Heritage Commerce Corp $HTBK Shares Sold by Trexquant Investment LP

Key Points

• Trexquant Investment LP significantly reduced its stake in Heritage Commerce Corp by 58.2%, now holding approximately 39,354 shares valued at $375,000.
• Heritage Commerce announced a quarterly dividend of $0.13 per share, yielding 5.1%, with a dividend payout ratio of 82.54%.
• Wall Street Zen downgraded Heritage Commerce from a "hold" to a "sell" rating, although the stock maintains an average rating of "Buy" with a target price of $10.67 based on analyst assessments.

Trexquant Investment LP reduced its position in shares of Heritage Commerce Corp (NASDAQ:HTBK - Free Report) by 58.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 39,354 shares of the financial services provider's stock after selling 54,903 shares during the period. Trexquant Investment LP owned about 0.06% of Heritage Commerce worth $375,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Rhino Investment Partners Inc acquired a new stake in Heritage Commerce in the first quarter worth $5,222,000. Hsbc Holdings PLC acquired a new stake in Heritage Commerce in the first quarter worth $371,000. Vanguard Group Inc. increased its position in Heritage Commerce by 3.2% in the first quarter. Vanguard Group Inc. now owns 3,495,577 shares of the financial services provider's stock worth $33,278,000 after buying an additional 108,505 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Heritage Commerce by 52.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,736 shares of the financial services provider's stock worth $232,000 after buying an additional 8,474 shares during the period. Finally, Millennium Management LLC acquired a new stake in Heritage Commerce in the fourth quarter worth $1,881,000. 75.55% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, COO Thomas A. Sa bought 20,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was acquired 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 directly owned 20,000 shares of the company's stock, valued at $185,000. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 2.71% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Heritage Commerce Trading Down 0.7%

Shares of HTBK stock opened at $10.23 on Wednesday. The stock has a 50-day simple moving average of $10.03 and a 200 day simple moving average of $9.59. Heritage Commerce Corp has a fifty-two week low of $8.09 and a fifty-two week high of $11.27. The stock has a market capitalization of $628.63 million, a P/E ratio of 16.24 and a beta of 0.87. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.06.

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 for the quarter, beating the consensus estimate of $0.19 by $0.02. Heritage Commerce had a return on equity of 6.61% and a net margin of 15.00%.The business had revenue of $47.78 million during the quarter, compared to analysts' expectations of $47.17 million. On average, sell-side analysts expect that Heritage Commerce Corp will post 0.8 earnings per share for the current fiscal year.

Heritage Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors 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 5.1%. Heritage Commerce's dividend payout ratio (DPR) is currently 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.

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