Equities analysts predict that Heritage Commerce Corp. (NASDAQ:HTBK) will report sales of $35.27 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Heritage Commerce’s earnings, with the lowest sales estimate coming in at $34.30 million and the highest estimate coming in at $36.10 million. Heritage Commerce reported sales of $28.54 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 23.6%. The firm is expected to announce its next quarterly earnings results on Thursday, April 25th.
According to Zacks, analysts expect that Heritage Commerce will report full year sales of $145.17 million for the current fiscal year, with estimates ranging from $142.10 million to $148.60 million. For the next financial year, analysts anticipate that the firm will report sales of $153.93 million, with estimates ranging from $148.70 million to $158.80 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow Heritage Commerce.
Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings results on Thursday, January 24th. The financial services provider reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.02. Heritage Commerce had a net margin of 25.34% and a return on equity of 13.49%. The firm had revenue of $35.45 million during the quarter, compared to analysts’ expectations of $35.17 million.
NASDAQ:HTBK opened at $13.06 on Tuesday. Heritage Commerce has a 1 year low of $10.84 and a 1 year high of $18.10. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $564.79 million, a PE ratio of 12.32, a PEG ratio of 1.53 and a beta of 0.90.
The company also recently announced a quarterly dividend, which was paid on Thursday, February 21st. Stockholders of record on Thursday, February 7th were paid a $0.12 dividend. The ex-dividend date was Wednesday, February 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.68%. This is a boost from Heritage Commerce’s previous quarterly dividend of $0.11. Heritage Commerce’s payout ratio is 45.28%.
In related news, Director Robert Moles sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $13.39, for a total value of $535,600.00. Following the completion of the sale, the director now owns 41,782 shares of the company’s stock, valued at $559,460.98. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Walter Theodore Kaczmarek sold 40,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 12th. The shares were sold at an average price of $13.50, for a total transaction of $546,750.00. Following the completion of the sale, the chief executive officer now directly owns 74,427 shares of the company’s stock, valued at approximately $1,004,764.50. The disclosure for this sale can be found here. Insiders own 5.40% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Acadian Asset Management LLC acquired a new stake in shares of Heritage Commerce in the fourth quarter valued at approximately $25,000. Meeder Asset Management Inc. increased its holdings in shares of Heritage Commerce by 100.3% in the third quarter. Meeder Asset Management Inc. now owns 7,088 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 3,549 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Heritage Commerce by 12.8% in the fourth quarter. Legal & General Group Plc now owns 7,135 shares of the financial services provider’s stock valued at $81,000 after purchasing an additional 811 shares in the last quarter. Stevens Capital Management LP acquired a new stake in shares of Heritage Commerce in the third quarter valued at approximately $161,000. Finally, Metropolitan Life Insurance Co. NY increased its holdings in shares of Heritage Commerce by 333.1% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 12,780 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 9,829 shares in the last quarter. 73.48% of the stock is owned by institutional investors and hedge funds.
Heritage Commerce Company Profile
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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