Analysts predict that Heritage Commerce Corp. (NASDAQ:HTBK) will report $0.27 earnings per share (EPS) for the current quarter, according to Zacks. Three analysts have made estimates for Heritage Commerce’s earnings. The lowest EPS estimate is $0.26 and the highest is $0.28. Heritage Commerce reported earnings of $0.22 per share in the same quarter last year, which suggests a positive year over year growth rate of 22.7%. The firm is expected to issue its next quarterly earnings report on Thursday, October 25th.
According to Zacks, analysts expect that Heritage Commerce will report full-year earnings of $0.96 per share for the current year, with EPS estimates ranging from $0.95 to $0.97. For the next fiscal year, analysts expect that the firm will report earnings of $1.27 per share, with EPS estimates ranging from $1.25 to $1.32. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for Heritage Commerce.
Heritage Commerce (NASDAQ:HTBK) last released its earnings results on Thursday, July 26th. The financial services provider reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.24). Heritage Commerce had a net margin of 15.63% and a return on equity of 11.98%.
A number of equities analysts have commented on the stock. BidaskClub raised shares of Heritage Commerce from a “strong sell” rating to a “sell” rating in a research report on Friday. ValuEngine raised shares of Heritage Commerce from a “hold” rating to a “buy” rating in a research report on Tuesday, July 24th. Brean Capital reaffirmed a “buy” rating and set a $18.50 price objective on shares of Heritage Commerce in a research report on Friday, July 27th. Raymond James assumed coverage on shares of Heritage Commerce in a research report on Wednesday, July 18th. They set an “outperform” rating and a $19.00 price objective for the company. Finally, Zacks Investment Research cut shares of Heritage Commerce from a “buy” rating to a “hold” rating in a research report on Thursday, May 3rd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $18.88.
Shares of NASDAQ:HTBK traded up $0.16 during midday trading on Tuesday, hitting $15.57. The stock had a trading volume of 428,831 shares, compared to its average volume of 173,299. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.11. Heritage Commerce has a 12 month low of $12.76 and a 12 month high of $18.10. The stock has a market capitalization of $635.80 million, a PE ratio of 19.46, a P/E/G ratio of 1.53 and a beta of 0.53.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 24th. Stockholders of record on Friday, August 10th will be given a $0.11 dividend. The ex-dividend date of this dividend is Thursday, August 9th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.83%. Heritage Commerce’s payout ratio is presently 55.00%.
In other news, COO Keith Wilton sold 3,500 shares of the business’s stock in a transaction dated Friday, May 25th. The shares were sold at an average price of $17.02, for a total value of $59,570.00. Following the completion of the sale, the chief operating officer now owns 99,707 shares of the company’s stock, valued at $1,697,013.14. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Michael Eugene Benito sold 6,000 shares of the business’s stock in a transaction dated Thursday, May 24th. The shares were sold at an average price of $17.00, for a total transaction of $102,000.00. Following the completion of the sale, the executive vice president now directly owns 41,600 shares of the company’s stock, valued at approximately $707,200. The disclosure for this sale can be found here. Insiders own 5.40% of the company’s stock.
Several institutional investors have recently made changes to their positions in HTBK. Cubist Systematic Strategies LLC acquired a new position in Heritage Commerce in the first quarter valued at about $165,000. A.R.T. Advisors LLC acquired a new position in Heritage Commerce in the first quarter valued at about $182,000. First Allied Advisory Services Inc. acquired a new position in Heritage Commerce in the first quarter valued at about $189,000. Engineers Gate Manager LP acquired a new position in Heritage Commerce in the second quarter valued at about $241,000. Finally, Hancock Holding Co. acquired a new position in Heritage Commerce in the first quarter valued at about $272,000. 69.71% of the stock is owned by 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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