Heritage Commerce (NASDAQ:HTBK) Raised to Hold at StockNews.com

StockNews.com upgraded shares of Heritage Commerce (NASDAQ:HTBK) from a sell rating to a hold rating in a report published on Wednesday.

Heritage Commerce Stock Up 0.6 %

NASDAQ:HTBK opened at $10.53 on Wednesday. The firm has a market capitalization of $645.49 million, a price-to-earnings ratio of 14.75 and a beta of 0.94. Heritage Commerce has a 1-year low of $7.66 and a 1-year high of $11.27. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.06. The business’s fifty day moving average price is $10.09 and its 200 day moving average price is $9.51.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The firm had revenue of $63.68 million for the quarter, compared to analyst estimates of $43.14 million. Heritage Commerce had a return on equity of 6.37% and a net margin of 17.61%. On average, sell-side analysts forecast that Heritage Commerce will post 0.66 earnings per share for the current fiscal year.

Heritage Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were paid a $0.13 dividend. The ex-dividend date was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 4.94%. Heritage Commerce’s dividend payout ratio (DPR) is currently 73.24%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of HTBK. Wellington Management Group LLP purchased a new position in Heritage Commerce in the third quarter valued at about $20,093,000. Assenagon Asset Management S.A. grew its stake in Heritage Commerce by 830.2% in the second 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 purchasing an additional 914,249 shares in the last quarter. American Century Companies Inc. grew its stake in Heritage Commerce by 21.2% in the second quarter. American Century Companies Inc. now owns 921,389 shares of the financial services provider’s stock valued at $8,016,000 after purchasing an additional 160,977 shares in the last quarter. AQR Capital Management LLC grew its stake in Heritage Commerce by 32.5% in the second quarter. AQR Capital Management LLC now owns 544,471 shares of the financial services provider’s stock valued at $4,737,000 after purchasing an additional 133,514 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Heritage Commerce by 3.9% in the first quarter. Vanguard Group Inc. now owns 3,309,141 shares of the financial services provider’s stock valued at $28,392,000 after purchasing an additional 123,973 shares in the last quarter. Hedge funds and other institutional investors 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.