Heritage Commerce Corp (HTBK) to Issue Quarterly Dividend of $0.13 on May 23rd

Heritage Commerce Corp (NASDAQ:HTBK) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders of record on Thursday, May 9th will be given a dividend of 0.13 per share by the financial services provider on Thursday, May 23rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 6.50%. The ex-dividend date is Wednesday, May 8th.

Heritage Commerce has a dividend payout ratio of 59.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Heritage Commerce to earn $0.89 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 58.4%.

Heritage Commerce Trading Down 2.2 %

Shares of Heritage Commerce stock traded down $0.18 on Friday, reaching $8.00. The company had a trading volume of 827,652 shares, compared to its average volume of 300,620. The firm’s 50 day moving average price is $8.25 and its two-hundred day moving average price is $8.71. The firm has a market cap of $490 million, a PE ratio of 8.70 and a beta of 0.90. Heritage Commerce has a 52-week low of $6.69 and a 52-week high of $10.22. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.77 and a current ratio of 0.77.

Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.02). The company had revenue of $44.24 million during the quarter, compared to analysts’ expectations of $46.38 million. Heritage Commerce had a net margin of 22.84% and a return on equity of 8.40%. Sell-side analysts predict that Heritage Commerce will post 0.81 earnings per share for the current fiscal year.

Insider Buying and Selling at Heritage Commerce

In related 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 transaction of $61,940.48. Following the completion of the sale, the director now owns 102,501 shares in the company, valued at approximately $914,308.92. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 3.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Piper Sandler cut their target price on shares of Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Friday. Raymond James upped their target price on shares of Heritage Commerce from $9.50 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. StockNews.com downgraded shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Friday, April 19th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, January 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Heritage Commerce has a consensus rating of “Hold” and a consensus target price of $10.50.

About Heritage Commerce

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.