Assenagon Asset Management S.A. Sells 264,902 Shares of Heritage Commerce Corp (NASDAQ:HTBK)

Assenagon Asset Management S.A. cut its stake in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) by 57.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 198,872 shares of the financial services provider's stock after selling 264,902 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.32% of Heritage Commerce worth $1,893,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of HTBK. Wellington Management Group LLP grew its stake in Heritage Commerce by 13.2% during the fourth quarter. Wellington Management Group LLP now owns 2,302,615 shares of the financial services provider's stock worth $21,599,000 after buying an additional 268,900 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Heritage Commerce in the fourth quarter worth about $2,181,000. Millennium Management LLC bought a new position in shares of Heritage Commerce in the fourth quarter worth about $1,881,000. ExodusPoint Capital Management LP bought a new position in Heritage Commerce in the 4th quarter valued at approximately $1,272,000. Finally, Dimensional Fund Advisors LP raised its holdings in Heritage Commerce by 4.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,392,688 shares of the financial services provider's stock valued at $31,823,000 after buying an additional 130,144 shares during the last quarter. 75.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Stephens restated an "overweight" rating and set a $11.00 price target on shares of Heritage Commerce in a report on Monday, April 28th. Keefe, Bruyette & Woods lowered their price target on shares of Heritage Commerce from $11.50 to $11.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Raymond James Financial set a $10.00 price objective on shares of Heritage Commerce in a research report on Monday, April 28th. Finally, Wall Street Zen downgraded shares of Heritage Commerce from a "hold" rating to a "sell" rating in a research report on Friday, June 6th.

Heritage Commerce Price Performance

HTBK stock traded up $0.09 during mid-day trading on Friday, reaching $9.30. 620,969 shares of the company traded hands, compared to its average volume of 376,044. Heritage Commerce Corp has a 52-week low of $7.83 and a 52-week high of $11.27. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market capitalization of $572.88 million, a P/E ratio of 13.68 and a beta of 0.79. The company has a fifty day moving average price of $9.17 and a 200-day moving average price of $9.51.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.19 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.01. Heritage Commerce had a net margin of 16.38% and a return on equity of 6.11%. The firm had revenue of $46.06 million during the quarter, compared to analyst estimates of $45.89 million. As a group, analysts anticipate that Heritage Commerce Corp will post 0.8 earnings per share for the current year.

Heritage Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Thursday, May 8th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 5.59%. The ex-dividend date was Thursday, May 8th. Heritage Commerce's dividend payout ratio is presently 76.47%.

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.