Heritage Commerce (NASDAQ:HTBK) Posts Quarterly Earnings Results, Hits Expectations

Heritage Commerce (NASDAQ:HTBK) released its quarterly earnings results on Thursday. The financial services provider reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17, Zacks reports. Heritage Commerce had a return on equity of 7.21% and a net margin of 19.82%. The company had revenue of $63.68 million for the quarter, compared to analyst estimates of $43.14 million.

Heritage Commerce Stock Down 1.9 %

Shares of HTBK stock traded down $0.18 during mid-day trading on Friday, hitting $9.51. The company’s stock had a trading volume of 255,574 shares, compared to its average volume of 300,651. Heritage Commerce has a 52-week low of $7.66 and a 52-week high of $10.99. The business has a 50-day moving average price of $9.83 and a 200 day moving average price of $9.08. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a market cap of $582.54 million, a price-to-earnings ratio of 10.34 and a beta of 0.93.

Heritage Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 5.47%. The ex-dividend date of this dividend is Thursday, November 7th. Heritage Commerce’s payout ratio is 56.52%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods lifted their price target on Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a research report on Friday, July 26th. StockNews.com cut Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. Finally, Piper Sandler lifted their price objective on Heritage Commerce from $10.00 to $12.00 and gave the company an “overweight” rating in a research note on Friday, July 26th.

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.