Heritage Commerce (NASDAQ:HTBK) PT Raised to $12.00 at Piper Sandler

Heritage Commerce (NASDAQ:HTBK) had its target price upped by Piper Sandler from $10.00 to $12.00 in a research report report published on Friday morning, Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

A number of other brokerages have also recently weighed in on HTBK. StockNews.com cut Heritage Commerce from a hold rating to a sell rating in a report on Wednesday, July 10th. 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 report on Friday. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $11.13.

Heritage Commerce Stock Down 0.8 %

HTBK opened at $10.57 on Friday. Heritage Commerce has a 12 month low of $7.66 and a 12 month high of $10.99. The business has a 50-day moving average of $8.64 and a two-hundred day moving average of $8.51. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.75 and a quick ratio of 0.75. The stock has a market capitalization of $647.52 million, a price-to-earnings ratio of 11.49 and a beta of 0.94.

Heritage Commerce (NASDAQ:HTBK) last released its earnings results on Friday, July 26th. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04). The company had revenue of $61.35 million during the quarter, compared to analysts’ expectations of $43.35 million. Heritage Commerce had a net margin of 19.82% and a return on equity of 7.24%. On average, research analysts expect that Heritage Commerce will post 0.71 earnings per share for the current year.

Heritage Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 4.92%. The ex-dividend date is Thursday, August 8th. Heritage Commerce’s dividend payout ratio is currently 56.52%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Heritage Commerce by 20.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,077 shares of the financial services provider’s stock worth $192,000 after purchasing an additional 3,696 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Heritage Commerce by 2.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 501,917 shares of the financial services provider’s stock worth $4,367,000 after buying an additional 13,744 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Heritage Commerce by 106.9% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 29,300 shares of the financial services provider’s stock valued at $255,000 after buying an additional 15,136 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Heritage Commerce by 830.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,024,377 shares of the financial services provider’s stock valued at $8,912,000 after buying an additional 914,249 shares during the last quarter. Finally, Diversified Trust Co raised its stake in Heritage Commerce by 13.7% during the second quarter. Diversified Trust Co now owns 18,752 shares of the financial services provider’s stock worth $163,000 after acquiring an additional 2,262 shares during the period. Institutional investors and hedge funds own 75.55% of the company’s stock.

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. 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.