Heritage Commerce (NASDAQ:HTBK) Downgraded by Zacks Research to “Hold”

Zacks Research cut shares of Heritage Commerce (NASDAQ:HTBK) from a strong-buy rating to a hold rating in a research report released on Monday,Zacks.com reports.

HTBK has been the subject of a number of other research reports. Piper Sandler raised their price objective on Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Raymond James Financial downgraded shares of Heritage Commerce from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Heritage Commerce in a research report on Monday, December 29th. Wall Street Zen lowered Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, December 20th. Finally, Janney Montgomery Scott lowered Heritage Commerce from a “buy” rating to a “neutral” rating and increased their target price for the stock from $12.00 to $14.00 in a research report on Monday, December 22nd. Two analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.25.

Heritage Commerce Stock Down 0.0%

Shares of NASDAQ:HTBK opened at $12.43 on Monday. Heritage Commerce has a 52-week low of $8.09 and a 52-week high of $12.89. The company has a market capitalization of $761.65 million, a P/E ratio of 17.63 and a beta of 0.80. The stock’s fifty day simple moving average is $11.37 and its 200-day simple moving average is $10.48. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.06.

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

Heritage Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, November 6th. This represents a $0.52 annualized dividend and a yield of 4.2%. Heritage Commerce’s dividend payout ratio (DPR) is presently 74.29%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in HTBK. Jacobs Levy Equity Management Inc. acquired a new position in shares of Heritage Commerce during the first quarter valued at approximately $504,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Heritage Commerce by 4.4% during 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 purchasing an additional 1,482 shares during the period. Empowered Funds LLC raised its stake in shares of Heritage Commerce by 8.5% in the 1st quarter. Empowered Funds LLC now owns 171,866 shares of the financial services provider’s stock worth $1,636,000 after buying an additional 13,519 shares in the last quarter. Jane Street Group LLC raised its stake in shares of Heritage Commerce by 158.2% in the 1st quarter. Jane Street Group LLC now owns 144,919 shares of the financial services provider’s stock worth $1,380,000 after buying an additional 88,801 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in shares of Heritage Commerce in the first quarter valued at $316,000. 75.55% of the stock is currently owned by institutional investors.

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.