Heritage Commerce (HTBK) Earns “Buy” Rating from Brean Capital

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Brean Capital reaffirmed their buy rating on shares of Heritage Commerce (NASDAQ:HTBK) in a report published on Monday.

Several other analysts also recently weighed in on HTBK. ValuEngine upgraded Heritage Commerce from a hold rating to a buy rating in a research note on Tuesday, July 24th. BidaskClub upgraded Heritage Commerce from a strong sell rating to a sell rating in a research note on Friday, August 17th. Raymond James began coverage on Heritage Commerce in a research note on Wednesday, July 18th. They issued an outperform rating and a $19.00 price target on the stock. Zacks Investment Research downgraded Heritage Commerce from a buy rating to a hold rating in a research note on Thursday, May 3rd. Finally, DA Davidson upped their price target on Heritage Commerce from $17.50 to $19.00 and gave the stock a buy rating in a research note on Monday, April 30th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. Heritage Commerce currently has an average rating of Hold and an average target price of $18.88.

Heritage Commerce stock opened at $15.76 on Monday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $691.99 million, a P/E ratio of 19.70, a P/E/G ratio of 1.67 and a beta of 0.53. Heritage Commerce has a twelve month low of $12.76 and a twelve month high of $18.10.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly 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). The company had revenue of $32.94 million during the quarter, compared to analysts’ expectations of $32.60 million. Heritage Commerce had a return on equity of 11.98% and a net margin of 15.63%. analysts expect that Heritage Commerce will post 0.96 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 24th. Investors of record on Friday, August 10th were given a $0.11 dividend. The ex-dividend date was Thursday, August 9th. This represents a $0.44 annualized dividend and a yield of 2.79%. Heritage Commerce’s dividend payout ratio (DPR) is presently 55.00%.

In other Heritage Commerce news, Director Jason Philip Dinapoli acquired 5,000 shares of the stock in a transaction that occurred on Monday, August 6th. The shares were acquired at an average cost of $14.82 per share, with a total value of $74,100.00. Following the transaction, the director now owns 20,000 shares of the company’s stock, valued at approximately $296,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.40% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. California Public Employees Retirement System lifted its position in Heritage Commerce by 3.9% in the 2nd quarter. California Public Employees Retirement System now owns 96,870 shares of the financial services provider’s stock valued at $1,646,000 after acquiring an additional 3,670 shares in the last quarter. Bank of America Corp DE lifted its position in Heritage Commerce by 446.8% in the 2nd quarter. Bank of America Corp DE now owns 161,283 shares of the financial services provider’s stock valued at $2,740,000 after acquiring an additional 131,787 shares in the last quarter. Renaissance Technologies LLC lifted its position in Heritage Commerce by 36.0% in the 2nd quarter. Renaissance Technologies LLC now owns 788,900 shares of the financial services provider’s stock valued at $13,403,000 after acquiring an additional 208,700 shares in the last quarter. Citadel Advisors LLC lifted its position in Heritage Commerce by 651.5% in the 2nd quarter. Citadel Advisors LLC now owns 89,528 shares of the financial services provider’s stock valued at $1,521,000 after acquiring an additional 77,614 shares in the last quarter. Finally, Globeflex Capital L P lifted its position in Heritage Commerce by 18.3% in the 2nd quarter. Globeflex Capital L P now owns 32,900 shares of the financial services provider’s stock valued at $559,000 after acquiring an additional 5,100 shares in the last quarter. 72.75% of the stock is currently owned by institutional investors and hedge funds.

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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