Wall Street brokerages expect that Heritage Commerce Corp. (NASDAQ:HTBK) will announce sales of $34.80 million for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Heritage Commerce’s earnings. The lowest sales estimate is $34.10 million and the highest is $35.80 million. Heritage Commerce posted sales of $32.94 million during the same quarter last year, which suggests a positive year over year growth rate of 5.6%. The company is scheduled to announce its next quarterly earnings report on Thursday, July 25th.
On average, analysts expect that Heritage Commerce will report full year sales of $146.20 million for the current financial year, with estimates ranging from $143.70 million to $148.70 million. For the next year, analysts forecast that the business will post sales of $189.05 million, with estimates ranging from $188.30 million to $189.80 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Heritage Commerce.
Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.28 earnings per share for the quarter, meeting the consensus estimate of $0.28. Heritage Commerce had a net margin of 26.62% and a return on equity of 13.01%. The business had revenue of $33.51 million for the quarter, compared to the consensus estimate of $35.23 million.
Several equities analysts have recently commented on HTBK shares. Brean Capital downgraded shares of Heritage Commerce from a “buy” rating to a “hold” rating in a report on Friday, April 26th. ValuEngine downgraded shares of Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Finally, Zacks Investment Research raised shares of DLH from a “sell” rating to a “hold” rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $16.33.
NASDAQ:HTBK traded up $0.08 during trading hours on Friday, hitting $12.22. 112,700 shares of the stock traded hands, compared to its average volume of 165,933. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.10. Heritage Commerce has a 1 year low of $10.84 and a 1 year high of $17.35. The stock has a market capitalization of $525.52 million, a P/E ratio of 11.53, a price-to-earnings-growth ratio of 1.49 and a beta of 0.83. The firm has a 50 day moving average of $12.15.
In related news, Director Jack W. Conner bought 7,879 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were purchased at an average price of $12.24 per share, with a total value of $96,438.96. Following the completion of the acquisition, the director now owns 85,432 shares of the company’s stock, valued at $1,045,687.68. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Keith Wilton sold 5,575 shares of the business’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $12.21, for a total transaction of $68,070.75. Following the completion of the transaction, the chief operating officer now directly owns 108,483 shares in the company, valued at approximately $1,324,577.43. The disclosure for this sale can be found here. Insiders bought 22,899 shares of company stock worth $276,618 in the last three months. Insiders own 4.22% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC purchased a new stake in Heritage Commerce in the second quarter worth about $128,000. WINTON GROUP Ltd purchased a new stake in Heritage Commerce in the second quarter worth about $170,000. Marshall Wace North America L.P. purchased a new stake in Heritage Commerce in the first quarter worth about $56,000. Marshall Wace LLP lifted its stake in Heritage Commerce by 4.5% in the first quarter. Marshall Wace LLP now owns 175,058 shares of the financial services provider’s stock worth $2,118,000 after acquiring an additional 7,543 shares during the period. Finally, Palouse Capital Management Inc. lifted its position in shares of Heritage Commerce by 10.8% during the first quarter. Palouse Capital Management Inc. now owns 21,153 shares of the financial services provider’s stock valued at $256,000 after buying an additional 2,061 shares during the last quarter. 74.41% of the stock is currently owned by hedge funds and other 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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