Heritage Commerce (NASDAQ:HTBK) Cut to Sell at StockNews.com

StockNews.com downgraded shares of Heritage Commerce (NASDAQ:HTBKFree Report) from a hold rating to a sell rating in a report published on Friday morning.

Several other analysts have also commented on the company. Raymond James lifted their price objective on Heritage Commerce from $9.50 to $11.00 and gave the stock an outperform rating in a report on Friday, January 5th. Piper Sandler boosted their price target on Heritage Commerce from $10.00 to $11.00 and gave the company an overweight rating in a report on Friday, January 26th. Finally, Keefe, Bruyette & Woods cut their price target on Heritage Commerce from $12.00 to $11.00 and set an outperform rating for the company in a report on Friday, January 26th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Hold and an average price target of $10.75.

Read Our Latest Stock Analysis on Heritage Commerce

Heritage Commerce Stock Performance

Shares of HTBK opened at $8.12 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.77 and a quick ratio of 0.77. Heritage Commerce has a one year low of $6.69 and a one year high of $10.22. The firm has a market capitalization of $497.35 million, a P/E ratio of 7.66 and a beta of 0.90. The business has a fifty day moving average of $8.26 and a 200 day moving average of $8.72.

Heritage Commerce (NASDAQ:HTBKGet Free Report) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.22 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.02). Heritage Commerce had a return on equity of 9.78% and a net margin of 26.49%. The firm had revenue of $44.24 million during the quarter, compared to the consensus estimate of $46.38 million. As a group, sell-side analysts anticipate that Heritage Commerce will post 0.81 EPS for the current year.

Heritage Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 22nd. Shareholders of record on Thursday, February 8th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 6.40%. The ex-dividend date was Wednesday, February 7th. Heritage Commerce’s dividend payout ratio is presently 49.06%.

Insider Buying and Selling at Heritage Commerce

In other news, Director Jack W. Conner sold 6,944 shares of the company’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $8.92, for a total value of $61,940.48. Following the completion of the transaction, the director now owns 102,501 shares of the company’s stock, valued at $914,308.92. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 4.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Heritage Commerce

Hedge funds have recently made changes to their positions in the business. Captrust Financial Advisors boosted its stake in shares of Heritage Commerce by 132.4% in the second quarter. Captrust Financial Advisors now owns 3,596 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 2,049 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Heritage Commerce by 185.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock worth $42,000 after buying an additional 3,155 shares in the last quarter. Lindbrook Capital LLC lifted its position in shares of Heritage Commerce by 47.7% in the fourth quarter. Lindbrook Capital LLC now owns 4,780 shares of the financial services provider’s stock worth $47,000 after buying an additional 1,543 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Heritage Commerce in the fourth quarter worth about $49,000. Finally, Clear Street Markets LLC purchased a new stake in shares of Heritage Commerce in the fourth quarter worth about $56,000. Institutional investors own 75.55% of the company’s stock.

Heritage Commerce Company Profile

(Get Free Report)

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.

Further Reading

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