Heritage Commerce (NASDAQ:HTBK) Price Target Cut to $10.00 by Analysts at Piper Sandler

Heritage Commerce (NASDAQ:HTBK) had its price target decreased by Piper Sandler from $11.00 to $10.00 in a report released on Friday, Benzinga reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock.

Several other research analysts have also commented on HTBK. Keefe, Bruyette & Woods decreased their price target on shares of Heritage Commerce from $12.00 to $11.00 and set an outperform rating for the company in a report on Friday, January 26th. StockNews.com downgraded shares of Heritage Commerce from a hold rating to a sell rating in a research report on Friday, April 19th. Finally, Raymond James lifted their price objective on shares of Heritage Commerce from $9.50 to $11.00 and gave the company an outperform rating in a research report on Friday, January 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $10.50.

Heritage Commerce Price Performance

Shares of HTBK stock opened at $8.00 on Friday. The firm has a market cap of $490 million, a P/E ratio of 8.70 and a beta of 0.90. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.77 and a quick ratio of 0.77. Heritage Commerce has a 1-year low of $6.69 and a 1-year high of $10.22. The firm has a fifty day moving average of $8.25 and a two-hundred day moving average of $8.71.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.02). Heritage Commerce had a return on equity of 8.40% and a net margin of 22.84%. The company had revenue of $44.24 million for the quarter, compared to analyst estimates of $46.38 million. As a group, research analysts anticipate that Heritage Commerce will post 0.81 earnings per share for the current fiscal year.

Heritage Commerce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 6.50%. Heritage Commerce’s dividend payout ratio is currently 56.52%.

Insider Activity

In other news, Director Jack W. Conner sold 6,944 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $8.92, for a total transaction of $61,940.48. Following the sale, the director now owns 102,501 shares in the company, valued at $914,308.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.99% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Heritage Commerce by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 3,118,504 shares of the financial services provider’s stock valued at $26,414,000 after buying an additional 36,615 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Heritage Commerce by 7.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,959,913 shares of the financial services provider’s stock worth $29,363,000 after purchasing an additional 202,504 shares during the last quarter. Boston Partners increased its stake in shares of Heritage Commerce by 101.4% during the 4th quarter. Boston Partners now owns 1,893,847 shares of the financial services provider’s stock worth $18,718,000 after purchasing an additional 953,372 shares during the last quarter. Banc Funds Co. LLC increased its stake in shares of Heritage Commerce by 8.2% during the 4th quarter. Banc Funds Co. LLC now owns 683,598 shares of the financial services provider’s stock worth $6,781,000 after purchasing an additional 51,515 shares during the last quarter. Finally, Endeavour Capital Advisors Inc. increased its stake in shares of Heritage Commerce by 3.0% during the 3rd quarter. Endeavour Capital Advisors Inc. now owns 562,516 shares of the financial services provider’s stock worth $4,765,000 after purchasing an additional 16,416 shares during the last quarter. Institutional investors and hedge funds own 75.55% of the company’s stock.

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.