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

Heritage Commerce Corp (NASDAQ:HTBK) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Shareholders of record on Thursday, May 9th will be given a dividend of 0.13 per share by the financial services provider on Thursday, May 23rd. This represents a $0.52 annualized dividend and a yield of 6.50%. The ex-dividend date is Wednesday, May 8th.

Heritage Commerce has a dividend payout ratio of 59.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Heritage Commerce to earn $0.89 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 58.4%.

Heritage Commerce Trading Down 2.2 %

NASDAQ HTBK traded down $0.18 on Friday, hitting $8.00. 827,652 shares of the company were exchanged, compared to its average volume of 300,620. The company’s 50 day moving average price is $8.25 and its 200-day moving average price is $8.71. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market capitalization of $490 million, a P/E ratio of 8.70 and a beta of 0.90. Heritage Commerce has a twelve month low of $6.69 and a twelve month high of $10.22.

Heritage Commerce (NASDAQ:HTBK) last issued its earnings results on Thursday, January 25th. The financial services provider reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.02). The business had revenue of $44.24 million during the quarter, compared to analyst estimates of $46.38 million. Heritage Commerce had a net margin of 22.84% and a return on equity of 8.40%. Analysts predict that Heritage Commerce will post 0.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Jack W. Conner sold 6,944 shares of the stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $8.92, for a total value of $61,940.48. Following the transaction, the director now owns 102,501 shares in the company, valued at $914,308.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.99% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on HTBK shares. Piper Sandler dropped their target price on Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Friday. Raymond James upped their target price on Heritage Commerce from $9.50 to $11.00 and gave the company an “outperform” rating in a report on Friday, January 5th. Keefe, Bruyette & Woods dropped their target price on Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, January 26th. Finally, StockNews.com downgraded Heritage Commerce from a “hold” rating to a “sell” rating in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $10.50.

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.