Heritage Commerce (NASDAQ:HTBK) PT Lowered to $10.00

Heritage Commerce (NASDAQ:HTBK) had its price target decreased by equities researchers at Piper Sandler from $11.00 to $10.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s target price suggests a potential upside of 25.94% from the company’s previous close.

Several other analysts also recently weighed in on HTBK. Keefe, Bruyette & Woods decreased their price target on shares of Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, January 26th. Raymond James lifted their target price on shares of Heritage Commerce from $9.50 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. Finally, StockNews.com lowered shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Friday, April 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Heritage Commerce currently has a consensus rating of “Hold” and an average target price of $10.50.

Heritage Commerce Trading Down 2.9 %

Shares of NASDAQ:HTBK traded down $0.24 during trading on Friday, reaching $7.94. The company’s stock had a trading volume of 151,046 shares, compared to its average volume of 385,122. The stock has a market capitalization of $486.33 million, a PE ratio of 7.42 and a beta of 0.90. Heritage Commerce has a 12 month low of $6.69 and a 12 month high of $10.22. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.06. The firm’s 50 day simple moving average is $8.26 and its two-hundred day simple moving average is $8.71.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.02). Heritage Commerce had a return on equity of 9.78% and a net margin of 26.49%. The company had revenue of $44.24 million during the quarter, compared to the consensus estimate of $46.38 million. On average, research analysts predict that Heritage Commerce will post 0.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jack W. Conner sold 6,944 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $8.92, for a total value of $61,940.48. Following the completion of the sale, the director now directly owns 102,501 shares in the company, valued at $914,308.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.99% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Heritage Commerce

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Lindbrook Capital LLC grew its stake in shares of Heritage Commerce by 47.7% in the 4th quarter. Lindbrook Capital LLC now owns 4,780 shares of the financial services provider’s stock valued at $47,000 after buying an additional 1,543 shares during the period. Teacher Retirement System of Texas lifted its stake in shares of Heritage Commerce by 6.1% in the 3rd quarter. Teacher Retirement System of Texas now owns 45,098 shares of the financial services provider’s stock valued at $382,000 after purchasing an additional 2,583 shares during the last quarter. Swiss National Bank increased its position in shares of Heritage Commerce by 2.3% during the 3rd quarter. Swiss National Bank now owns 134,000 shares of the financial services provider’s stock worth $1,135,000 after purchasing an additional 3,000 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Heritage Commerce by 185.5% in 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 period. Finally, Federated Hermes Inc. raised its position in Heritage Commerce by 5.5% in the third quarter. Federated Hermes Inc. now owns 81,122 shares of the financial services provider’s stock valued at $687,000 after purchasing an additional 4,220 shares during the period. 75.55% 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. 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.