "hold" rating to a "strong sell" rating in a research note on Monday, October 13th. Three 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. Based on data from MarketBeat.com, Heritage Commerce currently has a consensus rating of "Hold" and an average price target of $10.75.

Heritage Commerce Stock Up 8.8%

NASDAQ:HTBK opened at $10.60 on Friday. Heritage Commerce has a 1 year low of $8.09 and a 1 year high of $11.27. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.06. The stock has a market cap of $651.37 million, a price-to-earnings ratio of 15.14 and a beta of 0.85. The stock has a 50-day moving average price of $10.03 and a two-hundred day moving average price of $9.66.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last posted its earnings results on Thursday, October 23rd. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.21 by $0.03. Heritage Commerce had a return on equity of 7.20% and a net margin of 16.31%.The firm had revenue of $50.01 million during the quarter, compared to analysts' expectations of $48.90 million. As a group, equities analysts expect that Heritage Commerce will post 0.8 earnings per share for the current year.

Insider Buying and Selling at Heritage Commerce

In other news, COO Thomas A. Sa acquired 20,000 shares of Heritage Commerce stock in a transaction dated Friday, August 1st. The stock was bought at an average cost of $9.25 per share, with a total value of $185,000.00. Following the completion of the transaction, the chief operating officer directly owned 20,000 shares of the company's stock, valued at approximately $185,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.71% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of HTBK. HoldCo Asset Management LP acquired a new position in Heritage Commerce during the second quarter valued at approximately $16,121,000. Wellington Management Group LLP boosted its position 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 valued at $36,142,000 after purchasing an additional 1,493,857 shares during the last quarter. Rhino Investment Partners Inc acquired a new position in Heritage Commerce during the first quarter valued at approximately $5,222,000. Hotchkis & Wiley Capital Management LLC boosted its position in Heritage Commerce by 69.8% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 1,277,630 shares of the financial services provider's stock valued at $12,163,000 after purchasing an additional 525,060 shares during the last quarter. Finally, Nuveen LLC acquired a new position in Heritage Commerce during the first quarter valued at approximately $4,861,000. 75.55% of the stock is owned by institutional investors and hedge funds.

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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