Heritage Commerce (NASDAQ:HTBK) Sees Large Volume Increase – Time to Buy?

by · The Markets Daily

Shares of Heritage Commerce Corp (NASDAQ:HTBK – Get Free Report) saw strong trading volume on Thursday . 1,021,178 shares changed hands during trading, an increase of 148% from the previous session’s volume of 412,304 shares.The stock last traded at $12.4580 and had previously closed at $12.21.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Zacks Research upgraded Heritage Commerce from a “strong sell” rating to a “strong-buy” rating in a report on Wednesday, October 29th. Weiss Ratings restated a “hold (c+)” rating on shares of Heritage Commerce in a research note on Monday. Wall Street Zen raised shares of Heritage Commerce from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. DA Davidson set a $14.50 target price on shares of Heritage Commerce in a report on Thursday. Finally, Stephens raised their price target on shares of Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $11.90.

Check Out Our Latest Stock Report on HTBK

Heritage Commerce Stock Up 1.0%

The firm’s 50-day moving average price is $10.70 and its 200 day moving average price is $10.18. The firm has a market cap of $755.89 million, a P/E ratio of 17.64 and a beta of 0.81. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.06.

Heritage Commerce (NASDAQ:HTBK – Get Free Report) last issued its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.24 earnings per share for the quarter. The firm had revenue of $50.01 million for the quarter. Heritage Commerce had a net margin of 16.31% and a return on equity of 7.18%. As a group, research analysts expect that Heritage Commerce Corp will post 0.8 earnings per share for the current year.

Heritage Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Thursday, November 6th. Heritage Commerce’s payout ratio is 74.29%.

Institutional Trading of Heritage Commerce

Several large investors have recently added to or reduced their stakes in HTBK. HoldCo Asset Management LP bought a new position in shares of Heritage Commerce in the second quarter worth $16,121,000. Wellington Management Group LLP lifted its holdings in Heritage Commerce by 64.9% in the first quarter. Wellington Management Group LLP now owns 3,796,472 shares of the financial services provider’s stock worth $36,142,000 after purchasing an additional 1,493,857 shares during the period. Boston Partners lifted its holdings in Heritage Commerce by 52.1% in the third quarter. Boston Partners now owns 1,676,777 shares of the financial services provider’s stock worth $16,636,000 after purchasing an additional 574,070 shares during the period. Rhino Investment Partners Inc bought a new position in Heritage Commerce in the 1st quarter valued at about $5,222,000. Finally, Hotchkis & Wiley Capital Management LLC increased its stake in Heritage Commerce by 69.8% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 1,277,630 shares of the financial services provider’s stock valued at $12,163,000 after buying an additional 525,060 shares during the period. 75.55% of the stock is currently owned by institutional investors and hedge funds.

About Heritage Commerce

(Get Free Report)

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.

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