Heritage Commerce Corp. (HTBK) Receives Average Recommendation of “Hold” from Brokerages

Heritage Commerce Corp. (NASDAQ:HTBK) has earned an average recommendation of “Hold” from the six analysts that are presently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $19.00.

Several analysts have issued reports on HTBK shares. Brean Capital restated a “buy” rating and issued a $16.00 target price on shares of Heritage Commerce in a research note on Friday, January 25th. Zacks Investment Research upgraded Heritage Commerce from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a research note on Wednesday. BidaskClub upgraded Heritage Commerce from a “sell” rating to a “hold” rating in a research note on Monday, February 25th. Finally, ValuEngine lowered Heritage Commerce from a “sell” rating to a “strong sell” rating in a research note on Wednesday, March 20th.

In related news, Director Jack W. Conner purchased 10,500 shares of Heritage Commerce stock in a transaction dated Tuesday, January 29th. The stock was bought at an average cost of $13.39 per share, for a total transaction of $140,595.00. Following the completion of the transaction, the director now owns 79,106 shares in the company, valued at $1,059,229.34. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jack W. Conner purchased 3,500 shares of Heritage Commerce stock in a transaction dated Thursday, January 31st. The stock was bought at an average price of $12.99 per share, with a total value of $45,465.00. Following the completion of the transaction, the director now owns 82,606 shares of the company’s stock, valued at approximately $1,073,051.94. The disclosure for this purchase can be found here. 5.40% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. MUFG Securities EMEA plc purchased a new position in shares of Heritage Commerce in the fourth quarter valued at $485,000. Geode Capital Management LLC grew its position in shares of Heritage Commerce by 8.5% in the fourth quarter. Geode Capital Management LLC now owns 435,771 shares of the financial services provider’s stock valued at $4,941,000 after purchasing an additional 34,094 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Heritage Commerce by 3.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,221,513 shares of the financial services provider’s stock valued at $25,192,000 after purchasing an additional 76,529 shares in the last quarter. Millennium Management LLC grew its position in shares of Heritage Commerce by 383.9% in the fourth quarter. Millennium Management LLC now owns 169,088 shares of the financial services provider’s stock valued at $1,917,000 after purchasing an additional 134,144 shares in the last quarter. Finally, Legal & General Group Plc grew its position in Heritage Commerce by 12.8% during the fourth quarter. Legal & General Group Plc now owns 7,135 shares of the financial services provider’s stock worth $81,000 after buying an additional 811 shares in the last quarter. Institutional investors own 73.43% of the company’s stock.

Shares of HTBK traded down $0.01 during mid-day trading on Friday, hitting $12.10. The stock had a trading volume of 110,841 shares, compared to its average volume of 116,093. The firm has a market cap of $524.36 million, a PE ratio of 11.42, a PEG ratio of 1.42 and a beta of 0.90. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.72 and a quick ratio of 0.72. Heritage Commerce has a 52 week low of $10.84 and a 52 week high of $18.10.

Heritage Commerce (NASDAQ:HTBK) last issued its earnings results on Thursday, January 24th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.02. The firm had revenue of $35.45 million for the quarter, compared to analyst estimates of $35.17 million. Heritage Commerce had a return on equity of 13.05% and a net margin of 25.34%. Sell-side analysts anticipate that Heritage Commerce will post 1.22 earnings per share for the current fiscal year.

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. 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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