Heritage Commerce Corp $HTBK Stake Boosted by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital increased its Heritage Commerce stake by 134.6% in the first quarter, purchasing 579,334 additional shares to own 1.01 million shares, or about 1.64% of the company.
• Other institutional investors also expanded their positions, and hedge funds and institutions collectively own 75.55% of HTBK’s stock.
• Analyst sentiment is mixed: Zacks Research downgraded the stock to “hold,” while the broader consensus remains “Hold,” with a price target of $13.12. HTBK recently traded at $13.45, near its 52-week high of $13.82.

Arrowstreet Capital Limited Partnership lifted its stake in shares of Heritage Commerce Corp (NASDAQ:HTBK - Free Report) by 134.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,009,756 shares of the financial services provider's stock after purchasing an additional 579,334 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 1.64% of Heritage Commerce worth $12,602,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Clearstead Advisors LLC increased its holdings in shares of Heritage Commerce by 129.5% in the 4th quarter. Clearstead Advisors LLC now owns 3,599 shares of the financial services provider's stock worth $43,000 after acquiring an additional 2,031 shares during the period. PNC Financial Services Group Inc. boosted its stake in Heritage Commerce by 42.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,739 shares of the financial services provider's stock valued at $59,000 after purchasing an additional 1,405 shares during the period. EverSource Wealth Advisors LLC grew its position in Heritage Commerce by 16,272.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider's stock worth $54,000 after purchasing an additional 5,370 shares during the last quarter. Globeflex Capital L P bought a new position in Heritage Commerce in the 4th quarter worth about $66,000. Finally, Larson Financial Group LLC raised its holdings in shares of Heritage Commerce by 495.3% during the third quarter. Larson Financial Group LLC now owns 5,620 shares of the financial services provider's stock valued at $56,000 after buying an additional 4,676 shares during the last quarter. Institutional investors and hedge funds own 75.55% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Zacks Research downgraded Heritage Commerce from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 9th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, Heritage Commerce presently has a consensus rating of "Hold" and a consensus price target of $13.12.

Heritage Commerce Stock Performance

Shares of NASDAQ:HTBK opened at $13.45 on Friday. The company has a 50 day moving average of $13.45 and a 200-day moving average of $13.14. The firm has a market cap of $828.43 million, a P/E ratio of 17.24 and a beta of 0.69. Heritage Commerce Corp has a twelve month low of $8.73 and a twelve month high of $13.82. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06.

Heritage Commerce Company Profile

Heritage Commerce Corporation, headquartered in Farmington Hills, Michigan, is the bank holding company for Heritage Bank, N.A., a community-oriented financial institution. Traded on NASDAQ under the symbol HTBK, the company focuses on delivering tailored banking services to businesses, professionals and individuals throughout Southeastern Michigan.

Heritage Bank, N.A. offers a comprehensive portfolio of deposit and lending products designed to meet the needs of commercial and consumer clients.

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