Millennium Management LLC Takes Position in Heritage Commerce Corp (NASDAQ:HTBK)

Millennium Management LLC bought a new stake in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 200,522 shares of the financial services provider's stock, valued at approximately $1,881,000. Millennium Management LLC owned approximately 0.33% of Heritage Commerce as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Quarry LP raised its position in shares of Heritage Commerce by 562.4% in the 4th quarter. Quarry LP now owns 3,153 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 2,677 shares in the last quarter. US Bancorp DE increased its holdings in shares of Heritage Commerce by 64.8% in the 4th quarter. US Bancorp DE now owns 3,473 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 1,365 shares during the last quarter. Two Sigma Securities LLC bought a new stake in shares of Heritage Commerce in the 4th quarter valued at approximately $97,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Heritage Commerce in the 4th quarter valued at approximately $99,000. Finally, Oxford Asset Management LLP bought a new stake in shares of Heritage Commerce in the 4th quarter valued at approximately $101,000. 75.55% of the stock is owned by institutional investors and hedge funds.

Heritage Commerce Stock Performance

HTBK traded down $0.05 during trading on Wednesday, reaching $9.25. 487,026 shares of the company were exchanged, compared to its average volume of 375,268. The stock has a market cap of $569.76 million, a P/E ratio of 14.02 and a beta of 0.77. The firm has a 50 day moving average of $9.03 and a 200 day moving average of $9.62. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.06. Heritage Commerce Corp has a 52 week low of $7.74 and a 52 week high of $11.27.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.01. Heritage Commerce had a return on equity of 5.96% and a net margin of 16.12%. The firm had revenue of $46.06 million during the quarter, compared to the consensus estimate of $45.89 million. On average, sell-side analysts forecast that Heritage Commerce Corp will post 0.8 EPS for the current fiscal year.

Heritage Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Thursday, May 8th were paid a $0.13 dividend. The ex-dividend date was Thursday, May 8th. This represents a $0.52 annualized dividend and a dividend yield of 5.62%. Heritage Commerce's payout ratio is 76.47%.

Wall Street Analysts Forecast Growth

HTBK has been the subject of a number of research analyst reports. Raymond James set a $10.00 price target on Heritage Commerce in a report on Monday, April 28th. Stephens reiterated an "overweight" rating and issued a $11.00 price target on shares of Heritage Commerce in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods lowered their price target on Heritage Commerce from $11.50 to $11.00 and set an "outperform" rating for the company in a report on Friday, April 25th.

Insider Transactions at Heritage Commerce

In other news, CEO Robertson Clay Jones, Jr. sold 5,145 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $9.73, for a total value of $50,060.85. Following the completion of the transaction, the chief executive officer now owns 254,227 shares of the company's stock, valued at approximately $2,473,628.71. This represents a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 2.71% of the company's stock.

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.