Heritage Commerce (NASDAQ:HTBK) Reaches New 52-Week High – Here’s What Happened

Shares of Heritage Commerce Corp (NASDAQ:HTBK) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $11.01 and last traded at $10.97, with a volume of 1156514 shares traded. The stock had previously closed at $9.71.

Analysts Set New Price Targets

HTBK has been the topic of a number of research analyst reports. Piper Sandler raised their target price 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 Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. Finally, Keefe, Bruyette & Woods lifted their target price 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.

Heritage Commerce Stock Up 13.0 %

The stock has a market cap of $672.35 million, a price-to-earnings ratio of 15.45 and a beta of 0.93. The stock has a 50 day simple moving average of $9.82 and a 200 day simple moving average of $9.17. 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) last posted 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. Heritage Commerce had a net margin of 17.61% and a return on equity of 6.39%. The business had revenue of $63.68 million during the quarter, compared to the consensus estimate of $43.14 million. As a group, analysts expect that Heritage Commerce Corp will post 0.66 earnings per share for the current fiscal year.

Heritage Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 4.74%. The ex-dividend date of this dividend is Thursday, November 7th. Heritage Commerce’s payout ratio is presently 73.24%.

Institutional Investors Weigh In On Heritage Commerce

A number of institutional investors and hedge funds have recently bought and sold shares of HTBK. Vanguard Group Inc. increased its stake in Heritage Commerce by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 3,309,141 shares of the financial services provider’s stock valued at $28,392,000 after buying an additional 123,973 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Heritage Commerce by 830.2% during the second 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 acquiring an additional 914,249 shares during the last quarter. American Century Companies Inc. lifted its holdings in Heritage Commerce by 21.2% during the second quarter. American Century Companies Inc. now owns 921,389 shares of the financial services provider’s stock worth $8,016,000 after acquiring an additional 160,977 shares during the period. AlTi Global Inc. boosted its position in Heritage Commerce by 1.1% in the second quarter. AlTi Global Inc. now owns 648,286 shares of the financial services provider’s stock worth $5,640,000 after purchasing an additional 6,747 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in Heritage Commerce by 32.5% in 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 purchasing an additional 133,514 shares during the period. 75.55% of the stock is owned by hedge funds and other institutional investors.

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.