Heritage Commerce (NASDAQ:HTBK) Stock Rating Upgraded by Zacks Research

Heritage Commerce (NASDAQ:HTBK) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the company. Weiss Ratings raised Heritage Commerce from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. Stephens reiterated an “equal weight” rating on shares of Heritage Commerce in a research report on Monday, January 5th. Janney Montgomery Scott cut shares of Heritage Commerce from a “buy” rating to a “neutral” rating and increased their price target for the company from $12.00 to $14.00 in a research note on Monday, December 22nd. DA Davidson reiterated a “neutral” rating and issued a $14.50 price target on shares of Heritage Commerce in a report on Wednesday, February 4th. Finally, Wall Street Zen lowered shares of Heritage Commerce from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Heritage Commerce currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.25.

Heritage Commerce Price Performance

Shares of NASDAQ HTBK traded down $0.00 during trading on Wednesday, hitting $12.17. The company had a trading volume of 168,824 shares, compared to its average volume of 676,539. The company has a market cap of $749.37 million, a P/E ratio of 15.61 and a beta of 0.79. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.75 and a current ratio of 0.74. The business’s 50-day moving average is $12.83 and its 200 day moving average is $11.43. Heritage Commerce has a 52 week low of $8.09 and a 52 week high of $13.82.

Heritage Commerce (NASDAQ:HTBK) last announced 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. Heritage Commerce had a net margin of 17.77% and a return on equity of 8.07%. The company had revenue of $104.04 million for the quarter, compared to the consensus estimate of $50.78 million. Equities research analysts predict that Heritage Commerce will post 0.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. CANADA LIFE ASSURANCE Co lifted its stake in shares of Heritage Commerce by 8.1% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 12,181 shares of the financial services provider’s stock worth $146,000 after buying an additional 913 shares in the last quarter. State of New Jersey Common Pension Fund D raised its position in Heritage Commerce by 0.7% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 218,384 shares of the financial services provider’s stock valued at $2,169,000 after purchasing an additional 1,423 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Heritage Commerce by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,402 shares of the financial services provider’s stock valued at $337,000 after acquiring an additional 1,482 shares during the last quarter. Diversified Trust Co boosted its stake in Heritage Commerce by 9.2% in the third quarter. Diversified Trust Co now owns 20,469 shares of the financial services provider’s stock valued at $203,000 after acquiring an additional 1,717 shares in the last quarter. Finally, Mariner LLC boosted its stake in 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 purchasing an additional 1,730 shares during the period. Institutional investors own 75.55% of the company’s stock.

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.