Heritage Commerce (HTBK) Cut to “Sell” at ValuEngine

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ValuEngine downgraded shares of Heritage Commerce (NASDAQ:HTBK) from a hold rating to a sell rating in a report released on Tuesday.

A number of other equities analysts have also recently weighed in on HTBK. BidaskClub cut Heritage Commerce from a hold rating to a sell rating in a report on Wednesday, July 11th. Raymond James started coverage on Heritage Commerce in a report on Wednesday, July 18th. They issued an outperform rating and a $19.00 price target for the company. Zacks Investment Research cut Heritage Commerce from a hold rating to a sell rating in a report on Friday, July 20th. Finally, Brean Capital reissued a buy rating and issued a $18.50 price target on shares of Heritage Commerce in a report on Friday, July 27th. Two equities research 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 company currently has an average rating of Hold and an average target price of $18.50.

HTBK stock traded down $0.07 during midday trading on Tuesday, hitting $14.52. 2,165 shares of the stock were exchanged, compared to its average volume of 200,687. The stock has a market cap of $631.91 million, a PE ratio of 18.19, a P/E/G ratio of 2.13 and a beta of 0.48. Heritage Commerce has a fifty-two week low of $13.67 and a fifty-two week high of $18.10. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.81 and a current ratio of 0.81.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.01. Heritage Commerce had a return on equity of 13.05% and a net margin of 17.74%. The firm had revenue of $34.66 million during the quarter, compared to analysts’ expectations of $34.56 million. As a group, equities research analysts predict that Heritage Commerce will post 0.98 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 20th. Stockholders of record on Tuesday, November 6th will be issued a $0.11 dividend. The ex-dividend date is Monday, November 5th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.03%. Heritage Commerce’s dividend payout ratio (DPR) is 55.00%.

In related news, Director Jason Philip Dinapoli purchased 10,000 shares of the business’s stock in a transaction dated Tuesday, October 30th. The stock was bought at an average cost of $14.69 per share, with a total value of $146,900.00. Following the completion of the acquisition, the director now directly owns 20,000 shares in the company, valued at approximately $293,800. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 5.40% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Meeder Asset Management Inc. grew its position in shares of Heritage Commerce by 100.3% in the third quarter. Meeder Asset Management Inc. now owns 7,088 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 3,549 shares during the period. California Public Employees Retirement System grew its position in shares of Heritage Commerce by 3.9% in the second quarter. California Public Employees Retirement System now owns 96,870 shares of the financial services provider’s stock valued at $1,646,000 after purchasing an additional 3,670 shares during the period. Security National Bank grew its position in shares of Heritage Commerce by 2.2% in the second quarter. Security National Bank now owns 176,357 shares of the financial services provider’s stock valued at $2,996,000 after purchasing an additional 3,831 shares during the period. Northern Trust Corp grew its position in shares of Heritage Commerce by 1.3% in the first quarter. Northern Trust Corp now owns 386,815 shares of the financial services provider’s stock valued at $6,374,000 after purchasing an additional 4,785 shares during the period. Finally, Globeflex Capital L P grew its position in shares of Heritage Commerce by 18.3% in the second quarter. Globeflex Capital L P now owns 32,900 shares of the financial services provider’s stock valued at $559,000 after purchasing an additional 5,100 shares during the period. 73.42% of the stock is owned by institutional investors and hedge funds.

Heritage Commerce Company Profile

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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