Granite Investment Partners LLC raised its holdings in shares of Heritage Commerce Corp. (NASDAQ:HTBK) by 127.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,222 shares of the financial services provider’s stock after buying an additional 50,473 shares during the period. Granite Investment Partners LLC owned about 0.21% of Heritage Commerce worth $1,091,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in HTBK. Acadian Asset Management LLC acquired a new position in shares of Heritage Commerce during the fourth quarter worth $25,000. Legal & General Group Plc lifted its position in shares of Heritage Commerce by 12.8% during the fourth 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. BNP Paribas Arbitrage SA lifted its position in shares of Heritage Commerce by 63,869.2% during the first quarter. BNP Paribas Arbitrage SA now owns 8,316 shares of the financial services provider’s stock worth $101,000 after purchasing an additional 8,303 shares in the last quarter. Metropolitan Life Insurance Co. NY lifted its position in shares of Heritage Commerce by 333.1% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 12,780 shares of the financial services provider’s stock worth $145,000 after purchasing an additional 9,829 shares in the last quarter. Finally, Globeflex Capital L P lifted its position in shares of Heritage Commerce by 26.5% during the first quarter. Globeflex Capital L P now owns 13,788 shares of the financial services provider’s stock worth $167,000 after purchasing an additional 2,888 shares in the last quarter. 74.66% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ:HTBK opened at $12.23 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market capitalization of $530.72 million, a P/E ratio of 11.45, a P/E/G ratio of 1.50 and a beta of 0.86. Heritage Commerce Corp. has a 12-month low of $10.84 and a 12-month high of $17.75.
Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.28. The business had revenue of $33.51 million during the quarter, compared to analyst estimates of $35.23 million. Heritage Commerce had a net margin of 26.62% and a return on equity of 13.01%. Equities research analysts predict that Heritage Commerce Corp. will post 1.16 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, May 23rd. Investors of record on Thursday, May 9th were paid a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, May 8th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.92%. Heritage Commerce’s dividend payout ratio (DPR) is presently 45.28%.
A number of research analysts have recently commented on the stock. Brean Capital cut shares of Heritage Commerce from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Zacks Investment Research raised shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research report on Thursday, May 30th. ValuEngine raised shares of Heritage Commerce from a “strong sell” rating to a “sell” rating in a research report on Friday, May 24th. Finally, BidaskClub raised shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research report on Monday, February 25th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $16.33.
In related news, COO Keith Wilton sold 5,575 shares of Heritage Commerce stock in a transaction on Friday, May 24th. The shares were sold at an average price of $12.21, for a total value of $68,070.75. Following the completion of the sale, the chief operating officer now owns 108,483 shares in the company, valued at $1,324,577.43. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jack W. Conner purchased 7,879 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was bought at an average price of $12.24 per share, with a total value of $96,438.96. Following the purchase, the director now owns 85,432 shares of the company’s stock, valued at approximately $1,045,687.68. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 22,899 shares of company stock valued at $276,618. Insiders own 4.22% of the company’s stock.
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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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