Heritage Commerce Corp Announces Quarterly Dividend of $0.13 (NASDAQ:HTBK)

Heritage Commerce Corp (NASDAQ:HTBK) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders of record on Thursday, May 9th will be paid a dividend of 0.13 per share by the financial services provider on Thursday, May 23rd. This represents a $0.52 annualized dividend and a dividend yield of 6.16%. The ex-dividend date of this dividend is Wednesday, May 8th.

Heritage Commerce has a payout ratio of 64.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Heritage Commerce to earn $0.83 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 62.7%.

Heritage Commerce Stock Up 2.8 %

NASDAQ:HTBK opened at $8.44 on Monday. Heritage Commerce has a 1-year low of $6.69 and a 1-year high of $10.22. The firm has a market capitalization of $516.95 million, a price-to-earnings ratio of 9.17 and a beta of 0.91. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.06. The business’s fifty day moving average price is $8.23 and its 200 day moving average price is $8.69.

Heritage Commerce (NASDAQ:HTBK) last issued its earnings results on Friday, April 26th. The financial services provider reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.02). The business had revenue of $59.60 million during the quarter, compared to analyst estimates of $43.83 million. Heritage Commerce had a net margin of 22.84% and a return on equity of 8.40%. On average, sell-side analysts forecast that Heritage Commerce will post 0.74 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on HTBK. Keefe, Bruyette & Woods cut their target price on shares of Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, January 26th. StockNews.com lowered Heritage Commerce from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. Finally, Piper Sandler lowered their target price on Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Friday, April 26th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Heritage Commerce presently has a consensus rating of “Hold” and a consensus price target of $10.50.

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.