Boston Partners Decreases Stake in Heritage Commerce Corp $HTBK

Key Points

• Boston Partners reduced its holdings in Heritage Commerce Corp (NASDAQ:HTBK) by 31.0%, selling 484,298 shares during the first quarter, bringing its ownership to 1,080,443 shares.
• Heritage Commerce reported $0.21 earnings per share for the last quarter, exceeding analyst expectations of $0.19, with a net margin of 15.00%.
• The firm announced a quarterly dividend of $0.13 per share, yielding 5.4% annually, with a pay date of August 21st for investors of record from August 7th.

Boston Partners reduced its position in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) by 31.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,080,443 shares of the financial services provider's stock after selling 484,298 shares during the period. Boston Partners owned 1.75% of Heritage Commerce worth $10,162,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. boosted its holdings in shares of Heritage Commerce by 143.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,851 shares of the financial services provider's stock valued at $27,000 after buying an additional 1,680 shares in the last quarter. Quarry LP boosted its holdings in shares of Heritage Commerce by 562.4% in the 4th quarter. Quarry LP now owns 3,153 shares of the financial services provider's stock valued at $30,000 after buying an additional 2,677 shares in the last quarter. US Bancorp DE boosted its holdings in shares of Heritage Commerce by 66.7% in the 1st quarter. US Bancorp DE now owns 5,789 shares of the financial services provider's stock valued at $55,000 after buying an additional 2,316 shares in the last quarter. Two Sigma Securities LLC purchased a new position in shares of Heritage Commerce in the 4th quarter valued at approximately $97,000. Finally, Oxford Asset Management LLP purchased a new position in shares of Heritage Commerce in the 4th quarter valued at approximately $101,000. 75.55% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Heritage Commerce news, COO Thomas A. Sa bought 20,000 shares of Heritage Commerce stock in a transaction on Friday, August 1st. The stock was bought at an average price of $9.25 per share, with a total value of $185,000.00. Following the completion of the acquisition, 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 legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.71% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on HTBK shares. Wall Street Zen cut shares of Heritage Commerce from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Raymond James Financial set a $10.00 target price on shares of Heritage Commerce in a research note on Monday, April 28th. Stephens reaffirmed an "overweight" rating and set a $11.00 target price on shares of Heritage Commerce in a research note on Monday, April 28th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Heritage Commerce from $11.50 to $11.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $10.67.

Heritage Commerce Stock Up 0.3%

HTBK stock traded up $0.0250 during midday trading on Thursday, reaching $9.8050. 81,064 shares of the company were exchanged, compared to its average volume of 419,670. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.77 and a current ratio of 0.77. Heritage Commerce Corp has a 1-year low of $8.09 and a 1-year high of $11.27. The stock's 50-day simple moving average is $9.84 and its 200 day simple moving average is $9.61. The company has a market cap of $602.49 million, a price-to-earnings ratio of 15.56 and a beta of 0.85.

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

Heritage Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $0.52 dividend on an annualized basis and a yield of 5.3%. Heritage Commerce's dividend payout ratio (DPR) is 82.54%.

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.