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

Heritage Commerce (NASDAQ:HTBK) had its target price lowered by Keefe, Bruyette & Woods from $12.50 to $11.50 in a report published on Friday morning,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 report on Wednesday, December 4th.

Heritage Commerce Price Performance

Shares of NASDAQ HTBK opened at $9.54 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.73 and a quick ratio of 0.73. The stock has a fifty day moving average price of $9.84 and a 200 day moving average price of $9.89. Heritage Commerce has a 1-year low of $7.66 and a 1-year high of $11.27. The company has a market cap of $584.80 million, a PE ratio of 13.44 and a beta of 0.96.

Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings data 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 return on equity of 6.37% and a net margin of 17.61%. Sell-side analysts forecast that Heritage Commerce will post 0.66 EPS for the current year.

Heritage Commerce Dividend Announcement

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

Hedge Funds Weigh In On Heritage Commerce

Hedge funds and other institutional investors have recently modified their holdings of the company. nVerses Capital LLC purchased a new stake in shares of Heritage Commerce during the 3rd quarter valued at about $73,000. FMR LLC raised its holdings in shares of Heritage Commerce by 103.7% during the 3rd quarter. FMR LLC now owns 7,832 shares of the financial services provider’s stock valued at $77,000 after buying an additional 3,987 shares during the period. One Wealth Advisors LLC purchased a new stake in shares of Heritage Commerce during the 3rd quarter valued at about $99,000. NorthCrest Asset Manangement LLC purchased a new stake in shares of Heritage Commerce during the 3rd quarter valued at about $100,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Heritage Commerce during the 3rd quarter valued at about $107,000. 75.55% of the stock is owned by institutional investors and hedge funds.

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.