Heritage Commerce (NASDAQ:HTBK) Issues Earnings Results, Hits Estimates

Heritage Commerce (NASDAQ:HTBK) released its quarterly earnings data on Thursday. The financial services provider reported $0.17 EPS for the quarter, hitting analysts’ consensus estimates of $0.17, Zacks reports. Heritage Commerce had a return on equity of 7.21% and a net margin of 19.82%. The firm had revenue of $63.68 million for the quarter, compared to the consensus estimate of $43.14 million.

Heritage Commerce Trading Down 1.9 %

HTBK stock traded down $0.18 during midday trading on Friday, reaching $9.51. The stock had a trading volume of 255,574 shares, compared to its average volume of 300,651. The business has a fifty day simple moving average of $9.83 and a two-hundred day simple moving average of $9.08. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.06. The firm has a market cap of $582.54 million, a price-to-earnings ratio of 10.34 and a beta of 0.93. Heritage Commerce has a twelve month low of $7.66 and a twelve month high of $10.99.

Heritage Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be given a $0.13 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 5.47%. Heritage Commerce’s payout ratio is 56.52%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Piper Sandler increased their price objective on Heritage Commerce from $10.00 to $12.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. StockNews.com cut Heritage Commerce from a “hold” rating to a “sell” rating in a report on Wednesday, July 10th. Finally, Keefe, Bruyette & Woods lifted their price objective on Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a report on Friday, July 26th.

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.