Keefe, Bruyette & Woods Cuts Heritage Commerce (NASDAQ:HTBK) Price Target to $11.50

Heritage Commerce (NASDAQ:HTBK) had its target price reduced by Keefe, Bruyette & Woods from $12.50 to $11.50 in a research report released on Friday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

Separately, StockNews.com upgraded Heritage Commerce from a “sell” rating to a “hold” rating in a research note on Wednesday, December 4th.

Heritage Commerce Stock Up 3.8 %

Shares of Heritage Commerce stock opened at $9.54 on Friday. The company has a market cap of $584.80 million, a P/E ratio of 13.44 and a beta of 0.96. The firm has a fifty day moving average of $9.84 and a two-hundred day moving average of $9.87. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.73 and a current ratio of 0.73. Heritage Commerce has a one year low of $7.66 and a one year high of $11.27.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17. Heritage Commerce had a net margin of 17.61% and a return on equity of 6.37%. On average, analysts forecast that Heritage Commerce will post 0.66 earnings per share for the current year.

Heritage Commerce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 20th. Shareholders of record on Thursday, February 6th will be given a dividend of $0.13 per share. The ex-dividend date is Thursday, February 6th. This represents a $0.52 annualized dividend and a yield of 5.45%. Heritage Commerce’s payout ratio is currently 73.24%.

Institutional Investors Weigh In On Heritage Commerce

Several institutional investors have recently modified their holdings of the company. Franklin Resources Inc. raised its holdings in Heritage Commerce by 2.9% during the third quarter. Franklin Resources Inc. now owns 46,089 shares of the financial services provider’s stock worth $449,000 after purchasing an additional 1,302 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Heritage Commerce by 5.9% in the fourth quarter. SG Americas Securities LLC now owns 45,763 shares of the financial services provider’s stock valued at $429,000 after buying an additional 2,558 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Heritage Commerce by 27.7% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,262 shares of the financial services provider’s stock worth $161,000 after buying an additional 3,529 shares during the last quarter. FMR LLC boosted its position in shares of Heritage Commerce by 103.7% in the 3rd quarter. FMR LLC now owns 7,832 shares of the financial services provider’s stock worth $77,000 after buying an additional 3,987 shares in the last quarter. Finally, Rosenthal Henry Capital Advisors Inc. grew its stake in Heritage Commerce by 2.1% in the 3rd quarter. Rosenthal Henry Capital Advisors Inc. now owns 203,837 shares of the financial services provider’s stock valued at $2,014,000 after acquiring an additional 4,250 shares during the last quarter. Hedge funds and other institutional investors own 75.55% of the company’s stock.

Heritage Commerce Company Profile

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.