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 equities research analysts have also recently issued reports on HTBK. Janney Montgomery Scott raised their price objective on Heritage Commerce from $9.00 to $10.00 and gave the stock a buy rating in a report on Tuesday, April 28th. BidaskClub downgraded Heritage Commerce from a sell rating to a strong sell rating in a research note on Saturday, June 13th. ValuEngine cut Heritage Commerce from a hold rating to a sell rating in a report on Thursday, April 2nd. Raymond James upped their price target on Heritage Commerce from $8.00 to $9.00 and gave the company an outperform rating in a report on Monday, April 27th. Finally, Piper Sandler restated an overweight rating and set a $9.00 price target on shares of Heritage Commerce in a report on Monday. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $11.40.
Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.03 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.15). Heritage Commerce had a net margin of 18.73% and a return on equity of 8.94%. The business had revenue of $41.77 million during the quarter, compared to analyst estimates of $39.72 million. As a group, sell-side analysts predict that Heritage Commerce will post 0.6 EPS for the current fiscal year.
In related news, CEO Keith Wilton sold 3,713 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $8.36, for a total value of $31,040.68. Following the completion of the transaction, the chief executive officer now owns 141,807 shares of the company’s stock, valued at $1,185,506.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.30% of the company’s stock.
Large investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Heritage Commerce by 88.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,506 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 2,583 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in shares of Heritage Commerce during the 1st quarter worth about $56,000. Great West Life Assurance Co. Can bought a new stake in shares of Heritage Commerce during the 4th quarter worth about $61,000. Advisor Group Holdings Inc. acquired a new stake in Heritage Commerce in the 1st quarter worth about $63,000. Finally, Keebeck Alpha LP acquired a new stake in Heritage Commerce in the 1st quarter worth about $81,000. Institutional investors and hedge funds own 69.71% 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. 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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