American Century Companies Inc. Sells 31,868 Shares of Heritage Commerce Corp $HTBK

Key Points

• American Century Companies Inc. reduced its stake in Heritage Commerce Corp by 2.8%, selling 31,868 shares and maintaining a total of 1,098,042 shares valued at approximately $10.45 million.
• Heritage Commerce recently announced a quarterly dividend of $0.13 per share, which provides investors with an annualized yield of 5.0% and a payout ratio of 82.54%.
• Heritage Commerce's stock received a consensus rating of "Buy" from analysts, although Wall Street Zen downgraded it from "hold" to "sell," indicating mixed sentiment among investors.

American Century Companies Inc. lessened its holdings in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) by 2.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,098,042 shares of the financial services provider's stock after selling 31,868 shares during the quarter. American Century Companies Inc. owned 1.78% of Heritage Commerce worth $10,453,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Heritage Commerce by 3.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,920 shares of the financial services provider's stock valued at $318,000 after acquiring an additional 1,115 shares during the period. First Trust Advisors LP boosted its position in shares of Heritage Commerce by 3.5% in the fourth quarter. First Trust Advisors LP now owns 38,379 shares of the financial services provider's stock valued at $360,000 after acquiring an additional 1,297 shares during the period. SummerHaven Investment Management LLC boosted its position in shares of Heritage Commerce by 1.7% in the first quarter. SummerHaven Investment Management LLC now owns 90,202 shares of the financial services provider's stock valued at $859,000 after acquiring an additional 1,484 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Heritage Commerce by 143.5% in the first quarter. PNC Financial Services Group Inc. now owns 2,851 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 1,680 shares during the period. Finally, US Bancorp DE boosted its position in shares of Heritage Commerce by 66.7% in the first quarter. US Bancorp DE now owns 5,789 shares of the financial services provider's stock valued at $55,000 after acquiring an additional 2,316 shares during the period. Institutional investors own 75.55% of the company's stock.

Heritage Commerce Trading Up 2.1%

HTBK opened at $10.31 on Wednesday. Heritage Commerce Corp has a twelve month low of $8.09 and a twelve month high of $11.27. The company has a 50-day simple moving average of $9.90 and a 200 day simple moving average of $9.61. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $633.52 million, a price-to-earnings ratio of 16.37 and a beta of 0.85.

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

Heritage Commerce Announces Dividend

The firm also recently announced 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 of this dividend was Thursday, August 7th. This represents a $0.52 annualized dividend and a yield of 5.0%. Heritage Commerce's payout ratio is presently 82.54%.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Heritage Commerce news, COO Thomas A. Sa bought 20,000 shares of the stock in a transaction on Friday, August 1st. The stock was purchased at an average price of $9.25 per share, with a total value 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. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.71% of the company's stock.

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.

Want to see what other hedge funds are holding HTBK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Heritage Commerce Corp (NASDAQ:HTBK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.