Heritage Commerce (NASDAQ:HTBK) Upgraded by StockNews.com to Hold Rating

Heritage Commerce (NASDAQ:HTBK) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Monday.

Other equities analysts also recently issued research reports about the company. Piper Sandler increased their price target on Heritage Commerce from $10.00 to $12.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods raised their target price on Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a research report on Friday, July 26th.

Heritage Commerce Stock Performance

Shares of HTBK traded down $0.03 during mid-day trading on Monday, reaching $10.62. The company had a trading volume of 317,611 shares, compared to its average volume of 390,063. Heritage Commerce has a 52-week low of $7.66 and a 52-week high of $11.01. The company has a quick ratio of 0.76, a current ratio of 0.73 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $651.01 million, a P/E ratio of 14.96 and a beta of 0.93. The stock has a 50 day moving average of $9.94 and a two-hundred day moving average of $9.33.

Heritage Commerce (NASDAQ:HTBK) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.17 EPS for the quarter, hitting analysts’ consensus estimates of $0.17. 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 6.37% and a net margin of 17.61%. On average, analysts expect that Heritage Commerce will post 0.66 earnings per share for the current year.

Institutional Investors Weigh In On Heritage Commerce

Several hedge funds and other institutional investors have recently made changes to their positions in HTBK. Allspring Global Investments Holdings LLC increased its holdings in shares of Heritage Commerce by 185.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 3,155 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Heritage Commerce by 10.7% in the first quarter. BNP Paribas Financial Markets now owns 71,033 shares of the financial services provider’s stock valued at $609,000 after purchasing an additional 6,866 shares during the last quarter. ProShare Advisors LLC acquired a new stake in shares of Heritage Commerce in the first quarter valued at approximately $91,000. State Board of Administration of Florida Retirement System increased its holdings in shares of Heritage Commerce by 190.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 49,126 shares of the financial services provider’s stock valued at $409,000 after purchasing an additional 32,216 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Heritage Commerce by 3.9% in the first quarter. Vanguard Group Inc. now owns 3,309,141 shares of the financial services provider’s stock valued at $28,392,000 after purchasing an additional 123,973 shares during the last quarter. Institutional investors and hedge funds 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.