Heritage Commerce (NASDAQ:HTBK) Releases Quarterly Earnings Results

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

Heritage Commerce Price Performance

HTBK stock traded down $0.18 during mid-day trading on Friday, reaching $9.51. 255,574 shares of the company traded hands, compared to its average volume of 300,651. The company has a fifty day moving average price of $9.83 and a 200-day moving average price of $9.08. Heritage Commerce has a 52-week low of $7.66 and a 52-week high of $10.99. The company has a market capitalization of $582.54 million, a P/E ratio of 10.34 and a beta of 0.93. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.76 and a quick ratio of 0.76.

Heritage Commerce Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on HTBK. Piper Sandler lifted their target price on Heritage Commerce from $10.00 to $12.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. StockNews.com lowered shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Wednesday, July 10th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a research report on Friday, July 26th.

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.