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

StockNews.com lowered shares of Heritage Commerce (NASDAQ:HTBK) from a hold rating to a sell rating in a report published on Tuesday morning.

Heritage Commerce Price Performance

Shares of HTBK stock opened at $10.73 on Tuesday. Heritage Commerce has a 1-year low of $7.66 and a 1-year high of $11.27. The stock’s 50-day moving average is $10.03 and its 200 day moving average is $9.42. The company has a market cap of $657.78 million, a P/E ratio of 15.23 and a beta of 0.93. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.73 and a quick ratio of 0.73.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.17 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.17. Heritage Commerce had a return on equity of 6.37% and a net margin of 17.61%. The company had revenue of $63.68 million for the quarter, compared to the consensus estimate of $43.14 million. Research analysts predict that Heritage Commerce will post 0.66 earnings per share for the current fiscal year.

Heritage Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 4.85%. Heritage Commerce’s payout ratio is 73.24%.

Institutional Investors Weigh In On Heritage Commerce

A number of large investors have recently modified their holdings of the business. Barclays PLC boosted its position in Heritage Commerce by 7.2% in the third quarter. Barclays PLC now owns 216,439 shares of the financial services provider’s stock valued at $2,139,000 after buying an additional 14,466 shares during the last quarter. Jane Street Group LLC boosted its position in Heritage Commerce by 55.6% in the third quarter. Jane Street Group LLC now owns 103,596 shares of the financial services provider’s stock valued at $1,024,000 after buying an additional 36,997 shares during the last quarter. Wellington Management Group LLP purchased a new stake in Heritage Commerce in the third quarter valued at approximately $20,093,000. State Street Corp boosted its position in Heritage Commerce by 3.2% in the third quarter. State Street Corp now owns 1,965,643 shares of the financial services provider’s stock valued at $19,421,000 after buying an additional 61,630 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in Heritage Commerce in the third quarter valued at approximately $107,000. Hedge funds and other institutional investors own 75.55% of the company’s stock.

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.