BlackRock Inc. boosted its position in Heritage Commerce Corp. (NASDAQ:HTBK) by 12.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 3,375,198 shares of the financial services provider’s stock after acquiring an additional 372,215 shares during the period. BlackRock Inc. owned about 8.40% of Heritage Commerce worth $57,344,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Swiss National Bank grew its stake in Heritage Commerce by 5.3% in the 1st quarter. Swiss National Bank now owns 63,200 shares of the financial services provider’s stock worth $1,042,000 after acquiring an additional 3,200 shares during the period. Security National Bank grew its stake in Heritage Commerce by 2.2% in the 2nd quarter. Security National Bank now owns 176,357 shares of the financial services provider’s stock worth $2,996,000 after acquiring an additional 3,831 shares during the period. Northern Trust Corp grew its stake in Heritage Commerce by 1.3% in the 1st quarter. Northern Trust Corp now owns 386,815 shares of the financial services provider’s stock worth $6,374,000 after acquiring an additional 4,785 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in Heritage Commerce in the 1st quarter worth approximately $165,000. Finally, A.R.T. Advisors LLC purchased a new stake in Heritage Commerce in the 1st quarter worth approximately $182,000. 72.75% of the stock is owned by hedge funds and other institutional investors.
Shares of HTBK opened at $14.63 on Friday. The firm has a market capitalization of $644.88 million, a price-to-earnings ratio of 18.80, a P/E/G ratio of 1.55 and a beta of 0.46. Heritage Commerce Corp. has a fifty-two week low of $14.25 and a fifty-two week high of $18.10. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.11.
Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings results on Thursday, July 26th. The financial services provider reported $0.02 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.26 by ($0.24). The company had revenue of $32.94 million during the quarter, compared to analyst estimates of $32.60 million. Heritage Commerce had a net margin of 15.63% and a return on equity of 11.98%. Sell-side analysts forecast that Heritage Commerce Corp. will post 0.96 earnings per share for the current fiscal year.
Several research firms have commented on HTBK. BidaskClub cut shares of Heritage Commerce from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 8th. Brean Capital reaffirmed a “buy” rating on shares of Heritage Commerce in a research note on Sunday, September 30th. Zacks Investment Research lowered shares of Heritage Commerce from a “hold” rating to a “sell” rating in a report on Friday, July 20th. ValuEngine lowered shares of Heritage Commerce from a “buy” rating to a “hold” rating in a report on Monday, July 30th. Finally, Raymond James started coverage on shares of Heritage Commerce in a report on Wednesday, July 18th. They issued an “outperform” rating and a $19.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $18.88.
In related news, Director Jason Philip Dinapoli purchased 5,000 shares of the firm’s stock in a transaction on Monday, August 6th. The shares were bought at an average price of $14.82 per share, for a total transaction of $74,100.00. Following the acquisition, the director now directly owns 20,000 shares in the company, valued at $296,400. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.40% of the stock is owned by company insiders.
Heritage Commerce 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. 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.
Featured Story: Earnings Per Share
Receive News & Ratings for Heritage Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Heritage Commerce and related companies with MarketBeat.com's FREE daily email newsletter.