Heritage Commerce Corp. (HTBK) Expected to Post Quarterly Sales of $29.45 Million

Equities research analysts expect that Heritage Commerce Corp. (NASDAQ:HTBK) will report sales of $29.45 million for the current quarter, Zacks reports. Two analysts have provided estimates for Heritage Commerce’s earnings, with estimates ranging from $29.40 million to $29.50 million. Heritage Commerce reported sales of $26.12 million in the same quarter last year, which indicates a positive year over year growth rate of 12.7%. The business is expected to announce its next earnings results on Thursday, April 26th.

On average, analysts expect that Heritage Commerce will report full year sales of $135.60 million for the current year, with estimates ranging from $134.20 million to $137.00 million. For the next financial year, analysts forecast that the firm will report sales of $158.55 million per share, with estimates ranging from $155.60 million to $161.50 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Heritage Commerce.

How to Become a New Pot Stock Millionaire

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.22 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.01). The firm had revenue of $29.01 million for the quarter, compared to the consensus estimate of $29.65 million. Heritage Commerce had a net margin of 20.56% and a return on equity of 11.46%.

Several equities analysts recently weighed in on the stock. BidaskClub cut shares of Heritage Commerce from a “buy” rating to a “hold” rating in a research note on Saturday. Brean Capital reaffirmed a “buy” rating on shares of Heritage Commerce in a research note on Thursday, April 5th. Zacks Investment Research cut shares of Heritage Commerce from a “buy” rating to a “hold” rating in a research note on Saturday, March 31st. Keefe, Bruyette & Woods raised shares of Heritage Commerce from a “market perform” rating to an “outperform” rating in a research note on Tuesday, March 13th. Finally, DA Davidson raised shares of Heritage Commerce from a “neutral” rating to a “buy” rating in a research note on Monday, February 12th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Heritage Commerce presently has a consensus rating of “Buy” and a consensus target price of $18.25.

In related news, Director Jack W. Conner sold 24,500 shares of the firm’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $15.47, for a total transaction of $379,015.00. Following the completion of the transaction, the director now directly owns 83,324 shares of the company’s stock, valued at $1,289,022.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 5.40% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Meeder Asset Management Inc. grew its stake in Heritage Commerce by 471.6% during the fourth quarter. Meeder Asset Management Inc. now owns 8,100 shares of the financial services provider’s stock valued at $123,000 after acquiring an additional 6,683 shares in the last quarter. UBS Asset Management Americas Inc. purchased a new position in Heritage Commerce during the fourth quarter valued at $172,000. Teacher Retirement System of Texas purchased a new position in Heritage Commerce during the fourth quarter valued at $190,000. Acadian Asset Management LLC purchased a new position in Heritage Commerce during the fourth quarter valued at $195,000. Finally, Bank of Montreal Can grew its stake in Heritage Commerce by 40.8% during the fourth quarter. Bank of Montreal Can now owns 13,042 shares of the financial services provider’s stock valued at $200,000 after acquiring an additional 3,782 shares in the last quarter. 71.36% of the stock is owned by institutional investors.

Shares of HTBK stock opened at $16.21 on Monday. The firm has a market cap of $661.36, a PE ratio of 20.26, a PEG ratio of 1.61 and a beta of 0.58. Heritage Commerce has a one year low of $12.76 and a one year high of $17.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.76 and a current ratio of 0.76.

COPYRIGHT VIOLATION WARNING: This piece was reported by Chaffey Breeze and is owned by of Chaffey Breeze. If you are viewing this piece on another publication, it was illegally stolen and republished in violation of U.S. and international copyright & trademark laws. The legal version of this piece can be read at https://www.chaffeybreeze.com/2018/04/16/heritage-commerce-corp-htbk-expected-to-post-quarterly-sales-of-29-45-million.html.

About Heritage Commerce

Heritage Commerce Corp is a bank holding company. The Company, through its subsidiary Heritage Bank of Commerce (the Bank), provides a range of banking services. The Bank is a California state-chartered multi-community independent bank that offers a range of commercial banking services to small and medium-sized businesses and their owners, managers and employees.

Get a free copy of the Zacks research report on Heritage Commerce (HTBK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Heritage Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Heritage Commerce and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply