Cubist Systematic Strategies LLC Makes New $592,000 Investment in Heritage Commerce Corp (NASDAQ:HTBK)

Cubist Systematic Strategies LLC purchased a new position in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 63,154 shares of the financial services provider's stock, valued at approximately $592,000. Cubist Systematic Strategies LLC owned 0.10% of Heritage Commerce at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Barclays PLC lifted its position in Heritage Commerce by 7.2% during the third quarter. Barclays PLC now owns 216,439 shares of the financial services provider's stock valued at $2,139,000 after purchasing an additional 14,466 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Heritage Commerce by 58.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 463,774 shares of the financial services provider's stock worth $4,350,000 after acquiring an additional 170,989 shares during the last quarter. Sei Investments Co. increased its stake in shares of Heritage Commerce by 90.5% during the fourth quarter. Sei Investments Co. now owns 63,565 shares of the financial services provider's stock valued at $596,000 after buying an additional 30,192 shares during the period. Hennion & Walsh Asset Management Inc. lifted its stake in Heritage Commerce by 29.9% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 36,840 shares of the financial services provider's stock worth $346,000 after acquiring an additional 8,472 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Heritage Commerce in the fourth quarter valued at $2,181,000. Hedge funds and other institutional investors own 75.55% of the company's stock.

Analysts Set New Price Targets

HTBK has been the topic of a number of research reports. Raymond James set a $10.00 target price on shares of Heritage Commerce in a report on Monday, April 28th. Keefe, Bruyette & Woods decreased their target price on shares of Heritage Commerce from $11.50 to $11.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Finally, Stephens restated an "overweight" rating and issued a $11.00 price objective on shares of Heritage Commerce in a report on Monday, April 28th.

Heritage Commerce Trading Down 1.4%

HTBK stock traded down $0.13 during midday trading on Wednesday, reaching $9.22. 16,143 shares of the company traded hands, compared to its average volume of 372,527. Heritage Commerce Corp has a 52-week low of $7.74 and a 52-week high of $11.27. The firm has a market capitalization of $567.92 million, a price-to-earnings ratio of 13.98 and a beta of 0.77. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.73 and a current ratio of 0.73. The business has a 50 day moving average of $9.13 and a 200-day moving average of $9.71.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last issued its earnings results on Thursday, April 24th. The financial services provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.01. The business had revenue of $46.06 million during the quarter, compared to analysts' expectations of $45.89 million. Heritage Commerce had a return on equity of 5.96% and a net margin of 16.12%. As a group, sell-side analysts expect that Heritage Commerce Corp will post 0.8 earnings per share for the current fiscal year.

Heritage Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Thursday, May 8th will be issued a $0.13 dividend. The ex-dividend date is Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 5.64%. Heritage Commerce's dividend payout ratio is currently 76.47%.

Insider Transactions at Heritage Commerce

In related news, Director Jack W. Conner sold 4,000 shares of the business's stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $10.52, for a total transaction of $42,080.00. Following the completion of the transaction, the director now owns 108,512 shares in the company, valued at approximately $1,141,546.24. The trade was a 3.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robertson Clay Jones, Jr. sold 5,145 shares of Heritage Commerce stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.73, for a total value of $50,060.85. Following the sale, the chief executive officer now owns 254,227 shares in the company, valued at $2,473,628.71. This trade represents a 1.98% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,747 shares of company stock worth $107,728. Company insiders own 2.71% of the company's stock.

Heritage Commerce Company 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. Its deposit products for business banking and retail markets include interest and non-interest-bearing demand, savings, and money market accounts, as well as certificates of deposit and time deposits.