Heritage Commerce Corp. (NASDAQ:HTBK) Receives Average Recommendation of “Buy” from Brokerages

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Heritage Commerce Corp. (NASDAQ:HTBK) has received an average recommendation of “Buy” from the nine brokerages that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $10.75.

HTBK has been the subject of several research analyst reports. Zacks Investment Research upgraded shares of Heritage Commerce from a “sell” rating to a “hold” rating in a report on Tuesday. BidaskClub lowered shares of Heritage Commerce from a “sell” rating to a “strong sell” rating in a report on Saturday, June 13th. Raymond James raised their price objective on shares of Heritage Commerce from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. ValuEngine upgraded shares of Heritage Commerce from a “sell” rating to a “hold” rating in a report on Thursday. Finally, TheStreet lowered shares of Heritage Commerce from a “b-” rating to a “c+” rating in a report on Thursday, March 5th.

Shares of Heritage Commerce stock traded down $0.13 during trading on Friday, reaching $7.01. 185,473 shares of the stock were exchanged, compared to its average volume of 284,643. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.07. The stock’s fifty day moving average is $7.78 and its 200 day moving average is $9.62. The firm has a market cap of $448.33 million, a price-to-earnings ratio of 10.98 and a beta of 1.14. 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 earnings results on Thursday, April 23rd. The financial services provider reported $0.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.15). The firm had revenue of $41.77 million for the quarter, compared to analysts’ expectations of $39.72 million. Heritage Commerce had a return on equity of 8.94% and a net margin of 18.73%. Equities analysts forecast that Heritage Commerce will post 0.6 earnings per share for the current year.

In other news, CEO Keith Wilton sold 3,713 shares of Heritage Commerce stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 141,807 shares in the company, valued at $1,185,506.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.30% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in HTBK. Endeavour Capital Advisors Inc. bought a new stake in shares of Heritage Commerce during the fourth quarter valued at approximately $10,632,000. Alliancebernstein L.P. increased its position in shares of Heritage Commerce by 1,281.2% during the fourth quarter. Alliancebernstein L.P. now owns 610,587 shares of the financial services provider’s stock valued at $7,834,000 after acquiring an additional 566,380 shares in the last quarter. Morgan Stanley increased its position in shares of Heritage Commerce by 269.6% during the first quarter. Morgan Stanley now owns 596,472 shares of the financial services provider’s stock valued at $4,575,000 after acquiring an additional 435,102 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Heritage Commerce by 72.4% during the fourth quarter. Bank of New York Mellon Corp now owns 970,427 shares of the financial services provider’s stock valued at $12,452,000 after acquiring an additional 407,439 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position in shares of Heritage Commerce by 61.4% during the fourth quarter. Nuveen Asset Management LLC now owns 744,556 shares of the financial services provider’s stock valued at $9,553,000 after acquiring an additional 283,315 shares in the last quarter. 69.71% of the stock is owned by institutional investors.

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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