Heritage Commerce (NASDAQ:HTBK) Announces Quarterly Earnings Results

Heritage Commerce (NASDAQ:HTBK) released its quarterly earnings data on Friday. The financial services provider reported $0.15 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.04), Zacks reports. The firm had revenue of $61.35 million for the quarter, compared to analysts’ expectations of $43.35 million. Heritage Commerce had a return on equity of 7.24% and a net margin of 19.82%.

Heritage Commerce Stock Performance

Heritage Commerce stock traded down $0.08 during trading hours on Monday, hitting $10.58. 28,175 shares of the stock traded hands, compared to its average volume of 388,212. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.75 and a quick ratio of 0.75. The firm’s 50 day moving average price is $8.60 and its 200-day moving average price is $8.50. The stock has a market capitalization of $648.13 million, a price-to-earnings ratio of 11.59 and a beta of 0.94. Heritage Commerce has a 1 year low of $7.66 and a 1 year high of $10.99.

Heritage Commerce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th will be paid a dividend of $0.13 per share. The ex-dividend date is Thursday, August 8th. This represents a $0.52 annualized dividend and a yield of 4.91%. Heritage Commerce’s payout ratio is presently 56.52%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. StockNews.com downgraded Heritage Commerce from a “hold” rating to a “sell” rating in a report on Wednesday, July 10th. Piper Sandler lifted their price target on Heritage Commerce from $10.00 to $12.00 and gave the company an “overweight” rating in a report on Friday. Finally, Keefe, Bruyette & Woods upped their target price on Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $11.13.

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. 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.