Zacks Investment Research Upgrades Heritage Oaks Bancorp (HEOP) to “Hold”
Heritage Oaks Bancorp (NASDAQ:HEOP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Heritage Oaks Bancorp acts as a bank holding company of Heritage Oaks Bank. Other than holding the shares of the Bank, the Company conducts no significant activities, although it is authorized, with the prior approval of the Board of Governors of the Federal Reserve System, to engage in a variety of activities that are deemed closely related to the business of banking. The Bank offers traditional banking products, such as checking, savings and certificates of deposit, as well as mortgage loans and commercial and consumer loans. “
Separately, Hovde Group initiated coverage on Heritage Oaks Bancorp in a research note on Friday, August 19th. They set a “market perform” rating and a $8.50 target price for the company.
Shares of Heritage Oaks Bancorp (NASDAQ:HEOP) opened at 8.13 on Tuesday. Heritage Oaks Bancorp has a 52 week low of $6.95 and a 52 week high of $9.25. The firm has a market capitalization of $276.45 million, a price-to-earnings ratio of 17.67 and a beta of 0.72. The stock has a 50 day moving average price of $8.13 and a 200-day moving average price of $8.07.
Heritage Oaks Bancorp (NASDAQ:HEOP) last posted its quarterly earnings data on Monday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.01. Heritage Oaks Bancorp had a return on equity of 7.52% and a net margin of 19.59%. On average, analysts anticipate that Heritage Oaks Bancorp will post $0.48 EPS for the current year.
In other news, Director Alexander Simas acquired 6,500 shares of the company’s stock in a transaction that occurred on Thursday, August 4th. The stock was purchased at an average cost of $8.29 per share, with a total value of $53,885.00. Following the purchase, the director now directly owns 69,685 shares of the company’s stock, valued at approximately $577,688.65. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 31.32% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. State Street Corp increased its position in Heritage Oaks Bancorp by 2.9% in the first quarter. State Street Corp now owns 328,815 shares of the company’s stock valued at $2,565,000 after buying an additional 9,248 shares during the last quarter. Geode Capital Management LLC increased its position in Heritage Oaks Bancorp by 3.3% in the first quarter. Geode Capital Management LLC now owns 152,194 shares of the company’s stock valued at $1,185,000 after buying an additional 4,900 shares during the last quarter. Renaissance Technologies LLC increased its position in Heritage Oaks Bancorp by 26.9% in the first quarter. Renaissance Technologies LLC now owns 81,200 shares of the company’s stock valued at $633,000 after buying an additional 17,200 shares during the last quarter. Endeavour Capital Advisors Inc. purchased a new position in Heritage Oaks Bancorp during the first quarter valued at $3,069,000. Finally, Bank of New York Mellon Corp increased its position in Heritage Oaks Bancorp by 7.5% in the second quarter. Bank of New York Mellon Corp now owns 97,966 shares of the company’s stock valued at $778,000 after buying an additional 6,831 shares during the last quarter. 62.85% of the stock is owned by hedge funds and other institutional investors.
About Heritage Oaks Bancorp
Heritage Oaks Bancorp is the holding company for Heritage Oaks Bank (the Bank). The Bank offers traditional banking products, such as checking, savings, money market account and certificates of deposit, as well as mortgage loans and commercial and consumer loans to customers who are predominately small to medium-sized businesses (SMBs) and individuals.
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