Cubist Systematic Strategies LLC Grows Position in Heritage Commerce Corp $HTBK

Key Points

• Cubist Systematic Strategies LLC increased its stake in Heritage Commerce Corp by 217.4% in the first quarter, acquiring 137,274 additional shares for a total of 200,428 shares valued at approximately $1.9 million.
• Heritage Commerce recently reported an earnings per share (EPS) of $0.21, exceeding analysts' expectations of $0.19, with revenue at $47.78 million for the quarter.
• The company declared a quarterly dividend of $0.13 per share, yielding 5.1%, with a payout ratio of 82.54%.

Cubist Systematic Strategies LLC grew its stake in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) by 217.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 200,428 shares of the financial services provider's stock after buying an additional 137,274 shares during the period. Cubist Systematic Strategies LLC owned 0.33% of Heritage Commerce worth $1,908,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of HTBK. First Trust Advisors LP boosted its stake 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 purchasing an additional 1,297 shares during the period. Stifel Financial Corp acquired a new stake in shares of Heritage Commerce in the 4th quarter worth $131,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Heritage Commerce by 16.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 22,600 shares of the financial services provider's stock valued at $212,000 after purchasing an additional 3,234 shares during the period. Northern Trust Corp lifted its stake in shares of Heritage Commerce by 1.0% in the fourth quarter. Northern Trust Corp now owns 589,814 shares of the financial services provider's stock valued at $5,532,000 after purchasing an additional 5,773 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Heritage Commerce in the fourth quarter valued at about $209,000. Institutional investors and hedge funds own 75.55% of the company's stock.

Insider Transactions at Heritage Commerce

In related news, COO Thomas A. Sa bought 20,000 shares of the stock in a transaction that occurred on 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 completion of the acquisition, the chief operating officer owned 20,000 shares in the company, valued at $185,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.71% of the company's stock.

Analyst Upgrades and Downgrades

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

Heritage Commerce Trading Down 1.4%

Shares of NASDAQ:HTBK traded down $0.14 during trading on Friday, reaching $10.16. The stock had a trading volume of 276,429 shares, compared to its average volume of 390,897. The business has a fifty day moving average price of $10.01 and a 200-day moving average price of $9.59. 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 cap of $624.33 million, a P/E ratio of 16.13 and a beta of 0.87. 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, beating analysts' consensus estimates of $0.19 by $0.02. Heritage Commerce had a net margin of 15.00% and a return on equity of 6.61%. The firm had revenue of $47.78 million during the quarter, compared to the consensus estimate of $47.17 million. As a group, analysts anticipate that Heritage Commerce Corp will post 0.8 earnings per share for the current fiscal year.

Heritage Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date was Thursday, August 7th. Heritage Commerce's payout ratio is presently 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.