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

Heritage Commerce (NASDAQ:HTBK) had its target price upped by Piper Sandler from $10.00 to $12.00 in a report published on Friday morning, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Several other analysts have also issued reports on the company. Keefe, Bruyette & Woods boosted their price target on Heritage Commerce from $10.50 to $11.50 and gave the company an outperform rating in a report on Friday. StockNews.com cut Heritage Commerce from a hold rating to a sell rating in a report on Wednesday, July 10th. 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 MarketBeat.com, Heritage Commerce currently has an average rating of Hold and an average target price of $11.13.

Heritage Commerce Price Performance

NASDAQ HTBK opened at $10.57 on Friday. Heritage Commerce has a one year low of $7.66 and a one year high of $10.99. The stock has a 50-day moving average of $8.64 and a 200 day moving average of $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. The company has a market capitalization of $647.52 million, a price-to-earnings ratio of 11.49 and a beta of 0.94.

Heritage Commerce (NASDAQ:HTBK) last announced its earnings results on Friday, July 26th. The financial services provider reported $0.15 earnings per share 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 7.24%. The company had revenue of $61.35 million for the quarter, compared to analysts’ expectations of $43.35 million. On average, sell-side analysts forecast that Heritage Commerce will post 0.71 EPS for the current year.

Heritage Commerce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.52 annualized dividend and a yield of 4.92%. Heritage Commerce’s payout ratio is 56.52%.

Institutional Trading of Heritage Commerce

Hedge funds have recently bought and sold shares of the stock. Lindbrook Capital LLC increased its holdings 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 during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Heritage Commerce by 185.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock valued at $42,000 after buying an additional 3,155 shares in the last quarter. GAMMA Investing LLC bought a new stake in Heritage Commerce in the 4th quarter worth approximately $49,000. CWM LLC raised its holdings in shares of Heritage Commerce by 148.0% during the 2nd quarter. CWM LLC now owns 9,936 shares of the financial services provider’s stock worth $86,000 after acquiring an additional 5,929 shares in the last quarter. Finally, ProShare Advisors LLC bought a new position in shares of Heritage Commerce during the 1st quarter valued at approximately $91,000. Hedge funds and other 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.