Heritage Commerce Corp. (NASDAQ:HTBK) Forecasted to Post Q3 2020 Earnings of $0.18 Per Share

Heritage Commerce Corp. (NASDAQ:HTBK) – Stock analysts at DA Davidson issued their Q3 2020 EPS estimates for Heritage Commerce in a report released on Tuesday, July 28th. DA Davidson analyst G. Tenner expects that the financial services provider will post earnings per share of $0.18 for the quarter.

Heritage Commerce (NASDAQ:HTBK) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.06. Heritage Commerce had a net margin of 17.94% and a return on equity of 8.15%. The business had revenue of $37.02 million during the quarter, compared to analysts’ expectations of $38.46 million.

HTBK has been the subject of a number of other research reports. Zacks Investment Research cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Thursday. ValuEngine upgraded shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research note on Thursday, July 2nd. Janney Montgomery Scott raised their price target on shares of Heritage Commerce from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. BidaskClub cut shares of Heritage Commerce from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 13th. Finally, Piper Sandler restated an “overweight” rating and set a $9.00 price target on shares of Heritage Commerce in a research note on Monday, June 29th. Two analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. Heritage Commerce presently has an average rating of “Hold” and an average price target of $10.75.

NASDAQ HTBK opened at $6.78 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a 50-day simple moving average of $7.15 and a 200 day simple moving average of $8.75. Heritage Commerce has a twelve month low of $6.04 and a twelve month high of $13.14. The stock has a market cap of $405.04 million, a PE ratio of 11.89 and a beta of 1.14.

Institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its holdings in shares of Heritage Commerce by 8.1% in the first quarter. Geode Capital Management LLC now owns 825,504 shares of the financial services provider’s stock valued at $6,331,000 after purchasing an additional 61,804 shares in the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of Heritage Commerce by 166.5% in the first quarter. BNP Paribas Arbitrage SA now owns 17,067 shares of the financial services provider’s stock valued at $131,000 after purchasing an additional 10,663 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Heritage Commerce by 1,281.2% in the fourth quarter. Alliancebernstein L.P. now owns 610,587 shares of the financial services provider’s stock valued at $7,834,000 after purchasing an additional 566,380 shares in the last quarter. Aperio Group LLC increased its holdings in shares of Heritage Commerce by 26.6% in the first quarter. Aperio Group LLC now owns 46,744 shares of the financial services provider’s stock valued at $359,000 after purchasing an additional 9,811 shares in the last quarter. Finally, Two Sigma Advisers LP increased its holdings in shares of Heritage Commerce by 9.9% in the first quarter. Two Sigma Advisers LP now owns 364,160 shares of the financial services provider’s stock valued at $2,793,000 after purchasing an additional 32,800 shares in the last quarter. 69.62% of the stock is owned by institutional investors and hedge funds.

In other news, EVP Michael Eugene Benito sold 6,250 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $6.81, for a total transaction of $42,562.50. Following the completion of the sale, the executive vice president now owns 70,037 shares of the company’s stock, valued at $476,951.97. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Keith Wilton sold 3,713 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $8.36, for a total transaction of $31,040.68. Following the completion of the sale, the chief executive officer now directly owns 141,807 shares of the company’s stock, valued at approximately $1,185,506.52. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,693 shares of company stock valued at $97,381. Company insiders own 4.30% of the company’s stock.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 7.67%. The ex-dividend date of this dividend is Wednesday, August 5th. Heritage Commerce’s payout ratio is 48.60%.

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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Earnings History and Estimates for Heritage Commerce (NASDAQ:HTBK)

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