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

Shares of Heritage Commerce Corp (NASDAQ:HTBK) hit a new 52-week high during trading on Wednesday . The company 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 equities analysts have issued reports on HTBK shares. Keefe, Bruyette & Woods lifted their target price on shares of Heritage Commerce from $10.50 to $11.50 and gave the stock an “outperform” rating in a research report on Friday, July 26th. StockNews.com raised shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. Finally, Piper Sandler lifted their target price on shares of Heritage Commerce from $10.00 to $12.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th.

Heritage Commerce Stock Performance

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

Heritage Commerce (NASDAQ:HTBK) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 analyst estimates of $43.14 million. As a group, equities analysts forecast that Heritage Commerce Corp will post 0.66 earnings per share for the current fiscal year.

Heritage Commerce Dividend Announcement

The company also recently disclosed 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 of this dividend is Thursday, November 7th. Heritage Commerce’s dividend payout ratio is presently 73.24%.

Institutional Investors Weigh In On Heritage Commerce

A number of large investors have recently made changes to their positions in HTBK. Allspring Global Investments Holdings LLC lifted its holdings in shares of Heritage Commerce by 185.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 3,155 shares in the last quarter. nVerses Capital LLC purchased a new position in Heritage Commerce during the 3rd quarter valued at about $73,000. FMR LLC lifted its position in shares of Heritage Commerce by 103.7% in the third quarter. FMR LLC now owns 7,832 shares of the financial services provider’s stock worth $77,000 after purchasing an additional 3,987 shares in the last quarter. CWM LLC boosted its holdings in shares of Heritage Commerce by 148.0% during the second quarter. CWM LLC now owns 9,936 shares of the financial services provider’s stock worth $86,000 after purchasing an additional 5,929 shares during the period. Finally, One Wealth Advisors LLC acquired a new position in Heritage Commerce in the 3rd quarter valued at approximately $99,000. Institutional investors and hedge funds 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.