Principal Financial Group Inc. Makes New $1.60 Million Investment in Heritage Commerce Corp $HTBK

Key Points

• Principal Financial Group purchased 128,044 shares of Heritage Commerce, valued at approximately $1.60 million, giving it a 0.21% stake.
• Institutional ownership remains substantial at 75.55%, with several other investment firms recently increasing or initiating positions in HTBK.
• Heritage Commerce shares opened at $13.45, near their 52-week high, while analysts maintain a consensus “Hold” rating and a $13.12 price target.

Principal Financial Group Inc. purchased a new stake 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 & Exchange Commission. The firm purchased 128,044 shares of the financial services provider's stock, valued at approximately $1,598,000. Principal Financial Group Inc. owned approximately 0.21% of Heritage Commerce at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Clearstead Advisors LLC grew its position in shares of Heritage Commerce by 129.5% in the 4th quarter. Clearstead Advisors LLC now owns 3,599 shares of the financial services provider's stock valued at $43,000 after buying an additional 2,031 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Heritage Commerce by 16,272.7% during the second quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider's stock worth $54,000 after acquiring an additional 5,370 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of Heritage Commerce by 495.3% in the third quarter. Larson Financial Group LLC now owns 5,620 shares of the financial services provider's stock worth $56,000 after acquiring an additional 4,676 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Heritage Commerce by 368.9% in the third quarter. Russell Investments Group Ltd. now owns 6,433 shares of the financial services provider's stock worth $64,000 after acquiring an additional 5,061 shares during the period. Finally, Globeflex Capital L P acquired a new position in shares of Heritage Commerce in the fourth quarter worth approximately $66,000. 75.55% of the stock is currently owned by institutional investors.

Heritage Commerce Price Performance

Shares of NASDAQ:HTBK opened at $13.45 on Friday. The company has a market capitalization of $828.43 million, a P/E ratio of 17.24 and a beta of 0.69. The company's 50-day moving average is $13.45 and its 200 day moving average is $13.13. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.74 and a current ratio of 0.74. Heritage Commerce Corp has a fifty-two week low of $8.73 and a fifty-two week high of $13.82.

Analyst Ratings Changes

Separately, Zacks Research cut Heritage Commerce from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 9th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, Heritage Commerce presently has an average rating of "Hold" and a consensus price target of $13.12.

Heritage Commerce Company Profile

Heritage Commerce Corporation, headquartered in Farmington Hills, Michigan, is the bank holding company for Heritage Bank, N.A., a community-oriented financial institution. Traded on NASDAQ under the symbol HTBK, the company focuses on delivering tailored banking services to businesses, professionals and individuals throughout Southeastern Michigan.

Heritage Bank, N.A. offers a comprehensive portfolio of deposit and lending products designed to meet the needs of commercial and consumer clients.

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