Heritage Commerce (NASDAQ:HTBK) Sets New 1-Year High – Time to Buy?

Heritage Commerce Corp (NASDAQ:HTBK)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $11.01 and last traded at $10.98, with a volume of 52301 shares traded. The stock had previously closed at $10.79.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Keefe, Bruyette & Woods increased their target price on Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a research note on Friday, July 26th. StockNews.com upgraded shares of Heritage Commerce from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Finally, Piper Sandler boosted their price objective on shares of Heritage Commerce from $10.00 to $12.00 and gave the stock an “overweight” rating in a report on Friday, July 26th.

Heritage Commerce Stock Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.76 and a current ratio of 0.73. The firm has a market cap of $665.72 million, a P/E ratio of 15.44 and a beta of 0.93. The business’s 50-day simple moving average is $9.87 and its 200 day simple moving average is $9.26.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.17 EPS for the quarter, hitting the consensus estimate of $0.17. Heritage Commerce had a return on equity of 6.37% and a net margin of 17.61%. The firm had revenue of $63.68 million for the quarter, compared to the consensus estimate of $43.14 million. As a group, equities analysts predict that Heritage Commerce Corp will post 0.66 earnings per share for the current year.

Heritage Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date is Thursday, November 7th. Heritage Commerce’s payout ratio is 73.24%.

Institutional Investors Weigh In On Heritage Commerce

Several institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC raised its position in shares of Heritage Commerce by 103.7% during the third quarter. FMR LLC now owns 7,832 shares of the financial services provider’s stock valued at $77,000 after buying an additional 3,987 shares during the last quarter. Quantbot Technologies LP grew its holdings in shares of Heritage Commerce by 212.2% in the third quarter. Quantbot Technologies LP now owns 14,035 shares of the financial services provider’s stock valued at $139,000 after purchasing an additional 9,540 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Heritage Commerce in the third quarter valued at $281,000. Cerity Partners LLC grew its holdings in shares of Heritage Commerce by 17.0% in the third quarter. Cerity Partners LLC now owns 146,349 shares of the financial services provider’s stock valued at $1,446,000 after purchasing an additional 21,288 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Heritage Commerce by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 496,190 shares of the financial services provider’s stock worth $4,902,000 after buying an additional 6,884 shares during the period. Institutional investors own 75.55% of the company’s stock.

About Heritage Commerce

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.