DA Davidson Weighs in on Heritage Commerce Corp’s FY2022 Earnings (NASDAQ:HTBK)

Heritage Commerce Corp (NASDAQ:HTBKGet Rating) – Analysts at DA Davidson dropped their FY2022 earnings per share estimates for Heritage Commerce in a research note issued to investors on Monday, August 1st. DA Davidson analyst G. Tenner now forecasts that the financial services provider will post earnings per share of $1.11 for the year, down from their prior estimate of $1.15. The consensus estimate for Heritage Commerce’s current full-year earnings is $1.06 per share. DA Davidson also issued estimates for Heritage Commerce’s FY2023 earnings at $1.40 EPS.

Separately, Raymond James upgraded shares of Heritage Commerce from an “outperform” rating to a “strong-buy” rating and set a $13.00 target price for the company in a research note on Thursday, July 7th.

Heritage Commerce Price Performance

Shares of HTBK stock opened at $11.69 on Wednesday. The firm has a market capitalization of $706.54 million, a price-to-earnings ratio of 12.85 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.65 and a current ratio of 0.65. The stock’s 50-day simple moving average is $11.11 and its 200-day simple moving average is $11.48. Heritage Commerce has a fifty-two week low of $10.42 and a fifty-two week high of $12.94.

Heritage Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 25th. Stockholders of record on Thursday, August 11th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date is Wednesday, August 10th. Heritage Commerce’s dividend payout ratio is presently 57.14%.

Insider Transactions at Heritage Commerce

In other Heritage Commerce news, CFO Lawrence D. Mcgovern sold 4,550 shares of Heritage Commerce stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $11.42, for a total transaction of $51,961.00. Following the completion of the sale, the chief financial officer now directly owns 89,529 shares in the company, valued at approximately $1,022,421.18. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Heritage Commerce news, CFO Lawrence D. Mcgovern sold 4,550 shares of the stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $11.42, for a total transaction of $51,961.00. Following the sale, the chief financial officer now directly owns 89,529 shares of the company’s stock, valued at approximately $1,022,421.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Lawrence D. Mcgovern sold 2,500 shares of Heritage Commerce stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $11.37, for a total value of $28,425.00. Following the transaction, the chief financial officer now owns 94,079 shares of the company’s stock, valued at approximately $1,069,678.23. The disclosure for this sale can be found here. Company insiders own 4.05% of the company’s stock.

Institutional Investors Weigh In On Heritage Commerce

A number of hedge funds and other institutional investors have recently made changes to their positions in HTBK. AJ Wealth Strategies LLC increased its position in shares of Heritage Commerce by 1.1% in the first quarter. AJ Wealth Strategies LLC now owns 93,398 shares of the financial services provider’s stock valued at $1,051,000 after buying an additional 1,006 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in Heritage Commerce by 29.5% in the 4th quarter. Quadrant Capital Group LLC now owns 4,589 shares of the financial services provider’s stock worth $55,000 after acquiring an additional 1,045 shares in the last quarter. Renaissance Technologies LLC raised its position in Heritage Commerce by 0.7% during the first quarter. Renaissance Technologies LLC now owns 154,900 shares of the financial services provider’s stock worth $1,743,000 after acquiring an additional 1,100 shares during the period. Raymond James & Associates lifted its holdings in Heritage Commerce by 10.5% during the first quarter. Raymond James & Associates now owns 11,827 shares of the financial services provider’s stock valued at $133,000 after purchasing an additional 1,121 shares in the last quarter. Finally, Truist Financial Corp grew its position in shares of Heritage Commerce by 5.5% in the first quarter. Truist Financial Corp now owns 28,171 shares of the financial services provider’s stock valued at $317,000 after purchasing an additional 1,481 shares during the period. Institutional investors and hedge funds own 71.49% of the company’s stock.

About Heritage Commerce

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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.

Further Reading

Earnings History and Estimates for Heritage Commerce (NASDAQ:HTBK)

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