Hsbc Holdings PLC Purchases New Holdings in Heritage Commerce Corp $HTBK

Key Points

• Hsbc Holdings PLC has acquired 38,831 shares of Heritage Commerce Corp ($HTBK), valued at approximately $371,000, representing 0.06% of the company.
• Analysts have recently downgraded Heritage Commerce from a "hold" to a "sell" rating, despite a majority rating of "buy" with a consensus price target of $10.67.
• Heritage Commerce announced a quarterly dividend of $0.13 per share, resulting in an annualized yield of 5.1% and a payout ratio of 82.54%.

Hsbc Holdings PLC purchased a new stake in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 38,831 shares of the financial services provider's stock, valued at approximately $371,000. Hsbc Holdings PLC owned approximately 0.06% of Heritage Commerce at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. PNC Financial Services Group Inc. increased its position in Heritage Commerce by 143.5% during the first quarter. PNC Financial Services Group Inc. now owns 2,851 shares of the financial services provider's stock worth $27,000 after buying an additional 1,680 shares during the period. US Bancorp DE boosted its position in Heritage Commerce by 66.7% during the first quarter. US Bancorp DE now owns 5,789 shares of the financial services provider's stock worth $55,000 after purchasing an additional 2,316 shares in the last quarter. Quantinno Capital Management LP purchased a new stake in Heritage Commerce during the fourth quarter worth $104,000. Quantbot Technologies LP boosted its position in Heritage Commerce by 29.6% during the first quarter. Quantbot Technologies LP now owns 13,120 shares of the financial services provider's stock worth $125,000 after purchasing an additional 2,997 shares in the last quarter. Finally, PharVision Advisers LLC acquired a new position in shares of Heritage Commerce in the fourth quarter worth $125,000. Institutional investors and hedge funds own 75.55% of the company's stock.

Heritage Commerce Trading Down 1.2%

NASDAQ:HTBK traded down $0.12 on Friday, hitting $10.22. 225,945 shares of the stock were exchanged, compared to its average volume of 467,296. The stock has a market cap of $628.02 million, a PE ratio of 16.22 and a beta of 0.87. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.06. The stock has a fifty day moving average of $10.03 and a 200-day moving average of $9.60. Heritage Commerce Corp has a fifty-two week low of $8.09 and a fifty-two week high of $11.27.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.21 EPS for the quarter, topping the consensus estimate of $0.19 by $0.02. The company had revenue of $47.78 million during the quarter, compared to analyst estimates of $47.17 million. Heritage Commerce had a return on equity of 6.61% and a net margin of 15.00%. As a group, equities analysts expect that Heritage Commerce Corp will post 0.8 earnings per share for the current fiscal year.

Heritage Commerce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were paid a dividend of $0.13 per share. The ex-dividend date was Thursday, August 7th. This represents a $0.52 annualized dividend and a yield of 5.1%. Heritage Commerce's dividend payout ratio is currently 82.54%.

Insider Buying and Selling

In related news, COO Thomas A. Sa bought 20,000 shares of the stock in a transaction dated Friday, August 1st. The stock was acquired at an average price of $9.25 per share, for a total transaction of $185,000.00. Following the completion of the purchase, the chief operating officer owned 20,000 shares in the company, valued at $185,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.71% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut Heritage Commerce from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $10.67.

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. 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.