Heritage Commerce (NASDAQ:HTBK) Price Target Cut to $10.00 by Analysts at Piper Sandler

Heritage Commerce (NASDAQ:HTBK) had its price target cut by equities researchers at Piper Sandler from $11.00 to $10.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target would suggest a potential upside of 25.94% from the company’s current price.

Several other research analysts have also commented on the stock. Raymond James increased their price target on shares of Heritage Commerce from $9.50 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. StockNews.com cut Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Friday, April 19th. Finally, Keefe, Bruyette & Woods cut their price target on Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, January 26th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $10.50.

Heritage Commerce Stock Down 2.9 %

Shares of NASDAQ HTBK traded down $0.24 during trading on Friday, reaching $7.94. 151,046 shares of the stock were exchanged, compared to its average volume of 385,122. The company has a market capitalization of $486.33 million, a price-to-earnings ratio of 7.42 and a beta of 0.90. The business’s 50-day moving average price is $8.26 and its 200 day moving average price is $8.71. Heritage Commerce has a twelve month low of $6.69 and a twelve month high of $10.22. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.06.

Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.02). Heritage Commerce had a return on equity of 9.78% and a net margin of 26.49%. The company had revenue of $44.24 million for the quarter, compared to the consensus estimate of $46.38 million. As a group, equities analysts forecast that Heritage Commerce will post 0.81 EPS for the current fiscal year.

Insider Transactions at Heritage Commerce

In other news, Director Jack W. Conner sold 6,944 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $8.92, for a total transaction of $61,940.48. Following the transaction, the director now owns 102,501 shares of the company’s stock, valued at $914,308.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.99% of the company’s stock.

Institutional Investors Weigh In On Heritage Commerce

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC raised its position in Heritage Commerce by 185.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 3,155 shares in the last quarter. Lindbrook Capital LLC raised its holdings in shares of Heritage Commerce by 47.7% in the 4th quarter. Lindbrook Capital LLC now owns 4,780 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 1,543 shares during the period. GAMMA Investing LLC acquired a new stake in Heritage Commerce in the 4th quarter valued at about $49,000. Norden Group LLC bought a new position in Heritage Commerce during the first quarter worth about $111,000. Finally, Public Employees Retirement System of Ohio increased its position in Heritage Commerce by 1,070.2% during the fourth quarter. Public Employees Retirement System of Ohio now owns 12,299 shares of the financial services provider’s stock worth $122,000 after buying an additional 11,248 shares during the last quarter. 75.55% of the stock is owned by institutional investors.

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.