Heritage Commerce (NASDAQ:HTBK) Hits New 12-Month High – Here’s Why

Heritage Commerce Corp (NASDAQ:HTBK) shares hit a new 52-week high on Wednesday . The company traded as high as $13.20 and last traded at $13.2540, with a volume of 183167 shares trading hands. The stock had previously closed at $12.70.

Wall Street Analysts Forecast Growth

Several analysts have commented on HTBK shares. DA Davidson restated a “neutral” rating and issued a $14.50 price objective (up from $12.50) on shares of Heritage Commerce in a report on Thursday, December 18th. Weiss Ratings reissued a “hold (c+)” rating on shares of Heritage Commerce in a research report on Monday, December 29th. Janney Montgomery Scott lowered Heritage Commerce from a “buy” rating to a “neutral” rating and lifted their price target for the company from $12.00 to $14.00 in a research report on Monday, December 22nd. Raymond James Financial cut shares of Heritage Commerce from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Finally, Stephens reiterated an “equal weight” rating on shares of Heritage Commerce in a research note on Monday, January 5th. Two equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $12.25.

Heritage Commerce Trading Up 4.5%

The firm has a 50-day moving average price of $11.77 and a 200-day moving average price of $10.66. The stock has a market cap of $813.25 million, a PE ratio of 18.95 and a beta of 0.80. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.75 and a current ratio of 0.75.

Heritage Commerce (NASDAQ:HTBK) last issued its earnings results on Wednesday, November 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter. The business had revenue of $50.01 million during the quarter. Heritage Commerce had a net margin of 16.31% and a return on equity of 7.18%. As a group, equities analysts anticipate that Heritage Commerce Corp will post 0.8 EPS for the current fiscal year.

Heritage Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Thursday, November 6th were given a $0.13 dividend. The ex-dividend date of this dividend was Thursday, November 6th. This represents a $0.52 annualized dividend and a yield of 3.9%. Heritage Commerce’s dividend payout ratio is 74.29%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Heritage Commerce by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,402 shares of the financial services provider’s stock valued at $337,000 after purchasing an additional 1,482 shares in the last quarter. Empowered Funds LLC lifted its stake in Heritage Commerce by 8.5% during the 1st quarter. Empowered Funds LLC now owns 171,866 shares of the financial services provider’s stock valued at $1,636,000 after acquiring an additional 13,519 shares during the period. Jane Street Group LLC boosted its holdings in shares of Heritage Commerce by 158.2% during the 1st quarter. Jane Street Group LLC now owns 144,919 shares of the financial services provider’s stock valued at $1,380,000 after acquiring an additional 88,801 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Heritage Commerce in the first quarter worth approximately $316,000. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Heritage Commerce by 94.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 29,052 shares of the financial services provider’s stock worth $311,000 after acquiring an additional 14,147 shares during the period. Hedge funds and other institutional investors own 75.55% of the company’s stock.

About Heritage Commerce

Heritage Commerce Corporation, headquartered in Farmington Hills, Michigan, is the bank holding company for Heritage Bank, N.A., a community-oriented financial institution. Traded on NASDAQ under the symbol HTBK, the company focuses on delivering tailored banking services to businesses, professionals and individuals throughout Southeastern Michigan.

Heritage Bank, N.A. offers a comprehensive portfolio of deposit and lending products designed to meet the needs of commercial and consumer clients.