Analysts Set Heritage Commerce Corp (NASDAQ:HTBK) Price Target at $12.25

Heritage Commerce Corp (NASDAQ:HTBK) has been given an average rating of “Hold” by the eight analysts that are presently covering the firm, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $12.25.

A number of research firms have recently issued reports on HTBK. Zacks Research cut Heritage Commerce from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 9th. Weiss Ratings upgraded Heritage Commerce from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 9th. Wall Street Zen lowered Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. Raymond James Financial downgraded shares of Heritage Commerce from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Finally, Janney Montgomery Scott lowered shares of Heritage Commerce from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $12.00 to $14.00 in a report on Monday, December 22nd.

Institutional Trading of Heritage Commerce

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Heritage Commerce by 11.0% in the third quarter. Vanguard Group Inc. now owns 3,946,682 shares of the financial services provider’s stock worth $39,191,000 after buying an additional 390,978 shares during the period. JPMorgan Chase & Co. boosted its holdings in Heritage Commerce by 2.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,883,705 shares of the financial services provider’s stock valued at $18,705,000 after acquiring an additional 44,948 shares during the period. Boston Partners grew its position in Heritage Commerce by 52.1% during the 3rd quarter. Boston Partners now owns 1,676,777 shares of the financial services provider’s stock worth $16,636,000 after acquiring an additional 574,070 shares during the last quarter. HoldCo Asset Management LP bought a new position in Heritage Commerce during the 2nd quarter worth approximately $16,121,000. Finally, First Trust Capital Management L.P. purchased a new position in Heritage Commerce in the 4th quarter worth approximately $18,616,000. 75.55% of the stock is currently owned by hedge funds and other institutional investors.

Heritage Commerce Stock Performance

Heritage Commerce stock opened at $13.30 on Wednesday. Heritage Commerce has a fifty-two week low of $8.37 and a fifty-two week high of $13.82. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.74 and a current ratio of 0.74. The stock has a market cap of $819.15 million, a P/E ratio of 17.05 and a beta of 0.69. The firm’s fifty day moving average price is $12.79 and its 200-day moving average price is $11.84.

Heritage Commerce (NASDAQ:HTBK) last released its earnings results on Thursday, January 22nd. The financial services provider reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. Heritage Commerce had a return on equity of 8.07% and a net margin of 17.77%.The business had revenue of $104.04 million for the quarter, compared to analysts’ expectations of $50.78 million. On average, equities research analysts expect that Heritage Commerce will post 0.8 earnings per share for the current fiscal year.

Heritage Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 8th. Investors of record on Wednesday, March 25th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date was Wednesday, March 25th. Heritage Commerce’s dividend payout ratio (DPR) is presently 66.67%.

About Heritage Commerce

Heritage Commerce Corporation, headquartered in Farmington Hills, Michigan, is the bank holding company for Heritage Bank, N.A., a community-oriented financial institution. Traded on NASDAQ under the symbol HTBK, the company focuses on delivering tailored banking services to businesses, professionals and individuals throughout Southeastern Michigan.

Heritage Bank, N.A. offers a comprehensive portfolio of deposit and lending products designed to meet the needs of commercial and consumer clients.