Heritage Commerce (NASDAQ:HTBK) Rating Lowered to Sell at Wall Street Zen

Heritage Commerce (NASDAQ:HTBK) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

Several other equities analysts have also issued reports on the stock. Zacks Research raised shares of Heritage Commerce from a “strong sell” rating to a “strong-buy” rating in a report on Wednesday, October 29th. Stephens lifted their target price on Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Weiss Ratings restated a “hold (c+)” rating on shares of Heritage Commerce in a report on Monday. DA Davidson reaffirmed a “neutral” rating and set a $14.50 price target (up previously from $12.50) on shares of Heritage Commerce in a research report on Thursday. Finally, Piper Sandler boosted their price objective on Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.90.

Heritage Commerce Price Performance

Heritage Commerce stock opened at $12.42 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $761.10 million, a P/E ratio of 17.74 and a beta of 0.81. The business has a 50-day moving average of $10.81 and a 200-day moving average of $10.22. Heritage Commerce has a 1 year low of $8.09 and a 1 year high of $12.89.

Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.24 earnings per share for the quarter. Heritage Commerce had a net margin of 16.31% and a return on equity of 7.18%. The business had revenue of $50.01 million for the quarter. On average, equities analysts anticipate that Heritage Commerce will post 0.8 EPS for the current year.

Institutional Trading of Heritage Commerce

A number of hedge funds and other institutional investors have recently made changes to their positions in HTBK. Jacobs Levy Equity Management Inc. lifted its position in shares of Heritage Commerce by 979.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 360,543 shares of the financial services provider’s stock worth $3,580,000 after purchasing an additional 327,138 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in Heritage Commerce in the 3rd quarter valued at $613,000. Public Employees Retirement System of Ohio bought a new stake in Heritage Commerce during the 3rd quarter worth about $691,000. Mariner LLC boosted its stake in shares of Heritage Commerce by 2.6% during the 3rd quarter. Mariner LLC now owns 68,844 shares of the financial services provider’s stock worth $684,000 after buying an additional 1,730 shares during the last quarter. Finally, Maltese Capital Management LLC grew its holdings in shares of Heritage Commerce by 32.2% in the 3rd quarter. Maltese Capital Management LLC now owns 251,175 shares of the financial services provider’s stock valued at $2,494,000 after acquiring an additional 61,175 shares in the last quarter. 75.55% of the stock is currently owned by institutional investors and hedge funds.

About Heritage Commerce

Heritage Commerce Corporation, headquartered in Farmington Hills, Michigan, is the bank holding company for Heritage Bank, N.A., a community-oriented financial institution. Traded on NASDAQ under the symbol HTBK, the company focuses on delivering tailored banking services to businesses, professionals and individuals throughout Southeastern Michigan.

Heritage Bank, N.A. offers a comprehensive portfolio of deposit and lending products designed to meet the needs of commercial and consumer clients.