Heritage Commerce (NASDAQ:HTBK) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Heritage Commerce Corp (NASDAQ:HTBK)’s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $11.56 and traded as high as $12.61. Heritage Commerce shares last traded at $12.41, with a volume of 704,143 shares trading hands.

Analysts Set New Price Targets

Several analysts recently issued reports on HTBK shares. Raymond James Financial downgraded Heritage Commerce from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Wall Street Zen downgraded Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, December 20th. Weiss Ratings upgraded Heritage Commerce from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 9th. Janney Montgomery Scott lowered Heritage Commerce from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $12.00 to $14.00 in a research report on Monday, December 22nd. Finally, Stephens restated an “equal weight” rating on shares of Heritage Commerce in a report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.25.

Heritage Commerce Price Performance

The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06. The stock has a market cap of $763.10 million, a PE ratio of 15.88 and a beta of 0.79. The company’s 50 day moving average is $12.79 and its 200-day moving average is $11.57.

Heritage Commerce (NASDAQ:HTBK) last announced its earnings results on Thursday, January 22nd. The financial services provider reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.05. Heritage Commerce had a return on equity of 8.07% and a net margin of 17.77%.The company had revenue of $104.04 million during the quarter, compared to the consensus estimate of $50.78 million. As a group, sell-side analysts predict that Heritage Commerce Corp will post 0.8 earnings per share for the current year.

Heritage Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Wednesday, March 25th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Wednesday, March 25th. Heritage Commerce’s dividend payout ratio (DPR) is 66.67%.

Hedge Funds Weigh In On Heritage Commerce

A number of institutional investors have recently made changes to their positions in the business. Clearstead Advisors LLC increased its stake in shares of Heritage Commerce by 129.5% in the fourth quarter. Clearstead Advisors LLC now owns 3,599 shares of the financial services provider’s stock worth $43,000 after buying an additional 2,031 shares during the last quarter. Parkside Financial Bank & Trust boosted its stake in Heritage Commerce by 56.5% during the 3rd quarter. Parkside Financial Bank & Trust now owns 5,026 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 1,815 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Heritage Commerce by 16,272.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 5,370 shares in the last quarter. Globeflex Capital L P acquired a new position in Heritage Commerce during the 4th quarter worth $66,000. Finally, Larson Financial Group LLC increased its position in shares of Heritage Commerce by 495.3% in the 3rd quarter. Larson Financial Group LLC now owns 5,620 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 4,676 shares during the last quarter. 75.55% of the stock is owned by institutional investors and hedge funds.

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.