Strs Ohio Invests $547,000 in Heritage Commerce Corp $HTBK

Key Points

• Strs Ohio acquired a new stake in Heritage Commerce Corp with the purchase of 57,500 shares valued at approximately $547,000, bringing its ownership to 0.09% of the company.
• Heritage Commerce faced a rating downgrade from Wall Street Zen, dropping from a "hold" rating to a "sell" rating, although it maintains a consensus "buy" rating among analysts.
• The company declared a quarterly dividend of $0.13 per share, yielding 5.1%, with a payout ratio of 82.54%.

Strs Ohio bought a new position in shares of Heritage Commerce Corp (NASDAQ:HTBK - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 57,500 shares of the financial services provider's stock, valued at approximately $547,000. Strs Ohio owned 0.09% of Heritage Commerce as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Rhino Investment Partners Inc bought a new position in shares of Heritage Commerce during the 1st quarter worth approximately $5,222,000. Hsbc Holdings PLC bought a new position in shares of Heritage Commerce during the 1st quarter worth approximately $371,000. Vanguard Group Inc. grew its stake in shares of Heritage Commerce by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 3,495,577 shares of the financial services provider's stock worth $33,278,000 after acquiring an additional 108,505 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Heritage Commerce by 52.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,736 shares of the financial services provider's stock worth $232,000 after acquiring an additional 8,474 shares in the last quarter. Finally, Millennium Management LLC bought a new position in shares of Heritage Commerce during the 4th quarter worth approximately $1,881,000. 75.55% of the stock is owned by institutional investors.

Insider Buying and Selling at Heritage Commerce

In other news, COO Thomas A. Sa bought 20,000 shares of the company's stock in a transaction dated Friday, August 1st. The stock was bought at an average price of $9.25 per share, with a total value of $185,000.00. Following the completion of the acquisition, the chief operating officer owned 20,000 shares of the company's stock, valued at $185,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.71% of the company's stock.

Heritage Commerce Stock Down 0.2%

Shares of NASDAQ:HTBK traded down $0.02 during midday trading on Tuesday, hitting $10.12. The stock had a trading volume of 90,781 shares, compared to its average volume of 419,520. Heritage Commerce Corp has a 12 month low of $8.09 and a 12 month 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 business's 50-day simple moving average is $9.97 and its 200-day simple moving average is $9.58. The company has a market cap of $621.94 million, a P/E ratio of 16.05 and a beta of 0.87.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last announced its quarterly earnings results 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 return on equity of 6.61% and a net margin of 15.00%.The business had revenue of $47.78 million during the quarter, compared to the consensus estimate of $47.17 million. On average, sell-side analysts forecast that Heritage Commerce Corp will post 0.8 earnings per share for the current fiscal year.

Heritage Commerce Dividend Announcement

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 dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.52 annualized dividend and a yield of 5.1%. Heritage Commerce's dividend payout ratio (DPR) is currently 82.54%.

Wall Street Analysts Forecast Growth

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