DA Davidson Expects Stronger Earnings for Heritage Commerce

Heritage Commerce Corp (NASDAQ:HTBK - Free Report) - Investment analysts at DA Davidson upped their FY2024 earnings per share estimates for Heritage Commerce in a note issued to investors on Monday, October 28th. DA Davidson analyst G. Tenner now anticipates that the financial services provider will post earnings per share of $0.67 for the year, up from their prior forecast of $0.64. The consensus estimate for Heritage Commerce's current full-year earnings is $0.65 per share. DA Davidson also issued estimates for Heritage Commerce's FY2025 earnings at $0.73 EPS.

A number of other research analysts also recently weighed in on HTBK. StockNews.com downgraded Heritage Commerce from a "hold" rating to a "sell" rating in a research note on Wednesday, July 10th. Keefe, Bruyette & Woods raised their price target on Heritage Commerce from $10.50 to $11.50 and gave the company an "outperform" rating in a research note on Friday, July 26th. Finally, 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.

Heritage Commerce Stock Up 1.8 %

HTBK stock traded up $0.18 during mid-day trading on Wednesday, reaching $10.06. The company had a trading volume of 36,797 shares, compared to its average volume of 389,255. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.76 and a quick ratio of 0.76. The stock has a 50 day simple moving average of $9.84 and a two-hundred day simple moving average of $9.11. The company has a market capitalization of $616.24 million, a price-to-earnings ratio of 10.74 and a beta of 0.93. Heritage Commerce has a 52 week low of $7.66 and a 52 week high of $10.99.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.17. Heritage Commerce had a return on equity of 7.21% and a net margin of 19.82%. The business had revenue of $63.68 million for the quarter, compared to analyst estimates of $43.14 million.

Institutional Trading of Heritage Commerce

Several institutional investors have recently added to or reduced their stakes in HTBK. Allspring Global Investments Holdings LLC raised its holdings in Heritage Commerce by 185.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider's stock valued at $42,000 after acquiring an additional 3,155 shares in the last quarter. nVerses Capital LLC acquired a new position in Heritage Commerce in the 3rd quarter valued at $73,000. CWM LLC raised its holdings in Heritage Commerce by 148.0% in the 2nd quarter. CWM LLC now owns 9,936 shares of the financial services provider's stock valued at $86,000 after acquiring an additional 5,929 shares in the last quarter. One Wealth Advisors LLC acquired a new position in Heritage Commerce in the 3rd quarter valued at $99,000. Finally, NorthCrest Asset Manangement LLC acquired a new position in Heritage Commerce in the 3rd quarter valued at $100,000. 75.55% of the stock is currently owned by institutional investors.

Heritage Commerce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 5.17%. Heritage Commerce's dividend payout ratio (DPR) is presently 56.52%.

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.