Heritage Trading (NASDAQ: HTBK) has been updated by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The company currently has a price target of $14.00 on shares of the financial services provider. Zacks Investment ResearchThe target price of suggests a potential upside of 12.72% from the company’s current price.
According to Zacks, “Heritage Commerce Corp. is the holding company for Heritage Bank of Commerce, Heritage Bank East Bay, Heritage Bank South Valley and Bank of Los Altos. The company offers a range of loans, primarily commercial, including real estate, Construction, Small Business Administration), inventory and accounts receivable, and equipment loans. The company also accepts checks, savings deposits, and term deposits; NOW deposit and money market accounts; and provides travelers cheques, safe deposit boxes and other usual non-deposit banking services.”
HTBK has been the subject of several other research reports. DA Davidson upgraded shares of Heritage Commerce from a “neutral” rating to a “buy” rating and set a price target of $13.50 on the stock in a Tuesday, December 14 research note. Stephens began covering Heritage Commerce shares in a research note on Tuesday, December 28. They set an “overweight” rating and a price target of $13.50 on the stock.
Shares of HTBK opened at $12.42 on Wednesday. The company has a debt ratio of 0.07, a quick ratio of 0.60 and a current ratio of 0.60. Heritage Commerce has a 52-week low of $8.57 and a 52-week high of $12.94. The company has a market capitalization of $748.55 million, a PE ratio of 15.53 and a beta of 1.18. The company’s 50-day moving average is $11.83 and its 200-day moving average is $11.60.
Heritage Commerce Inc (NASDAQ:HTBK) last released quarterly earnings data on Thursday, January 27. The financial services provider reported earnings per share of $0.23 for the quarter, beating Thomson Reuters consensus estimate of $0.22 by $0.01. Heritage Commerce had a return on equity of 8.17% and a net margin of 29.27%. On average, sell-side analysts expect Heritage Commerce to post 0.82 EPS for the current fiscal year.
Separately, director Stephen G. Heitel sold 27,350 shares of the company in a transaction that took place on Monday, November 8. The shares were sold at an average price of $12.15, for a total transaction of $332,302.50. The sale was disclosed in a filing with the SEC, accessible via this hyperlink. Also, director Jason Philippe Dinapoli bought 5,000 shares of the company in a transaction that took place on Thursday, November 4. The shares were acquired at an average cost of $12.11 per share, for a total transaction of $60,550.00. Disclosure of this purchase can be found here. Last quarter, insiders purchased 12,706 shares of the company worth $150,881. Insiders of the company own 4.43% of the shares of the company.
A number of institutional investors and hedge funds have recently changed their positions in HTBK. Cramer Rosenthal Mcglynn LLC acquired a new position in Heritage Commerce during Q3 worth approximately $15,433,000. FJ Capital Management LLC increased its position in Heritage Commerce by 50.7% in the third quarter. FJ Capital Management LLC now owns 2,015,000 shares of the financial services provider valued at $23,440,000 after purchasing an additional 678,000 shares in the last quarter. Granite Investment Partners LLC increased its position in Heritage Commerce by 68.1% in the third quarter. Granite Investment Partners LLC now owns 1,342,469 shares of the financial services provider valued at $15,613,000 after purchasing an additional 543,906 shares in the last quarter. Northern Trust Corp raised its position in Heritage Commerce by 78.1% in the second quarter. Northern Trust Corp now owns 1,100,214 shares of the financial services provider valued at $12,246,000 after buying an additional 482,488 shares in the last quarter. Finally, Bank of Montreal Can increased its position in Heritage Commerce by 368.3% in the second quarter. Bank of Montreal Can now owns 440,414 shares of the financial services provider valued at $4,998,000 after buying an additional 346,360 shares in the last quarter. 70.93% of the shares are currently held by hedge funds and other institutional investors.
Heritage Commerce Company Profile
Heritage Commerce Corp. is a holding company that provides banking services. It operates through the following banking and factoring segments. The banking segment includes the operating results of the holding company. The Factoring segment focuses on factoring generated by Bay View financing. The company was founded in 1997 and is based in San Jose, California.
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