Stephens Reaffirms “Overweight” Rating for Heritage Commerce (NASDAQ:HTBK)

Heritage Commerce (NASDAQ:HTBK)‘s stock had its “overweight” rating reaffirmed by equities researchers at Stephens in a report released on Monday,Benzinga reports. They currently have a $11.00 price target on the financial services provider’s stock. Stephens’ price objective suggests a potential upside of 21.15% from the company’s previous close.

Separately, Keefe, Bruyette & Woods decreased their price objective on Heritage Commerce from $11.50 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th.

Heritage Commerce Stock Up 1.8 %

HTBK stock opened at $9.08 on Monday. Heritage Commerce has a fifty-two week low of $7.74 and a fifty-two week high of $11.27. The stock has a fifty day moving average of $9.37 and a 200-day moving average of $9.76. The company has a market capitalization of $559.43 million, a price-to-earnings ratio of 13.76 and a beta of 0.81. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.73 and a current ratio of 0.73.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. Heritage Commerce had a net margin of 16.12% and a return on equity of 5.96%. The company had revenue of $46.06 million for the quarter, compared to analyst estimates of $45.89 million. As a group, equities research analysts predict that Heritage Commerce will post 0.8 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Robertson Clay Jones, Jr. sold 5,145 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $9.73, for a total value of $50,060.85. Following the transaction, the chief executive officer now owns 254,227 shares of the company’s stock, valued at $2,473,628.71. This represents a 1.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jack W. Conner sold 4,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $10.52, for a total value of $42,080.00. Following the completion of the transaction, the director now owns 108,512 shares of the company’s stock, valued at $1,141,546.24. The trade was a 3.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,747 shares of company stock valued at $107,728 in the last quarter. Corporate insiders own 2.71% of the company’s stock.

Institutional Investors Weigh In On Heritage Commerce

A number of institutional investors have recently made changes to their positions in HTBK. Quarry LP grew its stake in shares of Heritage Commerce by 562.4% during the fourth quarter. Quarry LP now owns 3,153 shares of the financial services provider’s stock valued at $30,000 after buying an additional 2,677 shares during the last quarter. US Bancorp DE grew its holdings in shares of Heritage Commerce by 64.8% in the fourth quarter. US Bancorp DE now owns 3,473 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 1,365 shares during the last quarter. Two Sigma Securities LLC purchased a new position in shares of Heritage Commerce in the fourth quarter worth $97,000. Y Intercept Hong Kong Ltd bought a new stake in Heritage Commerce during the 4th quarter valued at $99,000. Finally, Oxford Asset Management LLP purchased a new stake in Heritage Commerce during the 4th quarter valued at $101,000. 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.