Heritage Commerce (NASDAQ:HTBK) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Heritage Commerce (NASDAQ:HTBK) from a sell rating to a hold rating in a research report report published on Monday.

Several other analysts have also commented on HTBK. Piper Sandler lifted their price objective on shares of Heritage Commerce from $10.00 to $12.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods upped their price objective on Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a research note on Friday, July 26th.

Heritage Commerce Stock Performance

HTBK stock opened at $10.71 on Monday. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.06. The firm has a market cap of $656.52 million, a PE ratio of 15.08 and a beta of 0.93. The business has a 50 day moving average of $9.99 and a 200-day moving average of $9.37. Heritage Commerce has a 12-month low of $7.66 and a 12-month high of $11.01.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.17. The firm had revenue of $63.68 million during the quarter, compared to the consensus estimate of $43.14 million. Heritage Commerce had a return on equity of 6.37% and a net margin of 17.61%. As a group, sell-side analysts expect that Heritage Commerce will post 0.66 earnings per share for the current year.

Heritage Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 4.86%. The ex-dividend date of this dividend was Thursday, November 7th. Heritage Commerce’s dividend payout ratio (DPR) is currently 73.24%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Heritage Commerce by 3.9% in the first quarter. Vanguard Group Inc. now owns 3,309,141 shares of the financial services provider’s stock worth $28,392,000 after acquiring an additional 123,973 shares during the period. Wellington Management Group LLP purchased a new position in Heritage Commerce during the 3rd quarter valued at about $20,093,000. State Street Corp increased its position in shares of Heritage Commerce by 3.2% during the third quarter. State Street Corp now owns 1,965,643 shares of the financial services provider’s stock valued at $19,421,000 after buying an additional 61,630 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Heritage Commerce by 830.2% in the second quarter. Assenagon Asset Management S.A. now owns 1,024,377 shares of the financial services provider’s stock worth $8,912,000 after buying an additional 914,249 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Heritage Commerce by 21.2% in the second quarter. American Century Companies Inc. now owns 921,389 shares of the financial services provider’s stock valued at $8,016,000 after acquiring an additional 160,977 shares during the period. 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.