Y Intercept Hong Kong Ltd Purchases 28,069 Shares of Heritage Commerce Corp (NASDAQ:HTBK)

Key Points

• Y Intercept Hong Kong Ltd increased its stake in Heritage Commerce Corp by 266.6% during the 1st quarter, owning 38,598 shares after acquiring an additional 28,069 shares.
• Heritage Commerce recently reported earnings of $0.21 per share, exceeding expectations, along with quarterly revenue of $47.78 million, compared to a forecast of $47.17 million.
• The company announced a quarterly dividend of $0.13 per share, yielding 5.40%, with a payout ratio of 82.54%.

Y Intercept Hong Kong Ltd grew its stake in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) by 266.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,598 shares of the financial services provider's stock after purchasing an additional 28,069 shares during the quarter. Y Intercept Hong Kong Ltd owned approximately 0.06% of Heritage Commerce worth $367,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. American Century Companies Inc. raised its stake in shares of Heritage Commerce by 3.4% in the fourth quarter. American Century Companies Inc. now owns 1,129,910 shares of the financial services provider's stock valued at $10,599,000 after buying an additional 36,821 shares during the period. Sei Investments Co. increased its holdings in Heritage Commerce by 90.5% in the 4th quarter. Sei Investments Co. now owns 63,565 shares of the financial services provider's stock worth $596,000 after acquiring an additional 30,192 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Heritage Commerce in the 4th quarter worth about $129,000. Wellington Management Group LLP increased its holdings in Heritage Commerce by 13.2% in the 4th quarter. Wellington Management Group LLP now owns 2,302,615 shares of the financial services provider's stock worth $21,599,000 after acquiring an additional 268,900 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Heritage Commerce by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 1,426,816 shares of the financial services provider's stock worth $13,386,000 after acquiring an additional 4,756 shares during the last quarter. Institutional investors own 75.55% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on HTBK. Wall Street Zen lowered Heritage Commerce from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Stephens reissued an "overweight" rating and issued a $11.00 price objective on shares of Heritage Commerce in a report on Monday, April 28th. Raymond James Financial set a $10.00 price target on Heritage Commerce in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods reduced their price target on Heritage Commerce from $11.50 to $11.00 and set an "outperform" rating for the company in a research report on Friday, April 25th.

Heritage Commerce Price Performance

Shares of NASDAQ:HTBK remained flat at $9.25 during midday trading on Friday. The company had a trading volume of 852,485 shares, compared to its average volume of 552,939. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.06. Heritage Commerce Corp has a 12 month low of $8.09 and a 12 month high of $11.27. The company has a market capitalization of $569.76 million, a price-to-earnings ratio of 14.68 and a beta of 0.81. The business's 50 day moving average price is $9.76 and its two-hundred day moving average price is $9.59.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last released its quarterly earnings data 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 return on equity of 6.62% and a net margin of 15.00%. The company had revenue of $47.78 million for the quarter, compared to analyst estimates of $47.17 million. Analysts forecast that Heritage Commerce Corp will post 0.8 earnings per share for the current year.

Heritage Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 7th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $0.52 annualized dividend and a yield of 5.6%. 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.