Wall Street Zen Upgrades Heritage Commerce (NASDAQ:HTBK) to Hold

Wall Street Zen upgraded shares of Heritage Commerce (NASDAQ:HTBK - Free Report) from a sell rating to a hold rating in a report published on Friday.

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

Heritage Commerce Stock Up 1.4%

Shares of HTBK traded up $0.14 during midday trading on Friday, reaching $9.93. The stock had a trading volume of 1,091,154 shares, compared to its average volume of 376,506. Heritage Commerce has a 1-year low of $8.09 and a 1-year high of $11.27. The company's fifty day simple moving average is $9.29 and its two-hundred day simple moving average is $9.47. The company has a market cap of $611.69 million, a price-to-earnings ratio of 14.60 and a beta of 0.79. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.75 and a quick ratio of 0.75.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.18 by $0.01. Heritage Commerce had a net margin of 16.38% and a return on equity of 6.11%. The business had revenue of $46.06 million for the quarter, compared to analyst estimates of $45.89 million. Equities research analysts expect that Heritage Commerce will post 0.8 earnings per share for the current year.

Heritage Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 8th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 5.24%. The ex-dividend date was Thursday, May 8th. Heritage Commerce's dividend payout ratio is currently 76.47%.

Institutional Trading of Heritage Commerce

A number of institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio purchased a new stake in Heritage Commerce during the first quarter worth about $547,000. Acadian Asset Management LLC acquired a new position in Heritage Commerce during the first quarter worth about $316,000. Jane Street Group LLC raised its position in Heritage Commerce by 158.2% during the first quarter. Jane Street Group LLC now owns 144,919 shares of the financial services provider's stock worth $1,380,000 after acquiring an additional 88,801 shares during the last quarter. Empowered Funds LLC raised its position in Heritage Commerce by 8.5% during the first quarter. Empowered Funds LLC now owns 171,866 shares of the financial services provider's stock worth $1,636,000 after acquiring an additional 13,519 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Heritage Commerce by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,402 shares of the financial services provider's stock valued at $337,000 after buying an additional 1,482 shares during the last quarter. Hedge funds and other institutional investors 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.