Zacks: Brokerages Anticipate Heritage Commerce Corp (NASDAQ:HTBK) Will Post Quarterly Sales of $38.11 Million


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Analysts expect Heritage Commerce Corp (NASDAQ:HTBK) to post sales of $38.11 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Heritage Commerce’s earnings, with the highest sales estimate coming in at $38.53 million and the lowest estimate coming in at $37.60 million. Heritage Commerce posted sales of $37.02 million during the same quarter last year, which suggests a positive year over year growth rate of 2.9%. The company is expected to announce its next earnings results on Thursday, July 22nd.

On average, analysts expect that Heritage Commerce will report full-year sales of $150.11 million for the current year, with estimates ranging from $148.20 million to $153.70 million. For the next fiscal year, analysts expect that the firm will post sales of $157.43 million, with estimates ranging from $148.49 million to $166.80 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Heritage Commerce.

Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings data on Thursday, April 22nd. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.01. Heritage Commerce had a net margin of 17.58% and a return on equity of 7.17%.

A number of research analysts recently issued reports on the stock. Raymond James lifted their price target on shares of Heritage Commerce from $10.00 to $13.00 and gave the stock an “outperform” rating in a research note on Monday. Zacks Investment Research downgraded shares of Heritage Commerce from a “buy” rating to a “hold” rating in a research report on Wednesday, April 28th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $11.13.

Shares of HTBK traded up $0.05 during trading on Thursday, reaching $12.30. 110,325 shares of the company traded hands, compared to its average volume of 340,848. Heritage Commerce has a twelve month low of $6.13 and a twelve month high of $12.51. The stock has a market cap of $737.02 million, a PE ratio of 24.50 and a beta of 1.26. The stock has a 50-day simple moving average of $12.04 and a 200-day simple moving average of $9.67. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.07.

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 27th. Stockholders of record on Thursday, May 13th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, May 12th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 4.23%. Heritage Commerce’s dividend payout ratio (DPR) is presently 48.60%.

Large investors have recently added to or reduced their stakes in the business. Marshall Wace North America L.P. purchased a new position in Heritage Commerce in the 1st quarter valued at about $56,000. Nisa Investment Advisors LLC grew its position in shares of Heritage Commerce by 48.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 10,100 shares of the financial services provider’s stock worth $90,000 after buying an additional 3,300 shares in the last quarter. Corient Capital Partners LLC lifted its stake in Heritage Commerce by 17.2% during the fourth quarter. Corient Capital Partners LLC now owns 12,148 shares of the financial services provider’s stock worth $108,000 after purchasing an additional 1,786 shares during the last quarter. ProShare Advisors LLC bought a new position in Heritage Commerce during the fourth quarter worth $114,000. Finally, Citigroup Inc. lifted its stake in Heritage Commerce by 35.1% in the fourth quarter. Citigroup Inc. now owns 15,079 shares of the financial services provider’s stock valued at $134,000 after buying an additional 3,921 shares during the last quarter. Institutional investors own 68.41% of the company’s stock.

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. Its deposit products for business banking and retail markets include interest and non-interest bearing demand, savings, and money market accounts, as well as certificates of deposit and time deposits.

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Earnings History and Estimates for Heritage Commerce (NASDAQ:HTBK)

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