Equities analysts expect Heritage Commerce Corp. (NASDAQ:HTBK) to announce sales of $29.45 million for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Heritage Commerce’s earnings. The highest sales estimate is $29.50 million and the lowest is $29.40 million. Heritage Commerce posted sales of $26.12 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 12.7%. The company is scheduled to issue its next earnings results on Thursday, April 26th.
On average, analysts expect that Heritage Commerce will report full-year sales of $29.45 million for the current financial year, with estimates ranging from $134.20 million to $137.00 million. For the next fiscal year, analysts expect that the business will post sales of $158.55 million per share, with estimates ranging from $155.60 million to $161.50 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Heritage Commerce.
Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.22 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.01). Heritage Commerce had a net margin of 20.56% and a return on equity of 11.48%. The business had revenue of $29.01 million during the quarter, compared to analyst estimates of $29.65 million.
Several research analysts have recently commented on HTBK shares. BidaskClub raised shares of Heritage Commerce from a “sell” rating to a “hold” rating in a report on Saturday, February 24th. Brean Capital reaffirmed a “buy” rating on shares of Heritage Commerce in a report on Tuesday, January 2nd. Zacks Investment Research lowered shares of Heritage Commerce from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 17th. DA Davidson raised shares of Heritage Commerce from a “neutral” rating to a “buy” rating in a research note on Monday, February 12th. Finally, ValuEngine lowered shares of Heritage Commerce from a “buy” rating to a “hold” rating in a research note on Saturday, December 9th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $18.25.
Heritage Commerce (HTBK) traded up $0.14 during midday trading on Tuesday, hitting $17.12. 65,664 shares of the stock traded hands, compared to its average volume of 149,884. Heritage Commerce has a 1-year low of $12.76 and a 1-year high of $17.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.77 and a quick ratio of 0.76. The firm has a market cap of $647.12, a price-to-earnings ratio of 27.39, a PEG ratio of 1.66 and a beta of 0.60.
The company also recently announced a quarterly dividend, which was paid on Thursday, February 22nd. Shareholders of record on Thursday, February 8th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 2.57%. This is a positive change from Heritage Commerce’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Wednesday, February 7th. Heritage Commerce’s payout ratio is presently 70.97%.
In other Heritage Commerce news, Director Jack W. Conner sold 24,500 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $15.47, for a total transaction of $379,015.00. Following the completion of the transaction, the director now directly owns 83,324 shares of the company’s stock, valued at approximately $1,289,022.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.69% of the company’s stock.
A number of institutional investors have recently bought and sold shares of HTBK. Ameriprise Financial Inc. acquired a new stake in shares of Heritage Commerce in the 2nd quarter worth approximately $259,000. Northern Trust Corp lifted its stake in shares of Heritage Commerce by 27.2% in the 2nd quarter. Northern Trust Corp now owns 383,857 shares of the financial services provider’s stock worth $5,289,000 after acquiring an additional 82,186 shares during the period. Vanguard Group Inc. lifted its stake in shares of Heritage Commerce by 11.2% in the 2nd quarter. Vanguard Group Inc. now owns 1,550,961 shares of the financial services provider’s stock worth $21,373,000 after acquiring an additional 155,957 shares during the period. Voya Investment Management LLC acquired a new stake in shares of Heritage Commerce in the 2nd quarter worth approximately $189,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Heritage Commerce by 53.1% in the 2nd quarter. Goldman Sachs Group Inc. now owns 25,431 shares of the financial services provider’s stock worth $350,000 after acquiring an additional 8,818 shares during the period. 71.49% of the stock is owned by hedge funds and other institutional investors.
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About Heritage Commerce
Heritage Commerce Corp is a bank holding company. The Company, through its subsidiary Heritage Bank of Commerce (the Bank), provides a range of banking services. The Bank is a California state-chartered multi-community independent bank that offers a range of commercial banking services to small and medium-sized businesses and their owners, managers and employees.
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