Shares of Heritage Commerce Corp (NASDAQ:HTBK – Get Free Report) fell 5.3% during mid-day trading on Friday after Keefe, Bruyette & Woods lowered their price target on the stock from $12.00 to $11.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Heritage Commerce traded as low as $8.85 and last traded at $9.10. 223,378 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 344,736 shares. The stock had previously closed at $9.61.
A number of other equities research analysts also recently commented on HTBK. StockNews.com upgraded Heritage Commerce from a “sell” rating to a “hold” rating in a research report on Wednesday, November 8th. Raymond James raised their price target on shares of Heritage Commerce from $9.50 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Heritage Commerce has a consensus rating of “Moderate Buy” and a consensus target price of $10.75.
Institutional Trading of Heritage Commerce
A number of hedge funds have recently added to or reduced their stakes in HTBK. Wedge Capital Management L L P NC acquired a new position in shares of Heritage Commerce during the second quarter valued at about $1,046,000. Signaturefd LLC grew its holdings in shares of Heritage Commerce by 279.6% during the second quarter. Signaturefd LLC now owns 5,140 shares of the financial services provider’s stock valued at $43,000 after buying an additional 3,786 shares during the last quarter. Rosenthal Henry Capital Advisors Inc. purchased a new position in Heritage Commerce during the third quarter worth about $1,863,000. Raymond James Financial Services Advisors Inc. boosted its holdings in Heritage Commerce by 17.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 78,664 shares of the financial services provider’s stock worth $666,000 after purchasing an additional 11,550 shares during the last quarter. Finally, Black Maple Capital Management LP purchased a new position in Heritage Commerce during the second quarter worth about $239,000. Institutional investors and hedge funds own 72.80% of the company’s stock.
Heritage Commerce Trading Down 4.8 %
The firm has a market capitalization of $558.97 million, a PE ratio of 7.71 and a beta of 0.97. The firm’s fifty day moving average is $9.37 and its two-hundred day moving average is $8.96. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.72 and a quick ratio of 0.72.
Heritage Commerce (NASDAQ:HTBK – Get Free Report) last released its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.26 earnings per share for the quarter, hitting the consensus estimate of $0.26. The business had revenue of $47.59 million for the quarter, compared to analysts’ expectations of $47.81 million. Heritage Commerce had a net margin of 29.91% and a return on equity of 11.08%. On average, equities analysts predict that Heritage Commerce Corp will post 1.06 EPS for the current fiscal year.
About Heritage Commerce
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.