Heritage Commerce Corp. (HTBK) Given Average Recommendation of “Hold” by Analysts

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Heritage Commerce Corp. (NASDAQ:HTBK) has received an average recommendation of “Hold” from the seven brokerages that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $18.00.

A number of research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research report on Friday, January 25th. Brean Capital reissued a “buy” rating and set a $16.00 target price on shares of Heritage Commerce in a research note on Friday, January 25th. BidaskClub raised shares of Heritage Commerce from a “strong sell” rating to a “sell” rating in a research note on Friday, October 5th. Finally, ValuEngine lowered shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Tuesday, November 6th.

In related news, Director Jack W. Conner bought 10,418 shares of the stock in a transaction dated Monday, November 12th. The stock was purchased at an average cost of $14.42 per share, with a total value of $150,227.56. Following the completion of the purchase, the director now owns 68,756 shares of the company’s stock, valued at $991,461.52. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Steven L. Hallgrimson bought 7,000 shares of the stock in a transaction dated Wednesday, December 12th. The shares were bought at an average cost of $12.99 per share, with a total value of $90,930.00. Following the completion of the purchase, the director now directly owns 90,628 shares of the company’s stock, valued at approximately $1,177,257.72. The disclosure for this purchase can be found here. Insiders have bought 32,501 shares of company stock valued at $445,332 over the last three months. Insiders own 5.40% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in HTBK. BlackRock Inc. lifted its stake in Heritage Commerce by 12.4% in the second quarter. BlackRock Inc. now owns 3,375,198 shares of the financial services provider’s stock worth $57,344,000 after acquiring an additional 372,215 shares during the period. Phocas Financial Corp. purchased a new stake in Heritage Commerce in the third quarter worth about $5,243,000. Assenagon Asset Management S.A. purchased a new stake in Heritage Commerce in the third quarter worth about $5,121,000. Stieven Capital Advisors L.P. purchased a new stake in Heritage Commerce in the third quarter worth about $4,900,000. Finally, Alliancebernstein L.P. lifted its stake in Heritage Commerce by 256.3% in the third quarter. Alliancebernstein L.P. now owns 213,699 shares of the financial services provider’s stock worth $3,188,000 after acquiring an additional 153,727 shares during the period. 73.77% of the stock is owned by institutional investors.

HTBK stock opened at $13.27 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.11. Heritage Commerce has a twelve month low of $10.84 and a twelve month high of $18.10. The firm has a market cap of $573.45 million, a price-to-earnings ratio of 12.52, a PEG ratio of 1.56 and a beta of 0.75.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings data on Thursday, January 24th. The financial services provider reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.02. Heritage Commerce had a net margin of 25.34% and a return on equity of 13.49%. The business had revenue of $35.45 million for the quarter, compared to analysts’ expectations of $35.17 million. As a group, analysts anticipate that Heritage Commerce will post 1.22 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 21st. Stockholders of record on Thursday, February 7th will be paid a dividend of $0.12 per share. This is a positive change from Heritage Commerce’s previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date is Wednesday, February 6th. Heritage Commerce’s payout ratio is currently 41.51%.

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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