FY2024 EPS Forecast for Heritage Commerce Lifted by Analyst

Heritage Commerce Corp (NASDAQ:HTBK - Free Report) - Investment analysts at DA Davidson lifted their FY2024 earnings per share (EPS) estimates for shares of Heritage Commerce in a research report issued to clients and investors on Monday, October 28th. DA Davidson analyst G. Tenner now expects that the financial services provider will post earnings per share of $0.67 for the year, up from their previous estimate 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.

Other analysts have also recently issued research reports about the stock. Piper Sandler upped their price target on shares of Heritage Commerce from $10.00 to $12.00 and gave the company an "overweight" rating in a research report on Friday, July 26th. StockNews.com downgraded shares of Heritage Commerce from a "hold" rating to a "sell" rating in a research report on Wednesday, July 10th. Finally, Keefe, Bruyette & Woods lifted 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.

Heritage Commerce Trading Up 0.5 %

NASDAQ HTBK traded up $0.05 on Wednesday, hitting $9.93. The company's stock had a trading volume of 395,033 shares, compared to its average volume of 390,961. The firm has a market cap of $608.27 million, a PE ratio of 10.74 and a beta of 0.93. Heritage Commerce has a 1-year low of $7.66 and a 1-year high of $10.99. The company's 50-day moving average is $9.84 and its 200 day moving average is $9.11. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.06.

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

Heritage Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 5.24%. The ex-dividend date of this dividend is Thursday, November 7th. Heritage Commerce's dividend payout ratio is 56.52%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position 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 worth $28,392,000 after buying an additional 123,973 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Heritage Commerce by 830.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,024,377 shares of the financial services provider's stock valued at $8,912,000 after purchasing an additional 914,249 shares in the last quarter. American Century Companies Inc. lifted its stake in Heritage Commerce by 21.2% in the second quarter. American Century Companies Inc. now owns 921,389 shares of the financial services provider's stock worth $8,016,000 after purchasing an additional 160,977 shares during the last quarter. AlTi Global Inc. boosted its position in Heritage Commerce by 1.1% during the second quarter. AlTi Global Inc. now owns 648,286 shares of the financial services provider's stock valued at $5,640,000 after buying an additional 6,747 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in Heritage Commerce by 32.5% during the 2nd quarter. AQR Capital Management LLC now owns 544,471 shares of the financial services provider's stock valued at $4,737,000 after acquiring an additional 133,514 shares during the period. Hedge funds and other 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.