Heritage Commerce Corp (NASDAQ:HTBK) Announces Quarterly Dividend of $0.13

Heritage Commerce Corp (NASDAQ:HTBK) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Investors of record on Thursday, May 9th will be paid a dividend of 0.13 per share by the financial services provider on Thursday, May 23rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 6.50%. The ex-dividend date is Wednesday, May 8th.

Heritage Commerce has a payout ratio of 59.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Heritage Commerce to earn $0.89 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 58.4%.

Heritage Commerce Stock Performance

Shares of NASDAQ HTBK traded down $0.18 during trading hours on Friday, reaching $8.00. The stock had a trading volume of 827,652 shares, compared to its average volume of 300,620. The firm has a market cap of $490 million, a price-to-earnings ratio of 8.70 and a beta of 0.90. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.06. Heritage Commerce has a fifty-two week low of $6.69 and a fifty-two week high of $10.22. The firm has a 50-day moving average of $8.25 and a 200-day moving average of $8.71.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.02). Heritage Commerce had a return on equity of 8.40% and a net margin of 22.84%. The company had revenue of $44.24 million for the quarter, compared to analyst estimates of $46.38 million. Equities research analysts predict that Heritage Commerce will post 0.81 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on HTBK shares. Keefe, Bruyette & Woods decreased their price objective on Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, January 26th. StockNews.com cut Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Friday, April 19th. Raymond James increased their price objective on Heritage Commerce from $9.50 to $11.00 and gave the stock an “outperform” rating in a research report on Friday, January 5th. Finally, Piper Sandler decreased their price objective on Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Friday. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Heritage Commerce has an average rating of “Hold” and a consensus price target of $10.50.

Insider Transactions at Heritage Commerce

In other news, Director Jack W. Conner sold 6,944 shares of the stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $8.92, for a total transaction of $61,940.48. Following the completion of the transaction, the director now directly owns 102,501 shares of the company’s stock, valued at approximately $914,308.92. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 3.99% 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.