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. “
Several other research firms have also recently weighed in on HTBK. ValuEngine upgraded Heritage Commerce from a strong sell rating to a sell rating in a report on Thursday, August 1st. BidaskClub upgraded Heritage Commerce from a strong sell rating to a sell rating in a report on Thursday, September 12th.
Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.02). Heritage Commerce had a return on equity of 13.39% and a net margin of 33.46%. The business had revenue of $33.68 million during the quarter, compared to analysts’ expectations of $34.80 million. Sell-side analysts predict that Heritage Commerce will post 1.09 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date was Wednesday, August 7th. Heritage Commerce’s payout ratio is presently 45.28%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in HTBK. Nuveen Asset Management LLC purchased a new position in shares of Heritage Commerce in the 2nd quarter valued at approximately $5,561,000. Westwood Holdings Group Inc. lifted its stake in shares of Heritage Commerce by 22.3% in the 1st quarter. Westwood Holdings Group Inc. now owns 1,078,961 shares of the financial services provider’s stock valued at $13,055,000 after purchasing an additional 197,037 shares during the period. Marshall Wace LLP lifted its stake in shares of Heritage Commerce by 76.2% in the 2nd quarter. Marshall Wace LLP now owns 308,456 shares of the financial services provider’s stock valued at $3,779,000 after purchasing an additional 133,398 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Heritage Commerce by 10.4% in the 2nd quarter. Renaissance Technologies LLC now owns 1,044,800 shares of the financial services provider’s stock valued at $12,799,000 after purchasing an additional 98,500 shares during the period. Finally, Enterprise Trust & Investment Co purchased a new position in shares of Heritage Commerce in the 2nd quarter valued at approximately $1,044,000. Institutional investors own 77.85% of the company’s stock.
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. 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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