Heritage Commerce Corp to Issue Quarterly Dividend of $0.13 (NASDAQ:HTBK)

Heritage Commerce Corp (NASDAQ:HTBK - Get Free Report) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders of record on Thursday, May 9th will be paid a dividend of 0.13 per share by the financial services provider on Thursday, May 23rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 6.50%. The ex-dividend date of this dividend is Wednesday, May 8th.

Heritage Commerce has a dividend payout ratio of 59.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Heritage Commerce to earn $0.89 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 58.4%.

Heritage Commerce Trading Down 2.2 %

Shares of HTBK stock traded down $0.18 on Friday, reaching $8.00. The company had a trading volume of 827,652 shares, compared to its average volume of 300,620. 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 $490 million, a PE ratio of 8.70 and a beta of 0.90. The company has a 50-day moving average of $8.25 and a 200-day moving average of $8.71. Heritage Commerce has a 12 month low of $6.69 and a 12 month high of $10.22.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last announced its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.22 EPS for the quarter, missing analysts' consensus estimates of $0.24 by ($0.02). The company had revenue of $44.24 million during the quarter, compared to the consensus estimate of $46.38 million. Heritage Commerce had a net margin of 22.84% and a return on equity of 8.40%. On average, equities analysts forecast that Heritage Commerce will post 0.81 earnings per share for the current year.

Insider Transactions at Heritage Commerce

In other news, Director Jack W. Conner sold 6,944 shares of the firm's stock in a transaction that occurred on Wednesday, January 31st. The shares were 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 directly owns 102,501 shares of the company's stock, valued at approximately $914,308.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.99% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on HTBK. StockNews.com cut Heritage Commerce from a "hold" rating to a "sell" rating in a research note on Friday, April 19th. Raymond James increased their target price on Heritage Commerce from $9.50 to $11.00 and gave the stock an "outperform" rating in a research note on Friday, January 5th. Piper Sandler lowered their target price on Heritage Commerce from $11.00 to $10.00 and set an "overweight" rating for the company in a research note on Friday. Finally, Keefe, Bruyette & Woods lowered their target price on Heritage Commerce from $12.00 to $11.00 and set an "outperform" rating for the company in a research note on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Heritage Commerce has an average rating of "Hold" and a consensus price target of $10.50.

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.