Raymond James upgrades Heritage Commerce (NASDAQ: HTBK) to “Strong-Buy”
Heritage Commerce (NASDAQ:HTBK – Get Valuation) was upgraded by analysts at Raymond James from an “outperform” rating to a “strong buy” rating in a research note released Thursday to investors, reports The Fly. The company currently has a price target of $13.00 on shares of the financial services provider. Raymond James’ price target would suggest a potential upside of 18.72% from the company’s previous close.
Separately, StockNews.com launched coverage on Heritage Commerce shares in a Thursday, March 31 report. They have placed a “holding” rating on the stock.
HTBK stock opened at $10.95 on Thursday. Heritage Commerce has a 52-week low of $10.43 and a 52-week high of $12.94. The company has a market capitalization of $661.82 million, a price/earnings ratio of 13.35 and a beta of 1.00. The company’s 50-day moving average is $11.06 and its two-hundred-day moving average is $11.57. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt ratio of 0.07.
Heritage Commerce (NASDAQ:HTBK – Get Rating) last reported quarterly earnings data on Thursday, April 28. The financial services provider reported EPS of $0.21 for the quarter, beating consensus analyst estimates of $0.20 by $0.01. The company posted revenue of $40.68 million for the quarter, versus a consensus estimate of $40.14 million. Heritage Commerce posted a net margin of 29.69% and a return on equity of 8.33%. On average, equity research analysts expect Heritage Commerce to post 1.01 earnings per share for the current year.
Separately, Chief Financial Officer Lawrence D. Mcgovern sold 2,500 shares of the company in a trade on Friday, June 3. The shares were sold at an average price of $11.37, for a total value of $28,425.00. Following the completion of the transaction, the CFO now directly owns 94,079 shares of the company, valued at $1,069,678.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available via this link. Additionally, Chief Financial Officer Lawrence D. Mcgovern sold 4,550 shares of the company in a trade on Monday, June 6. The shares were sold at an average price of $11.42, for a total transaction of $51,961.00. Following the completion of the transaction, the CFO now directly owns 89,529 shares of the company, valued at $1,022,421.18. The disclosure of this sale can be found here. 4.05% of the shares are currently held by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new position in Heritage Commerce in the first quarter worth approximately $28,000. Quadrant Capital Group LLC increased its holdings of Heritage Commerce shares by 29.5% during the fourth quarter. Quadrant Capital Group LLC now owns 4,589 shares of the financial services provider worth $55,000 after buying an additional 1,045 shares in the last quarter. Great West Life Assurance Co. Can increased its holdings of Heritage Commerce shares by 35.7% in the first quarter. Great West Life Assurance Co. Can now owns 6,253 shares of the financial services provider worth $73,000 after buying 1,646 additional shares in the last quarter. Amalgamated Bank bought a new stake in the shares of Heritage Commerce during the first quarter for a value of approximately $79,000. Finally, Raymond James & Associates purchased a new stake in the shares of Heritage Commerce during the fourth quarter at a value of approximately $128,000. 71.49% of the shares are held by institutional investors.
Heritage Commerce Company Profile (Get an assessment)
Heritage Commerce Corp operates as a bank holding company for Heritage Bank of Commerce which provides various commercial and personal banking services to residents and the business/professional community in California. Its deposit products for merchant banks and retail markets include interest-bearing and non-interest-bearing current, savings and money market accounts, as well as certificates of deposit and term deposits.
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