Heritage Commerce (HTBK) Raised to “Buy” at BidaskClub

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BidaskClub upgraded shares of Heritage Commerce (NASDAQ:HTBK) from a hold rating to a buy rating in a research report sent to investors on Tuesday.

A number of other equities research analysts have also recently commented on the company. Brean Capital reissued a buy rating on shares of Heritage Commerce in a research note on Thursday, May 3rd. Zacks Investment Research cut Heritage Commerce from a buy rating to a hold rating in a research note on Thursday, May 3rd. DA Davidson raised their price objective on Heritage Commerce from $17.50 to $19.00 and gave the company a buy rating in a research note on Monday, April 30th. ValuEngine cut Heritage Commerce from a buy rating to a hold rating in a research note on Wednesday, April 18th. Finally, Keefe, Bruyette & Woods raised Heritage Commerce from a market perform rating to an outperform rating in a research note on Tuesday, March 13th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Heritage Commerce has a consensus rating of Buy and an average price target of $18.50.

Shares of HTBK stock opened at $17.09 on Tuesday. The company has a market capitalization of $690.35 million, a price-to-earnings ratio of 19.99, a price-to-earnings-growth ratio of 1.71 and a beta of 0.59. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.14. Heritage Commerce has a fifty-two week low of $12.76 and a fifty-two week high of $17.43.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Thursday, April 26th. The financial services provider reported $0.23 EPS for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.01). Heritage Commerce had a net margin of 21.93% and a return on equity of 12.22%. The firm had revenue of $28.54 million during the quarter, compared to analyst estimates of $29.45 million. research analysts anticipate that Heritage Commerce will post 1 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 24th. Shareholders of record on Thursday, May 10th were paid a $0.11 dividend. The ex-dividend date of this dividend was Wednesday, May 9th. This represents a $0.44 dividend on an annualized basis and a yield of 2.57%. Heritage Commerce’s dividend payout ratio (DPR) is presently 55.00%.

In other Heritage Commerce news, Director Jack W. Conner sold 23,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 10th. The stock was sold at an average price of $16.98, for a total value of $390,540.00. Following the completion of the sale, the director now owns 61,812 shares of the company’s stock, valued at $1,049,567.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 5.40% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. John W. Rosenthal Capital Management Inc. boosted its position in shares of Heritage Commerce by 1.4% during the first quarter. John W. Rosenthal Capital Management Inc. now owns 229,900 shares of the financial services provider’s stock valued at $3,789,000 after buying an additional 3,100 shares during the last quarter. Swiss National Bank boosted its position in shares of Heritage Commerce by 5.3% during the first quarter. Swiss National Bank now owns 63,200 shares of the financial services provider’s stock valued at $1,042,000 after buying an additional 3,200 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Heritage Commerce by 40.8% during the fourth quarter. Bank of Montreal Can now owns 13,042 shares of the financial services provider’s stock valued at $200,000 after buying an additional 3,782 shares during the last quarter. Kennedy Capital Management Inc. boosted its position in shares of Heritage Commerce by 1.4% during the fourth quarter. Kennedy Capital Management Inc. now owns 349,330 shares of the financial services provider’s stock valued at $5,352,000 after buying an additional 4,765 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of Heritage Commerce by 1.3% during the first quarter. Northern Trust Corp now owns 386,815 shares of the financial services provider’s stock valued at $6,374,000 after buying an additional 4,785 shares during the last quarter. 69.16% of the stock is currently owned by institutional investors.

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. It offers a range of deposit products for business banking and retail markets, including interest and non-interest bearing demand, savings accounts, certificate of deposit, money market accounts, and time deposits.

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