Heritage Commerce (HTBK) Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Heritage Commerce (NASDAQ:HTBK) from a strong-buy rating to a hold rating in a report released on Wednesday.

According to Zacks, “Heritage Commerce Corp. is the holding company of Heritage Bank of Commerce, Heritage Bank East Bay, Heritage Bank South Valley and Bank of Los Altos. The company offers a range of loans, primarily commercial, including real estate, construction, Small Business Administration), inventory and accounts receivable, and equipment loans. The company also accepts checking, savings, and time deposits; NOW and money market deposit accounts; and provides travelers’ checks, safe deposit, and other customary non-deposit banking services. “

Other equities research analysts also recently issued research reports about the company. Brean Capital reissued a buy rating on shares of Heritage Commerce in a report on Tuesday, January 2nd. BidaskClub downgraded Heritage Commerce from a buy rating to a hold rating in a report on Tuesday, December 19th. Finally, ValuEngine downgraded Heritage Commerce from a buy rating to a hold rating in a report on Saturday, December 9th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $16.67.

Heritage Commerce (NASDAQ:HTBK) traded up $0.09 during midday trading on Wednesday, hitting $16.57. The stock had a trading volume of 103,454 shares, compared to its average volume of 167,537. The firm has a market cap of $629.55, a P/E ratio of 21.52, a PEG ratio of 1.80 and a beta of 0.51. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.14. Heritage Commerce has a 12 month low of $12.76 and a 12 month high of $16.80.

Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. The company had revenue of $28.78 million during the quarter, compared to the consensus estimate of $28.70 million. Heritage Commerce had a return on equity of 11.15% and a net margin of 26.40%. equities analysts predict that Heritage Commerce will post 0.81 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in HTBK. Legal & General Group Plc lifted its holdings in Heritage Commerce by 20.4% during the 2nd quarter. Legal & General Group Plc now owns 7,903 shares of the financial services provider’s stock valued at $109,000 after purchasing an additional 1,339 shares during the last quarter. Trexquant Investment LP acquired a new stake in Heritage Commerce during the 3rd quarter valued at $146,000. Principal Financial Group Inc. acquired a new stake in Heritage Commerce during the 2nd quarter valued at $175,000. Voya Investment Management LLC acquired a new stake in Heritage Commerce during the 2nd quarter valued at $189,000. Finally, Acadian Asset Management LLC acquired a new stake in Heritage Commerce during the 4th quarter valued at $195,000. 69.98% of the stock is owned by institutional investors and hedge funds.

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Heritage Commerce Company Profile

Heritage Commerce Corp is a bank holding company. The Company, through its subsidiary Heritage Bank of Commerce (the Bank), provides a range of banking services. The Bank is a California state-chartered multi-community independent bank that offers a range of commercial banking services to small and medium-sized businesses and their owners, managers and employees.

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