Piper Sandler Reiterates Overweight Rating for Heritage Commerce (NASDAQ:HTBK)

Heritage Commerce (NASDAQ:HTBK)‘s stock had its “overweight” rating reaffirmed by investment analysts at Piper Sandler in a research report issued to clients and investors on Monday, AnalystRatings.com reports. They presently have a $9.00 price target on the financial services provider’s stock. Piper Sandler’s price objective indicates a potential upside of 23.29% from the company’s current price.

Several other analysts have also recently commented on HTBK. Raymond James increased their price target on shares of Heritage Commerce from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Zacks Investment Research cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Friday, June 12th. BidaskClub cut shares of Heritage Commerce from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 13th. TheStreet cut shares of Heritage Commerce from a “b-” rating to a “c+” rating in a research note on Thursday, March 5th. Finally, ValuEngine cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Thursday, April 2nd. Two analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $11.40.

NASDAQ HTBK opened at $7.30 on Monday. The firm has a market cap of $402.63 million, a price-to-earnings ratio of 11.23 and a beta of 1.13. The company has a 50 day moving average of $7.80 and a 200-day moving average of $9.65. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.07. Heritage Commerce has a 1-year low of $6.04 and a 1-year high of $13.14.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.15). Heritage Commerce had a return on equity of 8.94% and a net margin of 18.73%. The firm had revenue of $41.77 million for the quarter, compared to analyst estimates of $39.72 million. On average, analysts forecast that Heritage Commerce will post 0.6 earnings per share for the current year.

In related news, CEO Keith Wilton sold 3,713 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $8.36, for a total transaction of $31,040.68. Following the sale, the chief executive officer now directly owns 141,807 shares in the company, valued at $1,185,506.52. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.30% of the company’s stock.

A number of hedge funds have recently modified their holdings of HTBK. Marshall Wace North America L.P. acquired a new stake in Heritage Commerce in the 1st quarter valued at $56,000. First Trust Advisors LP increased its stake in Heritage Commerce by 30.3% in the 4th quarter. First Trust Advisors LP now owns 32,968 shares of the financial services provider’s stock valued at $423,000 after buying an additional 7,676 shares during the last quarter. New York State Common Retirement Fund increased its stake in Heritage Commerce by 30.9% in the 4th quarter. New York State Common Retirement Fund now owns 49,200 shares of the financial services provider’s stock valued at $631,000 after buying an additional 11,600 shares during the last quarter. Rhumbline Advisers increased its stake in Heritage Commerce by 11.1% in the 4th quarter. Rhumbline Advisers now owns 107,092 shares of the financial services provider’s stock valued at $1,374,000 after buying an additional 10,692 shares during the last quarter. Finally, Swiss National Bank increased its stake in Heritage Commerce by 40.5% in the 4th quarter. Swiss National Bank now owns 107,500 shares of the financial services provider’s stock valued at $1,379,000 after buying an additional 31,000 shares during the last quarter. Hedge funds and other institutional investors own 69.71% 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. 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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Analyst Recommendations for Heritage Commerce (NASDAQ:HTBK)

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