Piper Sandler Lowers Heritage Commerce (NASDAQ:HTBK) Price Target to $10.00

Heritage Commerce (NASDAQ:HTBK) had its target price trimmed by Piper Sandler from $11.00 to $10.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Several other equities analysts have also recently commented on HTBK. Raymond James upped their target price on shares of Heritage Commerce from $9.50 to $11.00 and gave the company an outperform rating in a research note on Friday, January 5th. Keefe, Bruyette & Woods cut their target price on shares of Heritage Commerce from $12.00 to $11.00 and set an outperform rating for the company in a research note on Friday, January 26th. Finally, StockNews.com cut shares of Heritage Commerce from a hold rating to a sell rating in a research note on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Hold and a consensus price target of $10.50.

Heritage Commerce Price Performance

NASDAQ:HTBK opened at $8.02 on Friday. The stock has a market cap of $491.23 million, a P/E ratio of 8.72 and a beta of 0.90. Heritage Commerce has a one year low of $6.69 and a one year high of $10.22. The company has a fifty day moving average price of $8.24 and a 200 day moving average price of $8.70. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.77 and a quick ratio of 0.77.

Heritage Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 6.48%. The ex-dividend date is Wednesday, May 8th. Heritage Commerce’s dividend payout ratio is 56.52%.

Insider Activity

In other news, Director Jack W. Conner sold 6,944 shares of the stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $8.92, for a total value of $61,940.48. Following the completion of the transaction, the director now owns 102,501 shares in the company, valued at approximately $914,308.92. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 3.99% of the company’s stock.

Institutional Investors Weigh In On Heritage Commerce

Large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its holdings in shares of Heritage Commerce by 185.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 3,155 shares during the last quarter. Lindbrook Capital LLC grew its holdings in shares of Heritage Commerce by 47.7% in the 4th quarter. Lindbrook Capital LLC now owns 4,780 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,543 shares during the last quarter. GAMMA Investing LLC bought a new stake in shares of Heritage Commerce in the 4th quarter worth about $49,000. Norden Group LLC bought a new stake in shares of Heritage Commerce in the 1st quarter worth about $111,000. Finally, Public Employees Retirement System of Ohio grew its holdings in shares of Heritage Commerce by 1,070.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 12,299 shares of the financial services provider’s stock worth $122,000 after purchasing an additional 11,248 shares during the last quarter. Institutional investors own 75.55% 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. 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.