Heritage Commerce’s (HTBK) “Neutral” Rating Reiterated at DA Davidson

DA Davidson restated their neutral rating on shares of Heritage Commerce (NASDAQ:HTBK) in a research note released on Wednesday,Benzinga reports. DA Davidson currently has a $14.50 price target on the financial services provider’s stock.

Several other research analysts also recently weighed in on the stock. Zacks Research downgraded shares of Heritage Commerce from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Stephens reissued an “equal weight” rating on shares of Heritage Commerce in a research report on Monday, January 5th. Piper Sandler lifted their target price on Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Wall Street Zen cut Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. Finally, Janney Montgomery Scott lowered Heritage Commerce from a “buy” rating to a “neutral” rating and raised their price objective for the company from $12.00 to $14.00 in a research note on Monday, December 22nd. Two research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $12.25.

Heritage Commerce Trading Up 2.2%

Shares of Heritage Commerce stock opened at $13.70 on Wednesday. Heritage Commerce has a fifty-two week low of $8.09 and a fifty-two week high of $13.82. The business’s fifty day moving average is $12.40 and its two-hundred day moving average is $10.90. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.06. The firm has a market cap of $839.54 million, a PE ratio of 17.56 and a beta of 0.80.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.05. The business had revenue of $53.62 million for the quarter, compared to analyst estimates of $50.78 million. Heritage Commerce had a net margin of 17.77% and a return on equity of 8.10%. Analysts anticipate that Heritage Commerce will post 0.8 earnings per share for the current year.

Heritage Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 19th. Investors of record on Thursday, February 5th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Thursday, February 5th. Heritage Commerce’s dividend payout ratio (DPR) is 66.67%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of HTBK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Heritage Commerce by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,402 shares of the financial services provider’s stock valued at $337,000 after buying an additional 1,482 shares during the period. Empowered Funds LLC lifted its holdings in Heritage Commerce by 8.5% in the 1st quarter. Empowered Funds LLC now owns 171,866 shares of the financial services provider’s stock valued at $1,636,000 after acquiring an additional 13,519 shares during the last quarter. Jane Street Group LLC lifted its holdings in 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 valued at $1,380,000 after acquiring an additional 88,801 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of Heritage Commerce during the 1st quarter valued at about $316,000. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Heritage Commerce by 94.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 29,052 shares of the financial services provider’s stock worth $311,000 after purchasing an additional 14,147 shares during the last quarter. 75.55% of the stock is owned by institutional investors and hedge funds.

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.