DA Davidson Comments on Heritage Commerce Corp’s FY2024 Earnings (NASDAQ:HTBK)

Heritage Commerce Corp (NASDAQ:HTBK) – DA Davidson decreased their FY2024 earnings per share estimates for Heritage Commerce in a report released on Thursday, October 3rd. DA Davidson analyst G. Tenner now anticipates that the financial services provider will post earnings per share of $0.64 for the year, down from their prior estimate of $0.65. The consensus estimate for Heritage Commerce’s current full-year earnings is $0.66 per share. DA Davidson also issued estimates for Heritage Commerce’s FY2025 earnings at $0.69 EPS.

A number of other equities research analysts have also weighed in on the company. StockNews.com lowered Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. Keefe, Bruyette & Woods raised their price objective on Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a research note on Friday, July 26th. Finally, Piper Sandler raised their price objective on Heritage Commerce from $10.00 to $12.00 and gave the company an “overweight” rating in a research note on Friday, July 26th.

Heritage Commerce Price Performance

HTBK stock opened at $9.54 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.76 and a current ratio of 0.76. Heritage Commerce has a 1 year low of $7.66 and a 1 year high of $10.99. The firm has a market cap of $584.38 million, a P/E ratio of 10.37 and a beta of 0.93. The stock has a 50-day simple moving average of $9.87 and a 200-day simple moving average of $8.93.

Heritage Commerce (NASDAQ:HTBK) last posted its earnings results on Friday, July 26th. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04). Heritage Commerce had a net margin of 19.82% and a return on equity of 7.21%. The company had revenue of $61.35 million during the quarter, compared to analyst estimates of $43.35 million.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Assenagon Asset Management S.A. grew its position in shares of Heritage Commerce by 830.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,024,377 shares of the financial services provider’s stock worth $8,912,000 after acquiring an additional 914,249 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Heritage Commerce by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 3,309,141 shares of the financial services provider’s stock worth $28,392,000 after acquiring an additional 123,973 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Heritage Commerce by 185.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 3,155 shares in the last quarter. Empowered Funds LLC grew its position in shares of Heritage Commerce by 8.1% in the 1st quarter. Empowered Funds LLC now owns 132,835 shares of the financial services provider’s stock worth $1,140,000 after acquiring an additional 9,975 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of Heritage Commerce by 10.7% in the 1st quarter. BNP Paribas Financial Markets now owns 71,033 shares of the financial services provider’s stock worth $609,000 after acquiring an additional 6,866 shares in the last quarter. Institutional investors and hedge funds own 75.55% of the company’s stock.

Heritage Commerce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were given a $0.13 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.52 annualized dividend and a dividend yield of 5.45%. Heritage Commerce’s payout ratio is 56.52%.

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.