Heritage Commerce Corp (NASDAQ:HTBK) Announces $0.13 Quarterly Dividend

Heritage Commerce Corp (NASDAQ:HTBK - Get Free Report) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Stockholders of record on Thursday, November 7th will be given a dividend of 0.13 per share by the financial services provider on Thursday, November 21st. This represents a $0.52 annualized dividend and a dividend yield of 5.47%. The ex-dividend date of this dividend is Thursday, November 7th.

Heritage Commerce has a payout ratio of 72.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Heritage Commerce to earn $0.74 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 70.3%.

Heritage Commerce Stock Performance

Shares of HTBK traded down $0.18 during mid-day trading on Friday, hitting $9.51. The company's stock had a trading volume of 255,574 shares, compared to its average volume of 300,651. Heritage Commerce has a one year low of $7.66 and a one year high of $10.99. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market capitalization of $582.87 million, a PE ratio of 11.89 and a beta of 0.93. The stock's 50-day moving average is $9.83 and its two-hundred day moving average is $9.07.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last posted its quarterly earnings results on Friday, July 26th. The financial services provider reported $0.15 earnings per share for the quarter, missing analysts' consensus estimates of $0.19 by ($0.04). Heritage Commerce had a return on equity of 7.21% and a net margin of 19.82%. The business had revenue of $61.35 million for the quarter, compared to analyst estimates of $43.35 million. As a group, sell-side analysts anticipate that Heritage Commerce will post 0.65 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Piper Sandler increased their price target on shares of Heritage Commerce from $10.00 to $12.00 and gave the stock an "overweight" rating in a research report on Friday, July 26th. StockNews.com lowered shares of Heritage Commerce from a "hold" rating to a "sell" rating in a research report on Wednesday, July 10th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Heritage Commerce from $10.50 to $11.50 and gave the stock an "outperform" rating in a research report on Friday, July 26th.

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.