Heritage Commerce (NASDAQ:HTBK) Rating Lowered to Sell at StockNews.com

Heritage Commerce (NASDAQ:HTBK) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.

Several other research analysts have also recently weighed in on the stock. Raymond James upped their price target on shares of Heritage Commerce from $9.50 to $11.00 and gave the stock an “outperform” rating in a report on Friday, January 5th. Piper Sandler lowered their price objective on shares of Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Friday, April 26th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, January 26th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $10.50.

Heritage Commerce Stock Performance

Shares of HTBK opened at $8.13 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market cap of $497.96 million, a PE ratio of 8.71 and a beta of 0.90. Heritage Commerce has a 1 year low of $6.69 and a 1 year high of $10.22. The stock’s fifty day moving average price is $8.23 and its two-hundred day moving average price is $8.70.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings results on Friday, April 26th. The financial services provider reported $0.17 EPS 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 8.40%. The business had revenue of $59.60 million for the quarter, compared to analysts’ expectations of $43.83 million. On average, equities research analysts forecast that Heritage Commerce will post 0.74 EPS for the current year.

Hedge Funds Weigh In On Heritage Commerce

A number of large investors have recently added to or reduced their stakes in the business. Rosenthal Henry Capital Advisors Inc. bought a new position in shares of Heritage Commerce during the third quarter valued at about $1,863,000. Public Employees Retirement System of Ohio boosted its holdings in Heritage Commerce by 1,070.2% during the 4th quarter. Public Employees Retirement System of Ohio now owns 12,299 shares of the financial services provider’s stock valued at $122,000 after acquiring an additional 11,248 shares during the period. Swiss National Bank grew its position in Heritage Commerce by 2.3% during the 3rd quarter. Swiss National Bank now owns 134,000 shares of the financial services provider’s stock worth $1,135,000 after acquiring an additional 3,000 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake 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 during the period. Finally, Federated Hermes Inc. lifted its position in Heritage Commerce by 5.5% in the third quarter. Federated Hermes Inc. now owns 81,122 shares of the financial services provider’s stock valued at $687,000 after purchasing an additional 4,220 shares during the last quarter. Hedge funds and other institutional investors own 75.55% 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. 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.