Heritage Commerce Corp (NASDAQ:HTBK) Forecasted to Post Q2 2024 Earnings of $0.19 Per Share

Heritage Commerce Corp (NASDAQ:HTBK - Free Report) - Equities researchers at DA Davidson issued their Q2 2024 earnings per share estimates for shares of Heritage Commerce in a research note issued to investors on Monday, April 29th. DA Davidson analyst G. Tenner forecasts that the financial services provider will post earnings per share of $0.19 for the quarter. The consensus estimate for Heritage Commerce's current full-year earnings is $0.79 per share. DA Davidson also issued estimates for Heritage Commerce's FY2024 earnings at $0.75 EPS and FY2025 earnings at $0.82 EPS.

Several other research analysts have also issued reports on HTBK. Raymond James raised their target price on Heritage Commerce from $9.50 to $11.00 and gave the stock an "outperform" rating in a research report on Friday, January 5th. Keefe, Bruyette & Woods lowered their price objective on Heritage Commerce from $12.00 to $11.00 and set an "outperform" rating for the company in a research report on Friday, January 26th. StockNews.com lowered Heritage Commerce from a "hold" rating to a "sell" rating in a research report on Tuesday. Finally, Piper Sandler lowered their price objective on Heritage Commerce from $11.00 to $10.00 and set an "overweight" rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $10.50.

Heritage Commerce Trading Down 1.0 %

NASDAQ:HTBK traded down $0.08 during trading hours on Tuesday, hitting $7.94. 459,508 shares of the company were exchanged, compared to its average volume of 395,211. The stock has a market capitalization of $486.33 million, a price-to-earnings ratio of 8.63 and a beta of 0.90. 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 has a one year low of $6.69 and a one year high of $10.22. The company has a fifty day simple moving average of $8.24 and a 200 day simple moving average of $8.70.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last released its quarterly earnings data on Friday, April 26th. The financial services provider reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.02). Heritage Commerce had a net margin of 22.84% and a return on equity of 8.40%. The firm had revenue of $59.60 million for the quarter, compared to analyst estimates of $43.83 million.

Heritage Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be paid a dividend of $0.13 per share. The ex-dividend date is Wednesday, May 8th. This represents a $0.52 dividend on an annualized basis and a yield of 6.55%. Heritage Commerce's dividend payout ratio (DPR) is currently 56.52%.

Insider Buying and Selling at Heritage Commerce

In other Heritage Commerce news, Director Jack W. Conner sold 6,944 shares of Heritage Commerce stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $8.92, for a total transaction of $61,940.48. Following the completion of the transaction, the director now owns 102,501 shares in the company, valued at approximately $914,308.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.99% of the company's stock.

Hedge Funds Weigh In On Heritage Commerce

Hedge funds and other institutional investors have recently modified their holdings of the business. Boston Partners raised its holdings in shares of Heritage Commerce by 101.4% in the 4th quarter. Boston Partners now owns 1,893,847 shares of the financial services provider's stock worth $18,718,000 after purchasing an additional 953,372 shares during the period. Rosenthal Henry Capital Advisors Inc. bought a new stake in shares of Heritage Commerce in the 3rd quarter worth approximately $1,863,000. Dimensional Fund Advisors LP raised its holdings in shares of Heritage Commerce by 7.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,959,913 shares of the financial services provider's stock worth $29,363,000 after purchasing an additional 202,504 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Heritage Commerce by 294.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 184,386 shares of the financial services provider's stock worth $1,562,000 after purchasing an additional 137,604 shares during the period. Finally, Los Angeles Capital Management LLC raised its holdings in shares of Heritage Commerce by 150.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 212,680 shares of the financial services provider's stock worth $2,110,000 after purchasing an additional 127,730 shares during the period. Hedge funds and other institutional investors own 75.55% of the company's stock.

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.