Heritage Commerce (NASDAQ:HTBK) Downgraded by ValuEngine

ValuEngine downgraded shares of Heritage Commerce (NASDAQ:HTBK) from a hold rating to a sell rating in a research note issued to investors on Thursday morning, ValuEngine reports.

HTBK has been the topic of several other reports. BidaskClub cut shares of Heritage Commerce from a sell rating to a strong sell rating in a research report on Friday, January 10th. TheStreet downgraded shares of Heritage Commerce from a b- rating to a c+ rating in a report on Thursday, March 5th. DA Davidson reiterated a buy rating on shares of Heritage Commerce in a report on Tuesday, January 28th. Sandler O’Neill began coverage on shares of Heritage Commerce in a report on Thursday, December 19th. They set a buy rating and a $15.00 price target on the stock. Finally, Zacks Investment Research upgraded shares of Heritage Commerce from a sell rating to a hold rating in a report on Wednesday, April 1st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $14.50.

Shares of NASDAQ HTBK traded up $0.39 during mid-day trading on Thursday, hitting $7.36. 456,000 shares of the company’s stock traded hands, compared to its average volume of 286,947. The company’s 50-day moving average is $9.21 and its two-hundred day moving average is $11.44. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market capitalization of $415.06 million, a P/E ratio of 8.18 and a beta of 1.15. Heritage Commerce has a 1 year low of $6.04 and a 1 year high of $13.14.

Heritage Commerce (NASDAQ:HTBK) last announced its earnings results on Thursday, January 23rd. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.02. The firm had revenue of $41.62 million for the quarter, compared to analysts’ expectations of $41.65 million. Heritage Commerce had a net margin of 26.46% and a return on equity of 11.86%. Equities analysts anticipate that Heritage Commerce will post 0.83 EPS for the current fiscal year.

In related news, Director Jack W. Conner bought 12,000 shares of the company’s stock in a transaction on Monday, March 2nd. The shares were acquired at an average cost of $10.85 per share, for a total transaction of $130,200.00. Also, Director Steven L. Hallgrimson bought 8,000 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was bought at an average price of $11.80 per share, for a total transaction of $94,400.00. Following the completion of the purchase, the director now directly owns 101,889 shares in the company, valued at $1,202,290.20. The disclosure for this purchase can be found here. Insiders acquired a total of 35,700 shares of company stock worth $403,537 over the last 90 days. Insiders own 4.22% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Marshall Wace North America L.P. bought a new position in shares of Heritage Commerce during the first quarter valued at approximately $56,000. Great West Life Assurance Co. Can bought a new position in shares of Heritage Commerce during the fourth quarter valued at approximately $61,000. Aigen Investment Management LP bought a new position in shares of Heritage Commerce during the fourth quarter valued at approximately $81,000. Main Street Research LLC bought a new position in shares of Heritage Commerce during the fourth quarter valued at approximately $158,000. Finally, Whittier Trust Co. bought a new position in shares of Heritage Commerce during the fourth quarter valued at approximately $207,000. Institutional investors and hedge funds own 70.17% 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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