Equities research analysts forecast that Heritage Commerce Corp (NASDAQ:HTBK) will post sales of $32.50 million for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Heritage Commerce’s earnings. The highest sales estimate is $32.90 million and the lowest is $32.10 million. Heritage Commerce reported sales of $27.23 million in the same quarter last year, which indicates a positive year over year growth rate of 19.4%. The business is expected to report its next quarterly earnings report on Thursday, July 26th.
According to Zacks, analysts expect that Heritage Commerce will report full-year sales of $132.70 million for the current financial year, with estimates ranging from $131.70 million to $133.70 million. For the next financial year, analysts anticipate that the business will post sales of $156.60 million per share, with estimates ranging from $154.10 million to $159.10 million. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Heritage Commerce.
Get Heritage Commerce alerts:Heritage Commerce (NASDAQ:HTBK) last issued its earnings results on Thursday, April 26th. The financial services provider reported $0.23 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.01). Heritage Commerce had a net margin of 21.93% and a return on equity of 12.22%. The business had revenue of $28.54 million for the quarter, compared to analysts’ expectations of $29.45 million.
Several analysts have commented on the company. Zacks Investment Research downgraded Heritage Commerce from a “buy” rating to a “hold” rating in a research note on Saturday, March 31st. Brean Capital reiterated a “buy” rating on shares of Heritage Commerce in a research note on Thursday, May 3rd. BidaskClub downgraded Heritage Commerce from a “buy” rating to a “hold” rating in a research note on Monday, May 14th. DA Davidson increased their target price on Heritage Commerce from $17.50 to $19.00 and gave the company a “buy” rating in a research note on Monday, April 30th. Finally, ValuEngine downgraded Heritage Commerce from a “buy” rating to a “hold” rating in a research note on Wednesday, April 18th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Heritage Commerce has an average rating of “Buy” and a consensus target price of $18.50.
HTBK traded down $0.15 during trading on Friday, hitting $17.15. 2,054 shares of the company’s stock traded hands, compared to its average volume of 267,609. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.14. Heritage Commerce has a 12-month low of $12.76 and a 12-month high of $18.10. The company has a market cap of $699.98 million, a price-to-earnings ratio of 21.63, a P/E/G ratio of 1.59 and a beta of 0.60.
In related news, EVP Michael Eugene Benito sold 6,000 shares of the firm’s stock in a transaction on Thursday, May 24th. The stock was sold at an average price of $17.00, for a total value of $102,000.00. Following the transaction, the executive vice president now directly owns 41,600 shares of the company’s stock, valued at approximately $707,200. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Keith Wilton sold 3,500 shares of the firm’s stock in a transaction on Friday, May 25th. The stock was sold at an average price of $17.02, for a total value of $59,570.00. Following the completion of the transaction, the chief operating officer now directly owns 99,707 shares in the company, valued at $1,697,013.14. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,500 shares of company stock worth $552,110. Company insiders own 5.40% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC bought a new position in Heritage Commerce in the 1st quarter worth $165,000. Hancock Holding Co. bought a new stake in Heritage Commerce during the first quarter valued at about $272,000. The Manufacturers Life Insurance Company raised its holdings in Heritage Commerce by 1.3% during the first quarter. The Manufacturers Life Insurance Company now owns 1,801,167 shares of the financial services provider’s stock valued at $29,683,000 after acquiring an additional 22,787 shares during the period. A.R.T. Advisors LLC bought a new stake in Heritage Commerce during the first quarter valued at about $182,000. Finally, Westwood Holdings Group Inc. raised its holdings in Heritage Commerce by 5.5% during the first quarter. Westwood Holdings Group Inc. now owns 875,971 shares of the financial services provider’s stock valued at $14,436,000 after acquiring an additional 45,935 shares during the period. 69.11% of the stock is currently owned by institutional investors.
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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