Heritage Commerce (NASDAQ:HTBK) Releases Quarterly Earnings Results, Hits Estimates

Heritage Commerce (NASDAQ:HTBK) released its earnings results on Thursday. The financial services provider reported $0.17 EPS for the quarter, meeting the consensus estimate of $0.17, Zacks reports. The firm had revenue of $63.68 million for the quarter, compared to analysts’ expectations of $43.14 million. Heritage Commerce had a return on equity of 7.21% and a net margin of 19.82%.

Heritage Commerce Price Performance

Shares of NASDAQ:HTBK traded down $0.18 during trading on Friday, reaching $9.51. 255,574 shares of the company traded hands, compared to its average volume of 300,651. The company’s 50 day moving average is $9.83 and its two-hundred day moving average is $9.08. The firm has a market capitalization of $582.54 million, a PE ratio of 10.34 and a beta of 0.93. 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 has a 52 week low of $7.66 and a 52 week high of $10.99.

Heritage Commerce Announces Dividend

The business 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. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 5.47%. Heritage Commerce’s payout ratio is 56.52%.

Analyst Ratings Changes

Several research firms have commented on HTBK. StockNews.com cut Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. Keefe, Bruyette & Woods boosted their target price on Heritage Commerce from $10.50 to $11.50 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, Piper Sandler boosted their target price on Heritage Commerce from $10.00 to $12.00 and gave the stock an “overweight” rating in a report on Friday, July 26th.

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.