Heritage Commerce (NASDAQ:HTBK) Hits New 52-Week High – Should You Buy?

Heritage Commerce Corp (NASDAQ:HTBK) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $11.21 and last traded at $11.15, with a volume of 19850 shares traded. The stock had previously closed at $10.91.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 18th.

Heritage Commerce Stock Up 1.2 %

The company has a debt-to-equity ratio of 0.06, a current ratio of 0.73 and a quick ratio of 0.73. The stock has a 50 day moving average price of $10.01 and a 200-day moving average price of $9.40. The stock has a market capitalization of $676.79 million, a P/E ratio of 15.37 and a beta of 0.93.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.17 EPS for the quarter, hitting analysts’ consensus estimates of $0.17. The business had revenue of $63.68 million for the quarter, compared to analysts’ expectations of $43.14 million. Heritage Commerce had a return on equity of 6.37% and a net margin of 17.61%. As a group, research analysts expect that Heritage Commerce Corp will post 0.66 EPS for the current fiscal year.

Heritage Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 4.71%. The ex-dividend date was Thursday, November 7th. Heritage Commerce’s payout ratio is currently 73.24%.

Hedge Funds Weigh In On Heritage Commerce

A number of institutional investors have recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of Heritage Commerce by 7.2% during the third quarter. Barclays PLC now owns 216,439 shares of the financial services provider’s stock valued at $2,139,000 after purchasing an additional 14,466 shares during the last quarter. Jane Street Group LLC increased its position in Heritage Commerce by 55.6% during the 3rd quarter. Jane Street Group LLC now owns 103,596 shares of the financial services provider’s stock valued at $1,024,000 after buying an additional 36,997 shares in the last quarter. Wellington Management Group LLP purchased a new position in Heritage Commerce during the third quarter valued at $20,093,000. State Street Corp boosted its holdings in Heritage Commerce by 3.2% in the third quarter. State Street Corp now owns 1,965,643 shares of the financial services provider’s stock worth $19,421,000 after acquiring an additional 61,630 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Heritage Commerce in the third quarter worth $107,000. 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.