Heritage Commerce Corp. (NASDAQ:HTBK) currently trades at $14.02 which is about -2.77% lower than the 52-week high of $14.70. The trading volume at ready counter moved to 160,840.00 shares as compared to 155,631.00 shares average traded volume. The stock failed to get pushed above the $14.16 barrier, the intraday high, after opening at $13.96. Analysts have a consensus target price of $15.35 in the 12-month period. Its market capitalization has now reached to $532.47M.

Heritage Commerce Corp. (NASDAQ:HTBK) was dropped to Underweight from Equal Weight at Barclays. It has earned a consensus Strong buy rating, according to Zacks Investment Research. No analyst has rated the stock with a sell rating, 1 has assigned a hold rating, Zero says it’s a buy and 2 have assigned a strong buy rating to the company.

Heritage Commerce Corp. (HTBK) on January 27, 2017 reported net income increased 63% to $7.2 million, or $0.19 per average diluted common share for the fourth quarter of 2016, compared to $4.4 million, or $0.12 per average diluted common share for the fourth quarter of 2015, and increased 7% from $6.8 million, or $0.18 per average diluted common share for the third quarter of 2016.

For the year ended December 31, 2016, net income was $27.4 million, an increase of 66% from $16.5 million for the year ended December 31, 2015. Diluted earnings per share for the year ended December 31, 2016 increased to $0.72, compared to $0.48 for the year ended December 31, 2015.  All results are unaudited and the 2015 balances include the costs from the acquisition of Focus Business Bank (“Focus”) which was completed on August 20, 2015 (the “acquisition date”).

“We delivered another solid performance in 2016 with earnings growing by 66% to a record $27.4 million.  Our fourth quarter 2016 results were also strong with net income up 63% to $7.2 million, compared to the fourth quarter of 2015.  Robust deposit growth and continuing solid credit quality were highlights of our 2016 financial results,” said Walter Kaczmarek, President and Chief Executive Officer.  “Nonperforming assets were down 51% year-over-year and down 31% on a linked quarter basis, reflecting the strong economy in the San Francisco Bay Area.”

“We continue to generate positive operating leverage, and are well positioned to capitalize on market opportunities as they arise,” added Mr. Kaczmarek.  “As we head into 2017, we remain focused on building long-term customer relationships, offering a diverse array of banking products and services, and creating value for our communities, customers, and shareholders.”