Heritage Commerce (HTBK) Upgraded by BidaskClub to “Hold”

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BidaskClub upgraded shares of Heritage Commerce (NASDAQ:HTBK) from a sell rating to a hold rating in a report released on Friday.

Other analysts have also issued reports about the company. Brean Capital reissued a buy rating and issued a $18.50 price objective on shares of Heritage Commerce in a report on Friday, July 27th. ValuEngine raised Heritage Commerce from a hold rating to a buy rating in a report on Tuesday, July 24th. Raymond James initiated coverage on Heritage Commerce in a research note on Wednesday, July 18th. They issued an outperform rating and a $19.00 price target on the stock. Finally, Zacks Investment Research lowered Heritage Commerce from a hold rating to a sell rating in a research note on Friday, July 20th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Heritage Commerce currently has a consensus rating of Hold and an average price target of $18.88.

HTBK traded down $0.41 during trading on Friday, hitting $14.63. The company’s stock had a trading volume of 255,205 shares, compared to its average volume of 181,623. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.11. Heritage Commerce has a twelve month low of $14.25 and a twelve month high of $18.10. The firm has a market cap of $644.88 million, a P/E ratio of 18.29, a PEG ratio of 1.55 and a beta of 0.46.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings data on Thursday, July 26th. The financial services provider reported $0.02 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.24). Heritage Commerce had a net margin of 15.63% and a return on equity of 11.98%. The business had revenue of $32.94 million during the quarter, compared to analyst estimates of $32.60 million. Equities research analysts forecast that Heritage Commerce will post 0.96 EPS for the current year.

In other news, Director Jason Philip Dinapoli purchased 5,000 shares of the stock in a transaction dated Monday, August 6th. The shares were purchased at an average cost of $14.82 per share, with a total value of $74,100.00. Following the completion of the purchase, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $296,400. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 5.40% of the company’s stock.

Several large investors have recently modified their holdings of HTBK. Cubist Systematic Strategies LLC acquired a new stake in shares of Heritage Commerce in the first quarter worth approximately $165,000. A.R.T. Advisors LLC purchased a new position in Heritage Commerce during the first quarter worth approximately $182,000. Engineers Gate Manager LP purchased a new position in Heritage Commerce during the second quarter worth approximately $241,000. Hancock Holding Co. purchased a new position in Heritage Commerce during the first quarter worth approximately $272,000. Finally, Globeflex Capital L P lifted its position in Heritage Commerce by 18.3% during the second quarter. Globeflex Capital L P now owns 32,900 shares of the financial services provider’s stock worth $559,000 after buying an additional 5,100 shares in the last quarter. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

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. It offers a range of deposit products for business banking and retail markets, including interest and non-interest bearing demand, savings accounts, certificate of deposit, money market accounts, and time deposits.

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