Heritage Commerce (NASDAQ:HTBK) Price Target Raised to $12.00 at Piper Sandler

Heritage Commerce (NASDAQ:HTBK) had its price target lifted by investment analysts at Piper Sandler from $10.00 to $12.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target would indicate a potential upside of 15.38% from the company’s current price.

A number of other research analysts have also weighed in on the stock. StockNews.com lowered shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. Keefe, Bruyette & Woods raised their price target on shares of Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Heritage Commerce presently has a consensus rating of “Hold” and a consensus price target of $11.13.

Heritage Commerce Stock Down 2.9 %

Shares of Heritage Commerce stock traded down $0.31 during trading hours on Friday, reaching $10.40. The company’s stock had a trading volume of 41,634 shares, compared to its average volume of 380,420. Heritage Commerce has a one year low of $7.66 and a one year high of $10.99. The company has a market capitalization of $637.10 million, a P/E ratio of 11.42 and a beta of 0.94. The stock’s fifty day simple moving average is $8.56 and its two-hundred day simple moving average is $8.51. 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 released its quarterly earnings data on Friday, April 26th. The financial services provider reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.02). Heritage Commerce had a net margin of 22.84% and a return on equity of 8.36%. The business had revenue of $59.60 million during the quarter, compared to the consensus estimate of $43.83 million. On average, research analysts forecast that Heritage Commerce will post 0.73 earnings per share for the current year.

Institutional Trading of Heritage Commerce

Hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its stake 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 worth $42,000 after purchasing an additional 3,155 shares in the last quarter. Lindbrook Capital LLC increased its stake in shares of Heritage Commerce by 47.7% in the fourth quarter. Lindbrook Capital LLC now owns 4,780 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,543 shares in the last quarter. GAMMA Investing LLC purchased a new position in shares of Heritage Commerce in the fourth quarter worth about $49,000. CWM LLC increased its stake in shares of Heritage Commerce by 148.0% in the second quarter. CWM LLC now owns 9,936 shares of the financial services provider’s stock worth $86,000 after purchasing an additional 5,929 shares in the last quarter. Finally, ProShare Advisors LLC purchased a new position in shares of Heritage Commerce in the first quarter worth about $91,000. Institutional investors 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.