Heritage Commerce Corp Declares Quarterly Dividend of $0.13 (NASDAQ:HTBK)

Heritage Commerce Corp (NASDAQ:HTBK - Get Free Report) announced a quarterly dividend on Thursday, July 24th, RTT News reports. Stockholders of record on Thursday, August 7th will be given a dividend of 0.13 per share by the financial services provider on Thursday, August 21st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 5.26%.

Heritage Commerce has a dividend payout ratio of 60.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Heritage Commerce to earn $0.90 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 57.8%.

Heritage Commerce Stock Down 2.6%

Shares of Heritage Commerce stock traded down $0.26 during trading on Thursday, reaching $9.89. The company had a trading volume of 460,681 shares, compared to its average volume of 528,089. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.75 and a current ratio of 0.75. Heritage Commerce has a fifty-two week low of $8.09 and a fifty-two week high of $11.27. The firm's fifty day moving average is $9.73 and its 200-day moving average is $9.57. The company has a market cap of $609.22 million, a price-to-earnings ratio of 14.54 and a beta of 0.81.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates of $0.19 by $0.02. Heritage Commerce had a return on equity of 6.11% and a net margin of 16.38%. On average, analysts anticipate that Heritage Commerce will post 0.8 EPS for the current year.

Hedge Funds Weigh In On Heritage Commerce

A number of institutional investors and hedge funds have recently bought and sold shares of HTBK. Acadian Asset Management LLC acquired a new position in Heritage Commerce in the first quarter worth approximately $316,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Heritage Commerce by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,402 shares of the financial services provider's stock worth $337,000 after acquiring an additional 1,482 shares during the last quarter. Jane Street Group LLC raised its position in shares of Heritage Commerce by 158.2% during the first quarter. Jane Street Group LLC now owns 144,919 shares of the financial services provider's stock worth $1,380,000 after purchasing an additional 88,801 shares during the period. Finally, Empowered Funds LLC lifted its holdings in shares of Heritage Commerce by 8.5% during the first quarter. Empowered Funds LLC now owns 171,866 shares of the financial services provider's stock valued at $1,636,000 after purchasing an additional 13,519 shares during the last quarter. Institutional investors own 75.55% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Heritage Commerce from $11.50 to $11.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Stephens reaffirmed an "overweight" rating and set a $11.00 target price on shares of Heritage Commerce in a report on Monday, April 28th. Raymond James Financial set a $10.00 price objective on Heritage Commerce in a research report on Monday, April 28th. Finally, Wall Street Zen raised Heritage Commerce from a "sell" rating to a "hold" rating in a research report on Friday, June 27th.

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.

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