Brokerages expect Heritage Commerce Corp (NASDAQ:HTBK) to post $37.99 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Heritage Commerce’s earnings, with the highest sales estimate coming in at $40.00 million and the lowest estimate coming in at $36.67 million. Heritage Commerce posted sales of $41.77 million during the same quarter last year, which suggests a negative year-over-year growth rate of 9%. The company is scheduled to announce its next earnings report on Thursday, April 22nd.
According to Zacks, analysts expect that Heritage Commerce will report full year sales of $148.97 million for the current financial year, with estimates ranging from $141.70 million to $160.40 million. For the next financial year, analysts expect that the business will report sales of $152.53 million, with estimates ranging from $140.38 million to $165.80 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Heritage Commerce.
Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings data on Thursday, January 28th. The financial services provider reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. Heritage Commerce had a return on equity of 7.17% and a net margin of 17.58%.
Several brokerages have issued reports on HTBK. TheStreet upgraded Heritage Commerce from a “c+” rating to a “b-” rating in a report on Wednesday, December 2nd. Raymond James increased their price target on Heritage Commerce from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Monday, February 1st. Zacks Investment Research upgraded Heritage Commerce from a “sell” rating to a “hold” rating in a report on Monday, February 1st. Finally, DA Davidson downgraded Heritage Commerce from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $9.00 to $9.50 in a report on Thursday, December 17th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Heritage Commerce has an average rating of “Buy” and a consensus target price of $9.38.
Shares of Heritage Commerce stock traded up $0.01 during trading hours on Thursday, hitting $9.36. The company’s stock had a trading volume of 17,081 shares, compared to its average volume of 260,895. Heritage Commerce has a 12 month low of $6.04 and a 12 month high of $11.48. The stock has a 50 day moving average of $9.37 and a 200 day moving average of $8.10. The company has a market capitalization of $560.80 million, a PE ratio of 18.71 and a beta of 1.26. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.70 and a quick ratio of 0.70.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 26th. Investors of record on Friday, February 12th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, February 11th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 5.56%. Heritage Commerce’s payout ratio is presently 48.60%.
In other news, EVP Michael Eugene Benito sold 4,500 shares of the firm’s stock in a transaction that occurred on Monday, December 14th. The stock was sold at an average price of $9.24, for a total value of $41,580.00. Following the completion of the sale, the executive vice president now directly owns 65,537 shares of the company’s stock, valued at $605,561.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jason Philip Dinapoli acquired 10,000 shares of the business’s stock in a transaction dated Thursday, December 10th. The stock was acquired at an average cost of $8.94 per share, with a total value of $89,400.00. Following the completion of the transaction, the director now owns 25,347 shares of the company’s stock, valued at $226,602.18. The disclosure for this purchase can be found here. 4.30% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its holdings in Heritage Commerce by 49.8% during the 4th quarter. JPMorgan Chase & Co. now owns 578,150 shares of the financial services provider’s stock worth $5,128,000 after purchasing an additional 192,136 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Heritage Commerce during the 4th quarter worth approximately $252,000. Price T Rowe Associates Inc. MD lifted its holdings in Heritage Commerce by 3.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,945,413 shares of the financial services provider’s stock worth $61,606,000 after purchasing an additional 236,430 shares during the last quarter. Banc Funds Co. LLC lifted its holdings in Heritage Commerce by 24.7% during the 4th quarter. Banc Funds Co. LLC now owns 919,030 shares of the financial services provider’s stock worth $8,152,000 after purchasing an additional 181,886 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Heritage Commerce by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 391,548 shares of the financial services provider’s stock worth $3,474,000 after purchasing an additional 9,838 shares during the last quarter. 68.41% of the stock is 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. 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.
Recommended Story: How liquidity affects the bid-ask spread
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Heritage Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Heritage Commerce and related companies with MarketBeat.com's FREE daily email newsletter.