Jacobs Levy Equity Management Inc. Takes Position in Heritage Commerce Corp $HTBK

Key Points

• Jacobs Levy Equity Management Inc. has acquired a new stake in Heritage Commerce Corp (NASDAQ:HTBK), purchasing 52,955 shares valued at approximately $504,000, which represents about 0.09% of the company.
• Institutional investors hold 75.55% of Heritage Commerce's stock, indicating strong interest from various funds, with several new positions being established in recent quarters.
• Heritage Commerce has recently declared a quarterly dividend of $0.13 per share, yielding 5.1%, and its last earnings report showed a positive performance with an EPS of $0.21, exceeding analysts’ expectations.

Jacobs Levy Equity Management Inc. purchased a new position in shares of Heritage Commerce Corp (NASDAQ:HTBK - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 52,955 shares of the financial services provider's stock, valued at approximately $504,000. Jacobs Levy Equity Management Inc. owned 0.09% of Heritage Commerce as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of HTBK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Heritage Commerce by 3.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,920 shares of the financial services provider's stock valued at $318,000 after purchasing an additional 1,115 shares during the period. SummerHaven Investment Management LLC increased its stake in Heritage Commerce by 1.7% during the 1st quarter. SummerHaven Investment Management LLC now owns 90,202 shares of the financial services provider's stock worth $859,000 after buying an additional 1,484 shares during the period. PNC Financial Services Group Inc. increased its stake in 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 buying an additional 1,680 shares during the period. US Bancorp DE increased its stake in 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 buying an additional 2,316 shares during the period. Finally, AlTi Global Inc. increased its stake in Heritage Commerce by 0.4% during the 1st quarter. AlTi Global Inc. now owns 656,575 shares of the financial services provider's stock worth $6,251,000 after buying an additional 2,400 shares during the period. Hedge funds and other institutional investors own 75.55% of the company's stock.

Wall Street Analyst Weigh In

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

Heritage Commerce Stock Up 3.3%

HTBK stock traded up $0.33 during mid-day trading on Thursday, hitting $10.42. 239,274 shares of the company were exchanged, compared to its average volume of 380,038. The company has a market capitalization of $640.31 million, a PE ratio of 16.54 and a beta of 0.87. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.06. Heritage Commerce Corp has a twelve month low of $8.09 and a twelve month high of $11.27. The firm has a fifty day simple moving average of $9.98 and a 200 day simple moving average of $9.58.

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

Heritage Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend was Thursday, August 7th. Heritage Commerce's dividend payout ratio (DPR) is currently 82.54%.

Insiders Place Their Bets

In related news, COO Thomas A. Sa acquired 20,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $9.25 per share, with a total value of $185,000.00. Following the acquisition, the chief operating officer directly owned 20,000 shares in the company, valued at approximately $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 can be accessed through this link. 2.71% of the stock is currently owned by corporate insiders.

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.