Rhino Investment Partners Inc Acquires New Stake in Heritage Commerce Corp $HTBK

Key Points

• Rhino Investment Partners Inc invested approximately $5.22 million in Heritage Commerce Corp, purchasing 548,507 shares of the company, which now represents 1.3% of its investment portfolio.
• Several institutional investors have also increased their holdings in Heritage Commerce, with PNC Financial Services Group boosting its stake by 143.5% in the first quarter.
• Heritage Commerce recently announced a quarterly dividend of $0.13 per share, with a yield of 5.3%, set to be paid on August 21st.

Rhino Investment Partners Inc bought a new stake in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 548,507 shares of the financial services provider's stock, valued at approximately $5,222,000. Heritage Commerce accounts for about 1.3% of Rhino Investment Partners Inc's portfolio, making the stock its 24th largest holding. Rhino Investment Partners Inc owned 0.89% of Heritage Commerce as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of HTBK. PNC Financial Services Group Inc. boosted its stake in Heritage Commerce by 143.5% in the first quarter. PNC Financial Services Group Inc. now owns 2,851 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 1,680 shares during the period. Quarry LP boosted its stake in Heritage Commerce by 562.4% in the fourth quarter. Quarry LP now owns 3,153 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 2,677 shares during the period. US Bancorp DE boosted its stake in Heritage Commerce by 66.7% in the first quarter. US Bancorp DE now owns 5,789 shares of the financial services provider's stock valued at $55,000 after acquiring an additional 2,316 shares during the period. Two Sigma Securities LLC acquired a new position in Heritage Commerce in the fourth quarter valued at approximately $97,000. Finally, Oxford Asset Management LLP acquired a new position in Heritage Commerce in the fourth quarter valued at approximately $101,000. 75.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Heritage Commerce

In related news, COO Thomas A. Sa acquired 20,000 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $9.25 per share, for a total transaction of $185,000.00. Following the completion of the purchase, the chief operating officer directly 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 purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.71% of the stock is owned by corporate insiders.

Heritage Commerce Stock Performance

NASDAQ HTBK traded up $0.22 on Tuesday, hitting $10.32. The stock had a trading volume of 330,331 shares, compared to its average volume of 426,575. Heritage Commerce Corp has a one year low of $8.09 and a one year high of $11.27. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.06. The stock has a market cap of $633.86 million, a price-to-earnings ratio of 16.31 and a beta of 0.85. The company's 50-day moving average is $9.88 and its two-hundred day moving average is $9.61.

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

Heritage Commerce Dividend Announcement

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

Wall Street Analyst Weigh In

HTBK has been the subject of a number of research reports. Stephens restated an "overweight" rating and issued a $11.00 target price on shares of Heritage Commerce in a research note on Monday, April 28th. Raymond James Financial set a $10.00 target price on shares of Heritage Commerce in a research report on Monday, April 28th. Finally, 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 analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $10.67.

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.