Heritage Commerce (NASDAQ:HTBK) was upgraded by investment analysts at ValuEngine from a "sell" rating to a "hold" rating in a report issued on Thursday, ValuEngine reports.
A number of other brokerages have also recently weighed in on HTBK. Zacks Investment Research raised Heritage Commerce from a "sell" rating to a "hold" rating in a research note on Tuesday. Janney Montgomery Scott lifted their target price on Heritage Commerce from $9.00 to $10.00 and gave the company a "buy" rating in a research report on Tuesday, April 28th. BidaskClub lowered shares of Heritage Commerce from a "sell" rating to a "strong sell" rating in a research note on Saturday, June 13th. TheStreet lowered shares of Heritage Commerce from a "b-" rating to a "c+" rating in a research note on Thursday, March 5th. Finally, Piper Sandler restated an "overweight" rating and issued a $9.00 price objective on shares of Heritage Commerce in a report on Monday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company's stock. The company currently has an average rating of "Buy" and a consensus target price of $11.40.
Shares of HTBK opened at $7.50 on Thursday. The firm has a 50-day simple moving average of $7.78 and a two-hundred day simple moving average of $9.62. The stock has a market cap of $436.08 million, a PE ratio of 11.54 and a beta of 1.12. Heritage Commerce has a 1-year low of $6.04 and a 1-year high of $13.14. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.76 and a quick ratio of 0.76.
Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.03 earnings per share for the quarter, missing the Zacks' consensus estimate of $0.18 by ($0.15). The company had revenue of $41.77 million for the quarter, compared to analysts' expectations of $39.72 million. Heritage Commerce had a return on equity of 8.94% and a net margin of 18.73%. As a group, sell-side analysts expect that Heritage Commerce will post 0.6 earnings per share for the current fiscal year.
In other Heritage Commerce news, CEO Keith Wilton sold 3,713 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $8.36, for a total value of $31,040.68. Following the sale, the chief executive officer now owns 141,807 shares of the company's stock, valued at approximately $1,185,506.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.30% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the business. Marshall Wace North America L.P. acquired a new stake in shares of Heritage Commerce in the 1st quarter valued at $56,000. Great West Life Assurance Co. Can purchased a new position in Heritage Commerce in the fourth quarter valued at $61,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Heritage Commerce by 88.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,506 shares of the financial services provider's stock valued at $42,000 after buying an additional 2,583 shares in the last quarter. Keebeck Alpha LP purchased a new stake in Heritage Commerce during the 1st quarter worth about $81,000. Finally, Arizona State Retirement System acquired a new position in shares of Heritage Commerce during the 1st quarter worth about $101,000. 69.71% of the stock is currently owned by institutional investors.
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. It offers a range of deposit products for business banking and retail markets, including interest and non-interest bearing demand, savings accounts, certificate of deposit, money market accounts, and time deposits.
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