Boston Partners Sells 484,298 Shares of 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 cut its position in shares of Heritage Commerce Corp (NASDAQ:HTBK - Free Report) by 31.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,080,443 shares of the financial services provider's stock after selling 484,298 shares during the quarter. Boston Partners owned about 1.75% of Heritage Commerce worth $10,162,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of HTBK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 buying an additional 1,115 shares in the last quarter. First Trust Advisors LP increased its holdings in Heritage Commerce by 3.5% during the fourth quarter. First Trust Advisors LP now owns 38,379 shares of the financial services provider's stock worth $360,000 after buying an additional 1,297 shares during the last quarter. SummerHaven Investment Management LLC increased its holdings in Heritage Commerce by 1.7% during the first quarter. SummerHaven Investment Management LLC now owns 90,202 shares of the financial services provider's stock worth $859,000 after buying an additional 1,484 shares during the last quarter. PNC Financial Services Group Inc. raised 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 purchasing an additional 1,680 shares during the period. Finally, US Bancorp DE raised 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 purchasing an additional 2,316 shares during the period. 75.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Heritage Commerce Price Performance

HTBK stock traded down $0.0350 during midday trading on Wednesday, reaching $9.8050. The company had a trading volume of 146,729 shares, compared to its average volume of 420,833. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.77 and a quick ratio of 0.77. Heritage Commerce Corp has a 1 year low of $8.09 and a 1 year high of $11.27. The company has a market capitalization of $602.52 million, a P/E ratio of 15.55 and a beta of 0.85. The firm has a 50-day moving average price of $9.84 and a 200-day moving average price of $9.61.

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

Heritage Commerce Announces Dividend

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

Insider Buying and Selling at Heritage Commerce

In other Heritage Commerce news, COO Thomas A. Sa acquired 20,000 shares of the stock in a transaction dated Friday, August 1st. The stock was purchased at an average cost of $9.25 per share, for a total transaction of $185,000.00. Following the acquisition, the chief operating officer owned 20,000 shares in the company, valued at $185,000. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.71% of the company's stock.

Heritage Commerce 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.