Hotchkis & Wiley Capital Management LLC Purchases 525,060 Shares of Heritage Commerce Corp $HTBK

Key Points

• Hotchkis & Wiley Capital Management LLC increased its stake in Heritage Commerce Corp (HTBK) by 69.8%, now owning 1,277,630 shares valued at approximately $12.16 million.
• Heritage Commerce recently reported a quarterly earnings per share (EPS) of $0.21, exceeding the consensus estimate of $0.19, on revenue of $47.78 million.
• The firm has declared a quarterly dividend of $0.13 per share, representing a 5.2% yield, with a dividend payout ratio of 82.54%.

Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Heritage Commerce Corp (NASDAQ:HTBK - Free Report) by 69.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,277,630 shares of the financial services provider's stock after acquiring an additional 525,060 shares during the period. Hotchkis & Wiley Capital Management LLC owned approximately 2.07% of Heritage Commerce worth $12,163,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its position in shares of Heritage Commerce by 143.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,851 shares of the financial services provider's stock worth $27,000 after purchasing an additional 1,680 shares in the last quarter. Quarry LP increased its position in shares of Heritage Commerce by 562.4% during the 4th quarter. Quarry LP now owns 3,153 shares of the financial services provider's stock worth $30,000 after purchasing an additional 2,677 shares in the last quarter. US Bancorp DE increased its position in shares of Heritage Commerce by 66.7% during the 1st quarter. US Bancorp DE now owns 5,789 shares of the financial services provider's stock worth $55,000 after purchasing an additional 2,316 shares in the last quarter. Two Sigma Securities LLC acquired a new stake in shares of Heritage Commerce during the 4th quarter worth about $97,000. Finally, Oxford Asset Management LLP acquired a new stake in shares of Heritage Commerce during the 4th quarter worth about $101,000. 75.55% of the stock is owned by institutional investors.

Insider Activity at Heritage Commerce

In other news, COO Thomas A. Sa acquired 20,000 shares of Heritage Commerce stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $9.25 per share, with a total value of $185,000.00. Following the purchase, the chief operating officer directly owned 20,000 shares of the company's stock, valued at $185,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.71% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Heritage Commerce Trading Down 0.7%

Shares of NASDAQ:HTBK traded down $0.07 during trading on Thursday, hitting $10.36. 358,145 shares of the company's stock were exchanged, compared to its average volume of 429,064. Heritage Commerce Corp has a 1-year low of $8.09 and a 1-year high of $11.27. The firm has a 50-day moving average price of $9.92 and a two-hundred day moving average price of $9.62. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.06. The firm has a market cap of $636.62 million, a P/E ratio of 16.44 and a beta of 0.85.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.21 EPS for the quarter, topping the consensus estimate of $0.19 by $0.02. Heritage Commerce had a net margin of 15.00% and a return on equity of 6.61%. The company had revenue of $47.78 million during the quarter, compared to analysts' expectations of $47.17 million. Equities analysts predict that Heritage Commerce Corp will post 0.8 earnings per share for the current year.

Heritage Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, August 7th. This represents a $0.52 annualized dividend and a dividend yield of 5.0%. Heritage Commerce's payout ratio is currently 82.54%.

Heritage Commerce 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.