Zacks Investment Research upgraded shares of Heritage Commerce (NASDAQ:HTBK) from a hold rating to a buy rating in a research report released on Tuesday, Zacks.com reports. Zacks Investment Research currently has $14.00 price target on the financial services provider’s stock.

According to Zacks, “Heritage Commerce Corp. is the holding company of Heritage Bank of Commerce, Heritage Bank East Bay, Heritage Bank South Valley and Bank of Los Altos. The company offers a range of loans, primarily commercial, including real estate, construction, Small Business Administration), inventory and accounts receivable, and equipment loans. The company also accepts checking, savings, and time deposits; NOW and money market deposit accounts; and provides travelers’ checks, safe deposit, and other customary non-deposit banking services. “

Several other equities research analysts have also issued reports on the stock. Brean Capital lowered shares of Heritage Commerce from a buy rating to a hold rating in a research note on Friday, April 26th. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $16.33.

NASDAQ:HTBK opened at $12.17 on Tuesday. The firm has a market capitalization of $525.52 million, a P/E ratio of 11.48, a price-to-earnings-growth ratio of 1.49 and a beta of 0.83. Heritage Commerce has a one year low of $10.84 and a one year high of $17.35. The stock has a 50-day moving average price of $12.15. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.10.

Heritage Commerce (NASDAQ:HTBK) last announced its earnings results on Thursday, April 25th. The financial services provider reported $0.28 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.28. The firm had revenue of $33.51 million for the quarter, compared to analysts’ expectations of $35.23 million. Heritage Commerce had a return on equity of 13.01% and a net margin of 26.62%. As a group, analysts expect that Heritage Commerce will post 1.16 earnings per share for the current fiscal year.

In other Heritage Commerce news, Director Jack W. Conner bought 9,020 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The stock was acquired at an average price of $11.97 per share, with a total value of $107,969.40. Following the completion of the transaction, the director now owns 91,311 shares in the company, valued at $1,092,992.67. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Keith Wilton sold 5,575 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $12.21, for a total transaction of $68,070.75. Following the completion of the transaction, the chief operating officer now directly owns 108,483 shares of the company’s stock, valued at approximately $1,324,577.43. The disclosure for this sale can be found here. Insiders purchased 22,899 shares of company stock worth $276,618 over the last 90 days. 4.22% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the business. QS Investors LLC lifted its stake in shares of Heritage Commerce by 3.0% during the 4th quarter. QS Investors LLC now owns 27,244 shares of the financial services provider’s stock worth $309,000 after buying an additional 800 shares during the last quarter. Legal & General Group Plc raised its stake in Heritage Commerce by 12.8% in the 4th quarter. Legal & General Group Plc now owns 7,135 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 811 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Heritage Commerce by 0.4% in the 4th quarter. Bank of New York Mellon Corp now owns 246,121 shares of the financial services provider’s stock worth $2,791,000 after purchasing an additional 1,054 shares in the last quarter. Palouse Capital Management Inc. increased its holdings in Heritage Commerce by 10.8% in the 1st quarter. Palouse Capital Management Inc. now owns 21,153 shares of the financial services provider’s stock valued at $256,000 after buying an additional 2,061 shares during the period. Finally, Acadian Asset Management LLC bought a new position in Heritage Commerce in the 4th quarter valued at about $25,000. Hedge funds and other institutional investors own 74.41% 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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