Jacobs Levy Equity Management Inc. Makes New Investment 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 stake in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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.

Other large investors have also made changes to their positions in the company. PNC Financial Services Group Inc. increased its position in shares of Heritage Commerce by 143.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,851 shares of the financial services provider's stock valued at $27,000 after buying an additional 1,680 shares in the last quarter. US Bancorp DE increased its position in shares of Heritage Commerce by 66.7% in the 1st quarter. US Bancorp DE now owns 5,789 shares of the financial services provider's stock valued at $55,000 after buying an additional 2,316 shares in the last quarter. Martingale Asset Management L P bought a new stake in shares of Heritage Commerce in the 1st quarter valued at $103,000. Quantinno Capital Management LP bought a new stake in shares of Heritage Commerce in the 4th quarter valued at $104,000. Finally, Quantbot Technologies LP increased its position in shares of Heritage Commerce by 29.6% in the 1st quarter. Quantbot Technologies LP now owns 13,120 shares of the financial services provider's stock valued at $125,000 after buying an additional 2,997 shares in the last quarter. Institutional investors own 75.55% of the company's stock.

Heritage Commerce Stock Down 0.3%

Shares of NASDAQ HTBK traded down $0.03 during mid-day trading on Tuesday, hitting $10.03. The company had a trading volume of 280,696 shares, compared to its average volume of 419,867. The company has a market capitalization of $616.34 million, a PE ratio of 15.92 and a beta of 0.87. The firm has a 50-day simple moving average of $10.00 and a two-hundred day simple moving average of $9.58. 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 one year low of $8.09 and a one year high of $11.27.

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, beating the consensus estimate of $0.19 by $0.02. The company had revenue of $47.78 million during the quarter, compared to analysts' expectations of $47.17 million. Heritage Commerce had a return on equity of 6.61% and a net margin of 15.00%. On average, equities analysts expect that Heritage Commerce Corp will post 0.8 EPS for the current 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 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 yield of 5.2%. Heritage Commerce's dividend payout ratio (DPR) is 82.54%.

Wall Street Analyst Weigh In

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 equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Heritage Commerce presently has an average rating of "Buy" and a consensus target price of $10.67.

Insider Transactions at Heritage Commerce

In related news, COO Thomas A. Sa acquired 20,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was purchased at an average cost of $9.25 per share, for a total transaction of $185,000.00. Following the completion of the transaction, the chief operating officer directly owned 20,000 shares of the company's stock, valued at approximately $185,000. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.71% of the stock is owned by company insiders.

About Heritage Commerce

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.