Nuveen LLC Makes New Investment in Heritage Commerce Corp $HTBK

Key Points

• Nuveen LLC has acquired 510,656 shares of Heritage Commerce Corp ($HTBK) in Q1, amounting to approximately $4.86 million, giving it 0.83% ownership in the company.
• Heritage Commerce recently reported quarterly earnings with an EPS of $0.21, exceeding expectations of $0.19, and announced a quarterly dividend of $0.13, reflecting a 5.0% yield.
• Overall, 75.55% of Heritage Commerce's stock is owned by institutional investors, indicating strong interest from major financial players.

Nuveen LLC bought a new position in shares of Heritage Commerce Corp (NASDAQ:HTBK - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 510,656 shares of the financial services provider's stock, valued at approximately $4,861,000. Nuveen LLC owned approximately 0.83% of Heritage Commerce at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in HTBK. Wells Fargo & Company MN raised its holdings in Heritage Commerce by 42.2% in the fourth quarter. Wells Fargo & Company MN now owns 57,533 shares of the financial services provider's stock valued at $540,000 after acquiring an additional 17,071 shares in the last quarter. Invesco Ltd. increased its stake in Heritage Commerce by 6.5% during the fourth quarter. Invesco Ltd. now owns 188,126 shares of the financial services provider's stock valued at $1,765,000 after purchasing an additional 11,517 shares during the last quarter. Legal & General Group Plc increased its stake in Heritage Commerce by 7.9% during the fourth quarter. Legal & General Group Plc now owns 58,488 shares of the financial services provider's stock valued at $549,000 after purchasing an additional 4,306 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Heritage Commerce during the fourth quarter valued at $2,181,000. Finally, Barclays PLC increased its stake in Heritage Commerce by 3.5% during the fourth quarter. Barclays PLC now owns 224,113 shares of the financial services provider's stock valued at $2,102,000 after purchasing an additional 7,674 shares during the last quarter. 75.55% of the stock is owned by institutional investors and hedge funds.

Heritage Commerce Stock Up 2.1%

Heritage Commerce stock opened at $10.31 on Wednesday. The company has a 50-day simple moving average of $9.90 and a 200-day simple moving average of $9.61. The firm has a market capitalization of $633.52 million, a P/E ratio of 16.37 and a beta of 0.85. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.77 and a current ratio of 0.77. 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 released 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. The business 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%. As a group, equities analysts expect 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. Shareholders of record on Thursday, August 7th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend was Thursday, August 7th. Heritage Commerce's dividend payout ratio is presently 82.54%.

Insiders Place Their Bets

In other Heritage Commerce news, COO Thomas A. Sa purchased 20,000 shares of the business'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 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 legal filing with the SEC, which is available through this hyperlink. Insiders own 2.71% of the company's stock.

Analysts Set New Price Targets

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

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.

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