Vanguard Group Inc. Has $33.28 Million Holdings in Heritage Commerce Corp $HTBK

Key Points

• Vanguard Group Inc. increased its stake in Heritage Commerce Corp by 3.2%, owning approximately 5.67% of the company, valued at $33.3 million after purchasing an additional 108,505 shares.
• Heritage Commerce announced a quarterly dividend of $0.13 per share, which reflects an annualized dividend yield of 5.0% and a payout ratio of 82.54%.
• Analyst ratings for Heritage Commerce recently shifted, with Wall Street Zen downgrading the stock from "hold" to "sell," despite a consensus buy rating among analysts.

Vanguard Group Inc. increased its stake in shares of Heritage Commerce Corp (NASDAQ:HTBK - Free Report) by 3.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,495,577 shares of the financial services provider's stock after purchasing an additional 108,505 shares during the quarter. Vanguard Group Inc. owned approximately 5.67% of Heritage Commerce worth $33,278,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its position in Heritage Commerce by 143.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,851 shares of the financial services provider's stock worth $27,000 after purchasing an additional 1,680 shares in the last quarter. US Bancorp DE increased its position in Heritage Commerce by 66.7% during the 1st quarter. US Bancorp DE now owns 5,789 shares of the financial services provider's stock worth $55,000 after purchasing an additional 2,316 shares in the last quarter. Princeton Capital Management LLC increased its position in Heritage Commerce by 17.6% during the 1st quarter. Princeton Capital Management LLC now owns 20,041 shares of the financial services provider's stock worth $191,000 after purchasing an additional 3,000 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Heritage Commerce during the 1st quarter worth about $301,000. Finally, Y Intercept Hong Kong Ltd increased its position in Heritage Commerce by 266.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 38,598 shares of the financial services provider's stock worth $367,000 after purchasing an additional 28,069 shares in the last quarter. Hedge funds and other institutional investors own 75.55% of the company's stock.

Heritage Commerce Price Performance

NASDAQ HTBK traded down $0.08 on Tuesday, reaching $10.25. The company's stock had a trading volume of 421,879 shares, compared to its average volume of 534,593. Heritage Commerce Corp has a twelve month low of $8.09 and a twelve month high of $11.27. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a market cap of $629.86 million, a PE ratio of 16.27 and a beta of 0.87. The firm's 50 day moving average is $9.99 and its two-hundred day moving average is $9.61.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last announced its earnings results on Thursday, July 24th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.02. The company had revenue of $47.78 million for the quarter, compared to analyst estimates of $47.17 million. Heritage Commerce had a return on equity of 6.61% and a net margin of 15.00%. As a group, sell-side analysts predict that Heritage Commerce Corp will post 0.8 EPS for the current year.

Heritage Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 5.1%. 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 news, COO Thomas A. Sa bought 20,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were bought at an average cost of $9.25 per share, with a total value of $185,000.00. Following the transaction, the chief operating officer directly owned 20,000 shares in the company, valued at approximately $185,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.71% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut Heritage Commerce from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus 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.