Heritage Commerce (NASDAQ:HTBK) Stock Rating Lowered by StockNews.com

Heritage Commerce (NASDAQ:HTBKGet Free Report) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

Separately, Piper Sandler cut their price target on shares of Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Friday, April 26th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Heritage Commerce currently has a consensus rating of “Hold” and an average price target of $10.50.

Get Our Latest Analysis on Heritage Commerce

Heritage Commerce Stock Up 1.9 %

NASDAQ HTBK traded up $0.16 on Wednesday, hitting $8.67. 225,705 shares of the company were exchanged, compared to its average volume of 379,462. The stock has a fifty day moving average of $8.20 and a 200-day moving average of $8.50. Heritage Commerce has a 12 month low of $7.66 and a 12 month high of $10.22. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06. The company has a market cap of $531.12 million, a PE ratio of 9.42 and a beta of 0.94.

Heritage Commerce (NASDAQ:HTBKGet Free Report) last released its quarterly earnings results on Friday, April 26th. The financial services provider reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.02). Heritage Commerce had a net margin of 22.84% and a return on equity of 8.36%. The firm had revenue of $59.60 million for the quarter, compared to the consensus estimate of $43.83 million. As a group, analysts forecast that Heritage Commerce will post 0.73 earnings per share for the current year.

Institutional Investors Weigh In On Heritage Commerce

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Heritage Commerce by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 3,118,504 shares of the financial services provider’s stock worth $26,414,000 after purchasing an additional 36,615 shares during the period. Diversified Trust Co grew its stake in Heritage Commerce by 54.7% during the 4th quarter. Diversified Trust Co now owns 17,267 shares of the financial services provider’s stock valued at $171,000 after purchasing an additional 6,103 shares during the last quarter. SG Americas Securities LLC lifted its position in Heritage Commerce by 27.9% during the fourth quarter. SG Americas Securities LLC now owns 41,642 shares of the financial services provider’s stock valued at $413,000 after purchasing an additional 9,084 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in Heritage Commerce by 10.9% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 87,264 shares of the financial services provider’s stock worth $866,000 after purchasing an additional 8,600 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Heritage Commerce by 31.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 242,268 shares of the financial services provider’s stock valued at $2,403,000 after buying an additional 57,882 shares in the last quarter. 75.55% of the stock is currently owned by hedge funds and other institutional investors.

Heritage Commerce Company Profile

(Get Free Report)

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. Its deposit products for business banking and retail markets include interest and non-interest-bearing demand, savings, and money market accounts, as well as certificates of deposit and time deposits.

Recommended Stories

Receive News & Ratings for Heritage Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Heritage Commerce and related companies with MarketBeat.com's FREE daily email newsletter.