Millennium Management LLC lessened its position in Heritage Commerce Corp. (NASDAQ:HTBK) by 25.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 393,532 shares of the financial services provider’s stock after selling 134,941 shares during the period. Millennium Management LLC owned approximately 0.91% of Heritage Commerce worth $6,686,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in HTBK. BlackRock Inc. lifted its stake in shares of Heritage Commerce by 12.4% in the second quarter. BlackRock Inc. now owns 3,375,198 shares of the financial services provider’s stock valued at $57,344,000 after purchasing an additional 372,215 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Heritage Commerce by 9.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,043,153 shares of the financial services provider’s stock valued at $34,713,000 after purchasing an additional 170,632 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Heritage Commerce by 1.3% in the first quarter. The Manufacturers Life Insurance Company now owns 1,801,167 shares of the financial services provider’s stock valued at $29,683,000 after purchasing an additional 22,787 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Heritage Commerce by 36.0% in the second quarter. Renaissance Technologies LLC now owns 788,900 shares of the financial services provider’s stock valued at $13,403,000 after purchasing an additional 208,700 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Heritage Commerce by 1.3% in the first quarter. Northern Trust Corp now owns 386,815 shares of the financial services provider’s stock valued at $6,374,000 after purchasing an additional 4,785 shares during the period. Institutional investors own 72.75% of the company’s stock.
HTBK has been the subject of several recent analyst reports. BidaskClub cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Wednesday, July 11th. Raymond James initiated coverage on shares of Heritage Commerce in a research report on Wednesday, July 18th. They set an “outperform” rating and a $19.00 target price for the company. Zacks Investment Research cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Friday, July 20th. ValuEngine upgraded shares of Heritage Commerce from a “hold” rating to a “buy” rating in a research report on Tuesday, July 24th. Finally, Brean Capital restated a “buy” rating and set a $18.50 target price on shares of Heritage Commerce in a research report on Friday, July 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $18.88.
In other Heritage Commerce news, Director Jason Philip Dinapoli bought 5,000 shares of the business’s stock in a transaction on Monday, August 6th. The stock was bought at an average price of $14.82 per share, for a total transaction of $74,100.00. Following the completion of the transaction, the director now owns 20,000 shares in the company, valued at approximately $296,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.40% of the company’s stock.
Shares of HTBK opened at $14.63 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.11. The stock has a market cap of $644.88 million, a price-to-earnings ratio of 18.29, a price-to-earnings-growth ratio of 1.55 and a beta of 0.46. Heritage Commerce Corp. has a 12-month low of $14.25 and a 12-month high of $18.10.
Heritage Commerce (NASDAQ:HTBK) last announced its earnings results on Thursday, July 26th. The financial services provider reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.24). The business had revenue of $32.94 million for the quarter, compared to analyst estimates of $32.60 million. Heritage Commerce had a return on equity of 11.98% and a net margin of 15.63%. As a group, research analysts anticipate that Heritage Commerce Corp. will post 0.96 earnings per share for the current year.
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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