Heritage Commerce (NASDAQ:HTBK) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Shares of Heritage Commerce Corp (NASDAQ:HTBK) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $11.23 and traded as high as $12.69. Heritage Commerce shares last traded at $12.68, with a volume of 620,116 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently commented on HTBK. Wall Street Zen downgraded Heritage Commerce from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. DA Davidson restated a “neutral” rating and set a $14.50 target price on shares of Heritage Commerce in a research report on Wednesday, February 4th. Raymond James Financial cut Heritage Commerce from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Zacks Research lowered shares of Heritage Commerce from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Finally, Stephens reaffirmed an “equal weight” rating on shares of Heritage Commerce in a research note on Monday, January 5th. Two investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.25.

Heritage Commerce Trading Up 0.5%

The company has a market cap of $780.58 million, a P/E ratio of 16.26 and a beta of 0.80. The business’s 50-day moving average price is $12.79 and its 200 day moving average price is $11.23. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.75 and a current ratio of 0.75.

Heritage Commerce (NASDAQ:HTBK) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.05. The business had revenue of $53.62 million during the quarter, compared to the consensus estimate of $50.78 million. Heritage Commerce had a net margin of 17.77% and a return on equity of 8.10%. As a group, analysts expect that Heritage Commerce Corp will post 0.8 earnings per share for the current year.

Heritage Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 19th. Stockholders of record on Thursday, February 5th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Thursday, February 5th. Heritage Commerce’s payout ratio is currently 66.67%.

Institutional Investors Weigh In On Heritage Commerce

Several hedge funds have recently added to or reduced their stakes in HTBK. Clearstead Advisors LLC increased its holdings in shares of Heritage Commerce by 129.5% in the fourth quarter. Clearstead Advisors LLC now owns 3,599 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 2,031 shares during the last quarter. Parkside Financial Bank & Trust grew its stake in Heritage Commerce by 56.5% in the 3rd quarter. Parkside Financial Bank & Trust now owns 5,026 shares of the financial services provider’s stock valued at $50,000 after buying an additional 1,815 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Heritage Commerce by 16,272.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 5,370 shares during the period. Larson Financial Group LLC lifted its position in Heritage Commerce by 495.3% during the third quarter. Larson Financial Group LLC now owns 5,620 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 4,676 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Heritage Commerce by 368.9% during the third quarter. Russell Investments Group Ltd. now owns 6,433 shares of the financial services provider’s stock worth $64,000 after acquiring an additional 5,061 shares during the period. Institutional investors and hedge funds own 75.55% of the company’s stock.

Heritage Commerce Company Profile

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.