ABC Arbitrage SA Has $5.82 Million Stock Holdings in Heritage Commerce Corp $HTBK

Key Points

• ABC Arbitrage SA cut its stake in Heritage Commerce Corp by 19.7% in the first quarter, selling 114,336 shares and leaving it with 466,416 shares worth about $5.82 million.
• Institutional ownership in HTBK remains high, with 75.55% of the stock held by institutions; several other funds also recently increased or adjusted their positions.
• Analyst sentiment has softened somewhat, as Zacks Research downgraded Heritage Commerce to hold, and the stock currently carries a consensus Hold rating with a $13.12 price target.

ABC Arbitrage SA decreased its position in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) by 19.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 466,416 shares of the financial services provider's stock after selling 114,336 shares during the period. Heritage Commerce accounts for 0.8% of ABC Arbitrage SA's portfolio, making the stock its 26th largest position. ABC Arbitrage SA owned 0.76% of Heritage Commerce worth $5,821,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in HTBK. CANADA LIFE ASSURANCE Co lifted its holdings in Heritage Commerce by 8.1% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 12,181 shares of the financial services provider's stock valued at $146,000 after buying an additional 913 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Heritage Commerce by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,402 shares of the financial services provider's stock valued at $337,000 after buying an additional 1,482 shares during the period. Mariner LLC boosted its holdings in Heritage Commerce by 2.6% during the third quarter. Mariner LLC now owns 68,844 shares of the financial services provider's stock worth $684,000 after buying an additional 1,730 shares during the last quarter. Larson Financial Group LLC boosted its holdings in Heritage Commerce by 31.0% during the fourth quarter. Larson Financial Group LLC now owns 7,365 shares of the financial services provider's stock worth $88,000 after buying an additional 1,745 shares during the last quarter. Finally, Captrust Financial Advisors grew its position in shares of Heritage Commerce by 16.9% during the 4th quarter. Captrust Financial Advisors now owns 12,597 shares of the financial services provider's stock worth $151,000 after buying an additional 1,821 shares during the period. 75.55% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Zacks Research lowered shares of Heritage Commerce from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 9th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $13.12.

Heritage Commerce Price Performance

Shares of HTBK stock opened at $13.45 on Tuesday. The firm has a fifty day moving average of $13.45 and a 200-day moving average of $13.03. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.06. Heritage Commerce Corp has a 12-month low of $8.73 and a 12-month high of $13.82. The company has a market capitalization of $828.43 million, a price-to-earnings ratio of 17.24 and a beta of 0.69.

Heritage Commerce Company Profile

Heritage Commerce Corporation, headquartered in Farmington Hills, Michigan, is the bank holding company for Heritage Bank, N.A., a community-oriented financial institution. Traded on NASDAQ under the symbol HTBK, the company focuses on delivering tailored banking services to businesses, professionals and individuals throughout Southeastern Michigan.

Heritage Bank, N.A. offers a comprehensive portfolio of deposit and lending products designed to meet the needs of commercial and consumer clients.

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