Elizabeth Park Capital Advisors Ltd. Purchases New Stake in Heritage Commerce Corp $HTBK

Key Points

• Elizabeth Park Capital Advisors Ltd. has acquired a new stake in Heritage Commerce Corp, purchasing 58,267 shares valued at approximately $555,000 during the first quarter.
• In a recent rating change, Wall Street Zen downgraded Heritage Commerce from a "hold" to a "sell" rating, while the stock has an average rating of "Buy" with a target price of $10.67.
• Heritage Commerce announced a quarterly dividend of $0.13 per share, representing an annualized dividend of $0.52 and a dividend yield of 5.0% as of the recent payment date.

Elizabeth Park Capital Advisors Ltd. purchased a new stake in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 58,267 shares of the financial services provider's stock, valued at approximately $555,000. Elizabeth Park Capital Advisors Ltd. owned 0.09% of Heritage Commerce at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Heritage Commerce by 3.4% in the 4th 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 increased its position in Heritage Commerce by 3.5% during the 4th 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 period. SummerHaven Investment Management LLC increased its position in Heritage Commerce by 1.7% during the 1st 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 period. PNC Financial Services Group Inc. increased its position in Heritage Commerce by 143.5% during the 1st 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. Finally, US Bancorp DE increased its position in Heritage Commerce by 66.7% during the 1st quarter. US Bancorp DE now owns 5,789 shares of the financial services provider's stock worth $55,000 after buying an additional 2,316 shares during the period. Institutional investors own 75.55% of the company's stock.

Analyst Ratings Changes

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

Insider Activity

In related news, COO Thomas A. Sa bought 20,000 shares of Heritage Commerce stock in a transaction dated Friday, August 1st. The shares were bought at an average cost of $9.25 per share, with a total value of $185,000.00. Following the acquisition, the chief operating officer owned 20,000 shares in the company, valued at $185,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 2.71% of the company's stock.

Heritage Commerce Stock Up 2.1%

HTBK stock opened at $10.31 on Wednesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market capitalization of $633.52 million, a price-to-earnings ratio of 16.37 and a beta of 0.85. The business's fifty day moving average price is $9.90 and its two-hundred day moving average price is $9.61. 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 released its earnings results on Thursday, July 24th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.02. The company had revenue of $47.78 million for 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%. On average, equities analysts anticipate that Heritage Commerce Corp will post 0.8 earnings per share for the current year.

Heritage Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend was Thursday, August 7th. Heritage Commerce's dividend payout ratio is 82.54%.

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.

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