Heritage Commerce (NASDAQ:HTBK) Cut to Hold at Zacks Research

Heritage Commerce (NASDAQ:HTBK) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday,Zacks.com reports.

A number of other brokerages have also weighed in on HTBK. Wall Street Zen lowered Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, December 20th. DA Davidson reaffirmed a “neutral” rating and set a $14.50 target price on shares of Heritage Commerce in a report on Wednesday, February 4th. Janney Montgomery Scott downgraded Heritage Commerce from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $12.00 to $14.00 in a report on Monday, December 22nd. Raymond James Financial downgraded Heritage Commerce from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Finally, Stephens reaffirmed an “equal weight” rating on shares of Heritage Commerce in a report on Monday, January 5th. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $12.25.

Heritage Commerce Trading Down 0.7%

Shares of HTBK stock opened at $13.37 on Thursday. The firm has a market capitalization of $823.46 million, a P/E ratio of 17.14 and a beta of 0.69. Heritage Commerce has a twelve month low of $8.11 and a twelve month high of $13.82. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.06. The stock’s fifty day simple moving average is $12.78 and its 200 day simple moving average is $11.77.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. The business had revenue of $104.04 million for the quarter, compared to analyst estimates of $50.78 million. Heritage Commerce had a return on equity of 8.07% and a net margin of 17.77%. As a group, sell-side analysts predict that Heritage Commerce will post 0.8 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Clearstead Advisors LLC lifted its stake in shares of Heritage Commerce by 129.5% in the 4th quarter. Clearstead Advisors LLC now owns 3,599 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 2,031 shares during the period. Parkside Financial Bank & Trust lifted its stake in shares of Heritage Commerce by 56.5% in the 3rd quarter. Parkside Financial Bank & Trust now owns 5,026 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 1,815 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Heritage Commerce by 16,272.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 5,370 shares during the period. Larson Financial Group LLC lifted its stake in shares of Heritage Commerce by 495.3% in the 3rd quarter. Larson Financial Group LLC now owns 5,620 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 4,676 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in shares of Heritage Commerce by 368.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,433 shares of the financial services provider’s stock valued at $64,000 after purchasing an additional 5,061 shares during the period. 75.55% of the stock is owned by institutional investors and hedge funds.

Heritage Commerce Company Profile

Heritage Commerce Corporation, headquartered in Farmington Hills, Michigan, is the bank holding company for Heritage Bank, N.A., a community-oriented financial institution. Traded on NASDAQ under the symbol HTBK, the company focuses on delivering tailored banking services to businesses, professionals and individuals throughout Southeastern Michigan.

Heritage Bank, N.A. offers a comprehensive portfolio of deposit and lending products designed to meet the needs of commercial and consumer clients.