Heritage Commerce Corp. (HTBK) Expected to Post Earnings of $0.29 Per Share

Brokerages expect Heritage Commerce Corp. (NASDAQ:HTBK) to announce earnings of $0.29 per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Heritage Commerce’s earnings. The highest EPS estimate is $0.31 and the lowest is $0.27. Heritage Commerce reported earnings of $0.23 per share in the same quarter last year, which would suggest a positive year over year growth rate of 26.1%. The firm is expected to issue its next earnings results on Thursday, April 25th.

According to Zacks, analysts expect that Heritage Commerce will report full year earnings of $1.22 per share for the current financial year, with EPS estimates ranging from $1.14 to $1.32. For the next fiscal year, analysts forecast that the firm will report earnings of $1.30 per share, with EPS estimates ranging from $1.19 to $1.40. Zacks’ EPS averages are a mean average based on a survey of research firms that cover Heritage Commerce.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings results on Thursday, January 24th. The financial services provider reported $0.30 EPS for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.02. Heritage Commerce had a net margin of 25.34% and a return on equity of 13.49%. The company had revenue of $35.45 million for the quarter, compared to analysts’ expectations of $35.17 million.

Several research firms have issued reports on HTBK. BidaskClub upgraded shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research note on Monday, February 25th. Brean Capital reiterated a “buy” rating on shares of Heritage Commerce in a research note on Tuesday, February 26th. Finally, Zacks Investment Research cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, January 19th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $18.00.

NASDAQ HTBK opened at $13.06 on Friday. Heritage Commerce has a 1 year low of $10.84 and a 1 year high of $18.10. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market capitalization of $564.79 million, a price-to-earnings ratio of 12.32, a PEG ratio of 1.53 and a beta of 0.90.

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 21st. Investors of record on Thursday, February 7th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, February 6th. This represents a $0.48 annualized dividend and a dividend yield of 3.68%. This is a positive change from Heritage Commerce’s previous quarterly dividend of $0.11. Heritage Commerce’s dividend payout ratio (DPR) is currently 45.28%.

In related news, CEO Walter Theodore Kaczmarek sold 40,500 shares of the stock in a transaction on Tuesday, February 12th. The shares were sold at an average price of $13.50, for a total transaction of $546,750.00. Following the transaction, the chief executive officer now owns 74,427 shares of the company’s stock, valued at approximately $1,004,764.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jack W. Conner bought 10,500 shares of Heritage Commerce stock in a transaction that occurred on Tuesday, January 29th. The shares were acquired at an average cost of $13.39 per share, for a total transaction of $140,595.00. Following the acquisition, the director now owns 79,106 shares in the company, valued at approximately $1,059,229.34. The disclosure for this purchase can be found here. 5.40% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the business. Stieven Capital Advisors L.P. bought a new stake in Heritage Commerce in the 3rd quarter worth $4,900,000. BlackRock Inc. grew its holdings in Heritage Commerce by 2.2% in the 3rd quarter. BlackRock Inc. now owns 3,449,386 shares of the financial services provider’s stock worth $51,465,000 after acquiring an additional 74,188 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Heritage Commerce by 6.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 364,632 shares of the financial services provider’s stock worth $4,135,000 after acquiring an additional 21,375 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Heritage Commerce by 3.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 245,067 shares of the financial services provider’s stock worth $3,656,000 after acquiring an additional 8,302 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Heritage Commerce by 12.7% in the 3rd quarter. Swiss National Bank now owns 71,200 shares of the financial services provider’s stock worth $1,062,000 after acquiring an additional 8,000 shares during the last quarter. 73.48% of the stock is currently owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Heritage Commerce (NASDAQ:HTBK)

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