Heritage Commerce (NASDAQ:HTBK) Announces Quarterly Earnings Results

Heritage Commerce (NASDAQ:HTBK) posted its earnings results on Friday. The financial services provider reported $0.15 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.04), Zacks reports. The firm had revenue of $61.35 million during the quarter, compared to the consensus estimate of $43.35 million. Heritage Commerce had a return on equity of 7.24% and a net margin of 19.82%.

Heritage Commerce Stock Up 18.2 %

HTBK stock opened at $12.60 on Monday. Heritage Commerce has a 12 month low of $7.66 and a 12 month high of $12.60. The firm has a market cap of $771.88 million, a PE ratio of 11.59 and a beta of 0.94. The firm has a 50 day simple moving average of $8.60 and a 200 day simple moving average of $8.50. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.75 and a quick ratio of 0.75.

Heritage Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 4.13%. The ex-dividend date is Thursday, August 8th. Heritage Commerce’s dividend payout ratio is presently 56.52%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on HTBK shares. Keefe, Bruyette & Woods increased their price objective on shares of Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a report on Friday. Piper Sandler increased their price objective on shares of Heritage Commerce from $10.00 to $12.00 and gave the company an “overweight” rating in a report on Friday. Finally, StockNews.com cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Heritage Commerce currently has a consensus rating of “Hold” and an average target price of $11.13.

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.