Zacks Investment Research Lowers Heritage Commerce (HTBK) to Hold

Zacks Investment Research lowered shares of Heritage Commerce (NASDAQ:HTBK) from a strong-buy rating to a hold rating in a research report sent to investors on Wednesday.

According to Zacks, “Heritage Commerce Corp. is the holding company of Heritage Bank of Commerce, Heritage Bank East Bay, Heritage Bank South Valley and Bank of Los Altos. The company offers a range of loans, primarily commercial, including real estate, construction, Small Business Administration), inventory and accounts receivable, and equipment loans. The company also accepts checking, savings, and time deposits; NOW and money market deposit accounts; and provides travelers’ checks, safe deposit, and other customary non-deposit banking services. “

Other analysts have also recently issued reports about the company. BidaskClub raised Heritage Commerce from a sell rating to a hold rating in a research note on Thursday, January 11th. ValuEngine cut shares of Heritage Commerce from a buy rating to a hold rating in a research note on Saturday, December 9th. Finally, Brean Capital set a $18.00 price target on shares of Heritage Commerce and gave the stock a buy rating in a research note on Friday, December 22nd. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Heritage Commerce currently has an average rating of Hold and an average target price of $16.67.

Heritage Commerce (NASDAQ:HTBK) traded up $0.09 during midday trading on Wednesday, reaching $16.57. The company had a trading volume of 103,454 shares, compared to its average volume of 167,537. Heritage Commerce has a twelve month low of $12.76 and a twelve month high of $16.80. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.14. The company has a market cap of $629.55, a PE ratio of 21.52, a price-to-earnings-growth ratio of 1.80 and a beta of 0.51.

Heritage Commerce (NASDAQ:HTBK) last posted its earnings results on Thursday, October 26th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. Heritage Commerce had a return on equity of 11.15% and a net margin of 26.40%. The business had revenue of $28.78 million during the quarter, compared to analysts’ expectations of $28.70 million. analysts anticipate that Heritage Commerce will post 0.81 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its stake in shares of Heritage Commerce by 2.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,906,072 shares of the financial services provider’s stock worth $26,266,000 after acquiring an additional 47,941 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Heritage Commerce by 5.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,652,384 shares of the financial services provider’s stock worth $23,513,000 after acquiring an additional 82,543 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Heritage Commerce by 11.2% during the 2nd quarter. Vanguard Group Inc. now owns 1,550,961 shares of the financial services provider’s stock worth $21,373,000 after acquiring an additional 155,957 shares in the last quarter. Westwood Holdings Group Inc. grew its stake in shares of Heritage Commerce by 31.6% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,002,565 shares of the financial services provider’s stock worth $13,815,000 after acquiring an additional 240,467 shares in the last quarter. Finally, Thrivent Financial For Lutherans grew its stake in shares of Heritage Commerce by 4.8% during the 2nd quarter. Thrivent Financial For Lutherans now owns 701,810 shares of the financial services provider’s stock worth $9,671,000 after acquiring an additional 31,960 shares in the last quarter. 69.98% of the stock is owned by institutional investors.

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Heritage Commerce Company Profile

Heritage Commerce Corp is a bank holding company. The Company, through its subsidiary Heritage Bank of Commerce (the Bank), provides a range of banking services. The Bank is a California state-chartered multi-community independent bank that offers a range of commercial banking services to small and medium-sized businesses and their owners, managers and employees.

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