Heritage Commerce (NASDAQ:HTBK) Given New $11.50 Price Target at Keefe, Bruyette & Woods

Heritage Commerce (NASDAQ:HTBK) had its price objective upped by Keefe, Bruyette & Woods from $10.50 to $11.50 in a report published on Friday, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other brokerages also recently issued reports on HTBK. Piper Sandler reduced their price target on Heritage Commerce from $11.00 to $10.00 and set an overweight rating on the stock in a research report on Friday, April 26th. StockNews.com cut Heritage Commerce from a hold rating to a sell rating in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, Heritage Commerce has a consensus rating of Hold and an average price target of $11.13.

Heritage Commerce Stock Down 0.8 %

HTBK opened at $10.57 on Friday. The stock has a fifty day moving average of $8.64 and a 200-day moving average of $8.51. The company has a market capitalization of $647.52 million, a P/E ratio of 11.49 and a beta of 0.94. Heritage Commerce has a fifty-two week low of $7.66 and a fifty-two week high of $10.99. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.75 and a current ratio of 0.75.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings data on Friday, July 26th. The financial services provider reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.04). Heritage Commerce had a return on equity of 7.24% and a net margin of 19.82%. The business had revenue of $61.35 million during the quarter, compared to analyst estimates of $43.35 million. On average, equities analysts expect that Heritage Commerce will post 0.71 EPS for the current year.

Heritage Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be issued a dividend of $0.13 per share. The ex-dividend date is Thursday, August 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 4.92%. Heritage Commerce’s dividend payout ratio (DPR) is currently 56.52%.

Institutional Trading of Heritage Commerce

Several institutional investors and hedge funds have recently modified their holdings of HTBK. Lindbrook Capital LLC raised its stake in Heritage Commerce by 47.7% during the fourth quarter. Lindbrook Capital LLC now owns 4,780 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 1,543 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Heritage Commerce by 14.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 16,966 shares of the financial services provider’s stock valued at $146,000 after purchasing an additional 2,159 shares during the last quarter. Diversified Trust Co increased its position in Heritage Commerce by 13.7% during the 2nd quarter. Diversified Trust Co now owns 18,752 shares of the financial services provider’s stock worth $163,000 after purchasing an additional 2,262 shares in the last quarter. Pacific Ridge Capital Partners LLC lifted its stake in Heritage Commerce by 3.2% in the 1st quarter. Pacific Ridge Capital Partners LLC now owns 99,301 shares of the financial services provider’s stock valued at $852,000 after purchasing an additional 3,108 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in Heritage Commerce by 185.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock valued at $42,000 after buying an additional 3,155 shares in the last quarter. 75.55% of the stock is currently 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. 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.