Heritage Commerce (NASDAQ:HTBK) Price Target Cut to $11.00 by Analysts at Keefe, Bruyette & Woods

Heritage Commerce (NASDAQ:HTBK - Free Report) had its price target cut by Keefe, Bruyette & Woods from $11.50 to $11.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an outperform rating on the financial services provider's stock.

Separately, Stephens upgraded Heritage Commerce from a "hold" rating to a "strong-buy" rating in a report on Monday, March 3rd.

Heritage Commerce Stock Down 0.4 %

Shares of HTBK stock traded down $0.04 on Friday, reaching $8.92. 418,607 shares of the company's stock traded hands, compared to its average volume of 376,023. Heritage Commerce has a 12-month low of $7.74 and a 12-month high of $11.27. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.73 and a current ratio of 0.73. The company has a market capitalization of $549.57 million, a P/E ratio of 13.52 and a beta of 0.81. The business's 50 day moving average price is $9.40 and its two-hundred day moving average price is $9.76.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.18 by $0.01. Heritage Commerce had a return on equity of 5.96% and a net margin of 16.12%. The business had revenue of $46.06 million for the quarter, compared to the consensus estimate of $45.89 million. On average, equities analysts forecast that Heritage Commerce will post 0.8 earnings per share for the current year.

Heritage Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Thursday, May 8th will be paid a $0.13 dividend. The ex-dividend date is Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a yield of 5.83%. Heritage Commerce's dividend payout ratio (DPR) is currently 76.47%.

Insider Buying and Selling at Heritage Commerce

In other news, CEO Robertson Clay Jones, Jr. sold 5,145 shares of the company's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.73, for a total transaction of $50,060.85. Following the completion of the sale, the chief executive officer now owns 254,227 shares in the company, valued at approximately $2,473,628.71. This represents a 1.98 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jack W. Conner sold 4,000 shares of the company's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $10.52, for a total value of $42,080.00. Following the sale, the director now owns 108,512 shares of the company's stock, valued at approximately $1,141,546.24. This trade represents a 3.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,747 shares of company stock worth $107,728 over the last 90 days. 2.71% of the stock is currently owned by corporate insiders.

Institutional Trading of Heritage Commerce

Several large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its stake in shares of Heritage Commerce by 4.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,392,688 shares of the financial services provider's stock worth $31,823,000 after acquiring an additional 130,144 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Heritage Commerce by 13.2% during the fourth quarter. Wellington Management Group LLP now owns 2,302,615 shares of the financial services provider's stock worth $21,599,000 after buying an additional 268,900 shares during the last quarter. Boston Partners boosted its position in shares of Heritage Commerce by 1.7% in the fourth quarter. Boston Partners now owns 1,564,741 shares of the financial services provider's stock valued at $14,620,000 after acquiring an additional 26,442 shares during the period. Geode Capital Management LLC grew its stake in shares of Heritage Commerce by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 1,426,816 shares of the financial services provider's stock worth $13,386,000 after acquiring an additional 4,756 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in shares of Heritage Commerce by 3.4% in the fourth quarter. American Century Companies Inc. now owns 1,129,910 shares of the financial services provider's stock worth $10,599,000 after acquiring an additional 36,821 shares during the last quarter. Institutional investors 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.