Heritage Commerce (NASDAQ:HTBK) Upgraded at Zacks Research

Zacks Research upgraded shares of Heritage Commerce (NASDAQ:HTBK) from a strong sell rating to a strong-buy rating in a research report report published on Wednesday morning,Zacks.com reports.

HTBK has been the topic of a number of other reports. Weiss Ratings reissued a “hold (c)” rating on shares of Heritage Commerce in a research report on Wednesday, October 8th. Stephens lifted their price target on shares of Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Wall Street Zen raised shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. DA Davidson lifted their price target on shares of Heritage Commerce from $12.00 to $12.50 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Piper Sandler lifted their price target on shares of Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Heritage Commerce presently has a consensus rating of “Buy” and a consensus target price of $11.50.

Heritage Commerce Trading Down 0.6%

Shares of NASDAQ HTBK opened at $10.40 on Wednesday. The company’s fifty day moving average is $10.09 and its 200-day moving average is $9.73. The stock has a market cap of $639.08 million, a price-to-earnings ratio of 14.86 and a beta of 0.85. Heritage Commerce has a twelve month low of $8.09 and a twelve month high of $11.27. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.06.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.03. The company had revenue of $50.01 million for the quarter, compared to analysts’ expectations of $48.90 million. Heritage Commerce had a net margin of 16.31% and a return on equity of 7.20%. Equities research analysts predict that Heritage Commerce will post 0.8 EPS for the current year.

Heritage Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Thursday, November 6th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Thursday, November 6th. Heritage Commerce’s payout ratio is currently 74.29%.

Institutional Investors Weigh In On Heritage Commerce

Several institutional investors have recently added to or reduced their stakes in the stock. HoldCo Asset Management LP bought a new stake in Heritage Commerce during the 2nd quarter worth about $16,121,000. Wellington Management Group LLP lifted its position in Heritage Commerce by 64.9% during the 1st quarter. Wellington Management Group LLP now owns 3,796,472 shares of the financial services provider’s stock worth $36,142,000 after buying an additional 1,493,857 shares in the last quarter. Rhino Investment Partners Inc bought a new stake in Heritage Commerce during the 1st quarter worth about $5,222,000. Hotchkis & Wiley Capital Management LLC lifted its position in Heritage Commerce by 69.8% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 1,277,630 shares of the financial services provider’s stock worth $12,163,000 after buying an additional 525,060 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Heritage Commerce during the 1st quarter worth about $4,861,000. 75.55% of the stock is owned by institutional investors.

About Heritage Commerce

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.