Heritage Commerce (NASDAQ:HTBK) Hits New 12-Month High – Time to Buy?

Shares of Heritage Commerce Corp (NASDAQ:HTBK) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $11.01 and last traded at $10.98, with a volume of 52301 shares trading hands. The stock had previously closed at $10.79.

Wall Street Analyst Weigh In

HTBK has been the subject of several analyst reports. Keefe, Bruyette & Woods boosted their target price on Heritage Commerce from $10.50 to $11.50 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Piper Sandler upped their target price on Heritage Commerce from $10.00 to $12.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, StockNews.com raised Heritage Commerce from a “sell” rating to a “hold” rating in a research note on Friday, November 8th.

Heritage Commerce Trading Down 1.6 %

The firm has a market capitalization of $654.07 million, a PE ratio of 15.03 and a beta of 0.93. The company has a current ratio of 0.73, a quick ratio of 0.76 and a debt-to-equity ratio of 0.06. The business has a 50 day moving average price of $9.91 and a 200-day moving average price of $9.28.

Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.17 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.17. The business had revenue of $63.68 million for the quarter, compared to analysts’ expectations of $43.14 million. Heritage Commerce had a return on equity of 6.37% and a net margin of 17.61%. Analysts expect that Heritage Commerce Corp will post 0.66 earnings per share for the current year.

Heritage Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 4.87%. The ex-dividend date is Thursday, November 7th. Heritage Commerce’s dividend payout ratio (DPR) is presently 73.24%.

Institutional Investors Weigh In On Heritage Commerce

Large investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC grew its holdings in Heritage Commerce by 185.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock valued at $42,000 after buying an additional 3,155 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Heritage Commerce during the third quarter worth $73,000. FMR LLC boosted its holdings in shares of Heritage Commerce by 103.7% during the third quarter. FMR LLC now owns 7,832 shares of the financial services provider’s stock worth $77,000 after purchasing an additional 3,987 shares during the last quarter. CWM LLC boosted its holdings in shares of Heritage Commerce by 148.0% during the second quarter. CWM LLC now owns 9,936 shares of the financial services provider’s stock worth $86,000 after purchasing an additional 5,929 shares during the last quarter. Finally, ProShare Advisors LLC acquired a new stake in shares of Heritage Commerce during the first quarter worth $91,000. Institutional investors and hedge funds own 75.55% of the company’s stock.

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. 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.