Heritage Commerce (NASDAQ:HTBK) Downgraded to Sell at StockNews.com

StockNews.com cut shares of Heritage Commerce (NASDAQ:HTBKFree Report) from a hold rating to a sell rating in a research note released on Wednesday.

Separately, Piper Sandler reduced their target price on Heritage Commerce from $11.00 to $10.00 and set an overweight rating on the stock in a report on Friday, April 26th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and an average price target of $10.50.

View Our Latest Stock Analysis on HTBK

Heritage Commerce Price Performance

Heritage Commerce stock opened at $8.67 on Wednesday. The business’s 50-day simple moving average is $8.20 and its 200 day simple moving average is $8.50. The stock has a market cap of $531.12 million, a price-to-earnings ratio of 9.42 and a beta of 0.94. Heritage Commerce has a 12-month low of $7.66 and a 12-month high of $10.22. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.06.

Heritage Commerce (NASDAQ:HTBKGet Free Report) last issued its earnings results on Friday, April 26th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.02). Heritage Commerce had a return on equity of 8.36% and a net margin of 22.84%. The company had revenue of $59.60 million for the quarter, compared to the consensus estimate of $43.83 million. As a group, research analysts anticipate that Heritage Commerce will post 0.73 earnings per share for the current year.

Heritage Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 6.00%. The ex-dividend date of this dividend was Wednesday, May 8th. Heritage Commerce’s dividend payout ratio is currently 56.52%.

Institutional Investors Weigh In On Heritage Commerce

Hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC raised its position in shares of Heritage Commerce by 185.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 3,155 shares during the period. Lindbrook Capital LLC raised its position in shares of Heritage Commerce by 47.7% during the fourth quarter. Lindbrook Capital LLC now owns 4,780 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,543 shares during the period. GAMMA Investing LLC acquired a new stake in Heritage Commerce in the 4th quarter valued at approximately $49,000. CWM LLC raised its position in Heritage Commerce by 148.0% in the 2nd quarter. CWM LLC now owns 9,936 shares of the financial services provider’s stock valued at $86,000 after buying an additional 5,929 shares during the last quarter. Finally, ProShare Advisors LLC acquired a new stake in Heritage Commerce in the 1st quarter valued at approximately $91,000. Institutional investors and hedge funds own 75.55% of the company’s stock.

About Heritage Commerce

(Get Free Report)

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

Receive News & Ratings for Heritage Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Heritage Commerce and related companies with MarketBeat.com's FREE daily email newsletter.