Heritage Commerce Corp. (HTBK) Expected to Post Earnings of $0.29 Per Share

Equities research analysts expect that Heritage Commerce Corp. (NASDAQ:HTBK) will report earnings per share of $0.29 for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Heritage Commerce’s earnings. The highest EPS estimate is $0.29 and the lowest is $0.28. Heritage Commerce reported earnings of $0.22 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 31.8%. The business is scheduled to report its next quarterly earnings report on Thursday, January 24th.

According to Zacks, analysts expect that Heritage Commerce will report full year earnings of $0.98 per share for the current year, with EPS estimates ranging from $0.95 to $1.01. For the next financial year, analysts forecast that the company will report earnings of $1.23 per share, with EPS estimates ranging from $1.17 to $1.32. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Heritage Commerce.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.01. The company had revenue of $34.66 million during the quarter, compared to the consensus estimate of $34.56 million. Heritage Commerce had a net margin of 17.74% and a return on equity of 12.45%.

Several brokerages have recently issued reports on HTBK. BidaskClub downgraded shares of Heritage Commerce from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 8th. Brean Capital reiterated a “buy” rating on shares of Heritage Commerce in a report on Sunday, September 30th. Finally, ValuEngine downgraded shares of Heritage Commerce from a “buy” rating to a “hold” rating in a report on Monday, July 30th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $18.50.

Shares of NASDAQ:HTBK traded up $0.01 during trading on Thursday, hitting $14.23. 76,329 shares of the company were exchanged, compared to its average volume of 166,910. The company has a market capitalization of $615.43 million, a PE ratio of 17.79, a price-to-earnings-growth ratio of 2.07 and a beta of 0.48. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.70 and a current ratio of 0.70. Heritage Commerce has a 1-year low of $13.67 and a 1-year high of $18.10.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 20th. Investors of record on Tuesday, November 6th were issued a $0.11 dividend. The ex-dividend date of this dividend was Monday, November 5th. This represents a $0.44 dividend on an annualized basis and a yield of 3.09%. Heritage Commerce’s payout ratio is 55.00%.

In related news, Director Jason Philip Dinapoli acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 30th. The stock was acquired at an average cost of $14.69 per share, for a total transaction of $146,900.00. Following the completion of the acquisition, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $293,800. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jack W. Conner acquired 10,418 shares of the firm’s stock in a transaction that occurred on Monday, November 12th. The stock was bought at an average price of $14.42 per share, with a total value of $150,227.56. Following the completion of the acquisition, the director now directly owns 68,756 shares of the company’s stock, valued at $991,461.52. The disclosure for this purchase can be found here. Corporate insiders own 5.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in Heritage Commerce by 2.2% in the third quarter. BlackRock Inc. now owns 3,449,386 shares of the financial services provider’s stock valued at $51,465,000 after purchasing an additional 74,188 shares during the period. Dimensional Fund Advisors LP increased its holdings in Heritage Commerce by 5.0% in the third quarter. Dimensional Fund Advisors LP now owns 2,144,984 shares of the financial services provider’s stock valued at $32,003,000 after purchasing an additional 101,831 shares during the period. Thrivent Financial for Lutherans increased its holdings in Heritage Commerce by 10.7% in the third quarter. Thrivent Financial for Lutherans now owns 1,540,414 shares of the financial services provider’s stock valued at $22,983,000 after purchasing an additional 149,213 shares during the period. Renaissance Technologies LLC increased its holdings in Heritage Commerce by 7.0% in the third quarter. Renaissance Technologies LLC now owns 844,100 shares of the financial services provider’s stock valued at $12,594,000 after purchasing an additional 55,200 shares during the period. Finally, Morgan Stanley increased its holdings in Heritage Commerce by 11.3% in the third quarter. Morgan Stanley now owns 531,143 shares of the financial services provider’s stock valued at $7,924,000 after purchasing an additional 53,946 shares during the period. Institutional investors and hedge funds own 73.61% 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. It offers a range of deposit products for business banking and retail markets, including interest and non-interest bearing demand, savings accounts, certificate of deposit, money market accounts, and time deposits.

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Earnings History and Estimates for Heritage Commerce (NASDAQ:HTBK)

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