T. Rowe Price Investment Manageme recently announced the acquisition of new stake in Heritage Commerce Corp (NASDAQ:HTBK). This fresh investment now brings its stake to 9.27% valued currently at $73.15 million. In addition, The Vanguard Group, Inc. raised its holdings by 92299.0 to 2.95 million shares. And Dimensional Fund Advisors LP has lifted its position by 3.73% or 0.11 million shares – to 2.94 million shares.
With over 0.26 million Heritage Commerce Corp (HTBK) shares trading Friday and a closing price of $12.43 on the day, the dollar volume was approximately $3.2 million. The shares have shown a positive half year performance of 10.39% and its price on 01/20/23 gained nearly 0.40%. Currently, there are 60.69M common shares owned by the public and among those 58.37M shares have been available to trade.
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The analysts have set the share’s price value over the next 12 months at a high of $16.50 and a low of $15.00. The average price target is 19.81% above its recent price level and an upside to the estimated low will see the stock gain 17.13% over that period. But an upside of 24.67% will see the stock hit the forecast high price target while median target price for the stock is $15.25.
Insiders at the company have transacted a total of 48 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 37 of these insider trades were purchases, accounting for 296,730 shares. Insider sales of the common stock occurred on 11 occasions, with total insider shares sold totaling 86,944 shares.
The top 3 mutual fund holders in Heritage Commerce Corp are T Rowe Price Small Cap Stock Fund, Vanguard Total Stock Market Index, and iShares Russell 2000 ETF. T Rowe Price Small Cap Stock Fund owns 2.59 million shares of the company’s stock, all valued at over $33.69 million. The company sold 6700.0 shares recently to bring their total holdings to about 4.27% of the shares outstanding. Vanguard Total Stock Market Index bought 13109.0 shares to see its total holdings expand to 1.71 million shares valued at over $22.2 million and representing 2.81% of the shares outstanding. iShares Russell 2000 ETF sold 14579.0 shares to bring its total holdings to over 1.4 million shares at a value of $18.18 million. iShares Russell 2000 ETF now owns shares totaling to 2.30% of the shares outstanding.
Shares of Heritage Commerce Corp (NASDAQ: HTBK) opened at $12.45, up $0.07 from a prior closing price of $12.38. However, the script later moved the day high at 12.68, up 0.40%. The company’s stock has a 5-day price change of -5.62% and -4.90% over the past three months. It has a 12-month low price of $10.42 and touched a high of $14.87 over the same period. HTBK has an average intraday trading volume of 195.61K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.19%, -8.39%, and 2.72% respectively.
Institutional ownership of Heritage Commerce Corp (NASDAQ: HTBK) shares accounts for 73.10% of the company’s 60.69M shares outstanding. Mutual fund holders own 34.81%, while other institutional holders and individual stakeholders account for 38.77% and 11.73% respectively.
It has a market capitalization of $751.64M and a beta (3y monthly) value of 0.99. The stock’s trailing 12-month PE ratio is 12.70, while the earnings-per-share (ttm) stands at $0.98. The company has a PEG of 1.81 and the debt-to-equity ratio at 0.06. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.19% over the week and 2.42% over the month.
Analysts forecast that Heritage Commerce Corp (HTBK) will achieve an EPS of $0.33 for the current quarter, $0.33 for the next quarter and $1.36 for 2023. The lowest estimate earnings-per-share for the quarter is $0.29 while analysts give the company a high EPS estimate of $0.37. Comparatively, EPS for the current quarter was $0.23 a year ago. Earnings per share for the fiscal year are expected to increase by 34.00%, and 28.74% over the next financial year. EPS should grow at an annualized rate of 7.00% over the next five years, compared to 1.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Heritage Commerce Corp (HTBK) as a “Strong Buy” at a consensus score of 1.70. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 0 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the HTBK, a number of firms have released research notes about the stock. Raymond James stated their Outperform rating for the stock in a research note on October 31, 2022, with the firm’s price target at $13-$15. Stephens coverage for the Heritage Commerce Corp (HTBK) stock in a research note released on December 28, 2021 offered a Overweight rating with a price target of $13.50. DA Davidson was of a view on December 15, 2021 that the stock is Buy, while DA Davidson gave the stock Neutral rating on December 18, 2020, issuing a price target of $9- $9.50. Brean Capital on their part issued Hold rating on April 26, 2019.
