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

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

Heritage Commerce Stock Down 1.7 %

Shares of NASDAQ HTBK traded down $0.19 during midday trading on Tuesday, hitting $10.73. The company's stock had a trading volume of 371,373 shares, compared to its average volume of 390,040. The business's fifty day simple moving average is $10.03 and its two-hundred day simple moving average is $9.42. The firm has a market capitalization of $657.78 million, a price-to-earnings ratio of 15.23 and a beta of 0.93. Heritage Commerce has a 1 year low of $7.66 and a 1 year high of $11.27. 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 - Get Free Report) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The firm had revenue of $63.68 million for the quarter, compared to analysts' expectations of $43.14 million. Heritage Commerce had a net margin of 17.61% and a return on equity of 6.37%. On average, equities analysts predict that Heritage Commerce will post 0.66 EPS for the current year.

Heritage Commerce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 4.85%. Heritage Commerce's dividend payout ratio (DPR) is 73.24%.

Institutional Trading of Heritage Commerce

Several hedge funds have recently added to or reduced their stakes in HTBK. Barclays PLC raised its holdings in Heritage Commerce by 7.2% during the third quarter. Barclays PLC now owns 216,439 shares of the financial services provider's stock worth $2,139,000 after purchasing an additional 14,466 shares in the last quarter. Jane Street Group LLC raised its holdings in Heritage Commerce by 55.6% during the third quarter. Jane Street Group LLC now owns 103,596 shares of the financial services provider's stock worth $1,024,000 after purchasing an additional 36,997 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Heritage Commerce during the third quarter worth approximately $20,093,000. State Street Corp raised its holdings in Heritage Commerce by 3.2% during the third quarter. State Street Corp now owns 1,965,643 shares of the financial services provider's stock worth $19,421,000 after purchasing an additional 61,630 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in Heritage Commerce during the third quarter worth approximately $107,000. 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.