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

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

Several other equities research analysts also recently weighed in on HTBK. Piper Sandler decreased their price target on shares of Heritage Commerce from $11.00 to $10.00 and set an overweight rating for the company in a research note on Friday, April 26th. StockNews.com lowered Heritage Commerce from a hold rating to a sell rating in a research report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Heritage Commerce currently has an average rating of Hold and an average target price of $11.13.

Heritage Commerce Stock Down 0.5 %

Shares of Heritage Commerce stock opened at $10.66 on Friday. The firm has a market cap of $652.99 million, a price-to-earnings ratio of 11.59 and a beta of 0.94. The stock’s 50-day moving average is $8.60 and its 200 day moving average is $8.52. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.75 and a quick ratio of 0.75. Heritage Commerce has a one year low of $7.66 and a one year high of $10.99.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Friday, April 26th. The financial services provider reported $0.17 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.02). Heritage Commerce had a return on equity of 7.24% and a net margin of 19.82%. The company had revenue of $59.60 million for the quarter, compared to analyst estimates of $43.83 million. Equities research analysts anticipate that Heritage Commerce will post 0.73 EPS for the current year.

Heritage Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be issued a $0.13 dividend. The ex-dividend date is Thursday, August 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 4.88%. Heritage Commerce’s dividend payout ratio is presently 56.52%.

Hedge Funds Weigh In On Heritage Commerce

A number of hedge funds have recently added to or reduced their stakes in HTBK. Allspring Global Investments Holdings LLC lifted its holdings in shares of 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 purchasing an additional 3,155 shares in the last quarter. Lindbrook Capital LLC raised its position in Heritage Commerce by 47.7% in the 4th quarter. Lindbrook Capital LLC now owns 4,780 shares of the financial services provider’s stock valued at $47,000 after buying an additional 1,543 shares during the last quarter. GAMMA Investing LLC bought a new position in Heritage Commerce during the 4th quarter valued at $49,000. CWM LLC lifted its stake in Heritage Commerce by 148.0% during the 2nd quarter. CWM LLC now owns 9,936 shares of the financial services provider’s stock valued at $86,000 after acquiring an additional 5,929 shares in the last quarter. Finally, ProShare Advisors LLC bought a new stake in shares of Heritage Commerce in the 1st quarter worth $91,000. Institutional investors and hedge funds own 75.55% of the company’s stock.

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. 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.