Zacks: Analysts Anticipate Heritage Commerce Corp. (NASDAQ:HTBK) Will Announce Quarterly Sales of $34.45 Million

Wall Street analysts expect that Heritage Commerce Corp. (NASDAQ:HTBK) will report sales of $34.45 million for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Heritage Commerce’s earnings, with the lowest sales estimate coming in at $33.90 million and the highest estimate coming in at $35.00 million. Heritage Commerce posted sales of $34.66 million in the same quarter last year, which would indicate a negative year over year growth rate of 0.6%. The company is expected to announce its next quarterly earnings report on Thursday, October 24th.

On average, analysts expect that Heritage Commerce will report full year sales of $144.05 million for the current fiscal year, with estimates ranging from $140.50 million to $147.60 million. For the next year, analysts anticipate that the company will post sales of $184.55 million, with estimates ranging from $179.90 million to $189.20 million. Zacks’ sales averages are an average based on a survey of research firms that cover Heritage Commerce.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.02). The company had revenue of $33.68 million during the quarter, compared to analysts’ expectations of $34.80 million. Heritage Commerce had a net margin of 33.46% and a return on equity of 13.39%.

Several equities research analysts recently weighed in on the company. BidaskClub cut Heritage Commerce from a “sell” rating to a “strong sell” rating in a research note on Wednesday, September 25th. ValuEngine upgraded Heritage Commerce from a “sell” rating to a “hold” rating in a research note on Friday, October 4th. Finally, Zacks Investment Research upgraded Heritage Commerce from a “sell” rating to a “hold” rating in a research note on Tuesday, October 1st.

Shares of HTBK traded up $0.14 during midday trading on Friday, hitting $11.35. The company had a trading volume of 7,979 shares, compared to its average volume of 202,183. The company’s 50-day simple moving average is $11.71 and its 200-day simple moving average is $12.04. The firm has a market capitalization of $501.56 million, a P/E ratio of 10.72 and a beta of 0.84. Heritage Commerce has a 1 year low of $10.84 and a 1 year high of $15.44. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.72 and a current ratio of 0.73.

Hedge funds have recently bought and sold shares of the stock. Marshall Wace North America L.P. purchased a new stake in Heritage Commerce during the first quarter worth approximately $56,000. Campbell & CO Investment Adviser LLC acquired a new position in Heritage Commerce during the second quarter worth approximately $128,000. Quantitative Systematic Strategies LLC acquired a new position in Heritage Commerce during the second quarter worth approximately $141,000. WINTON GROUP Ltd acquired a new position in Heritage Commerce during the second quarter worth approximately $170,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Heritage Commerce during the second quarter worth approximately $232,000. Hedge funds and other institutional investors own 77.85% of the company’s stock.

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. 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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