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

Heritage Commerce Corp (NASDAQ:HTBK - Get Free Report) announced a quarterly dividend on Thursday, July 24th, RTT News reports. Shareholders 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 annualized dividend and a dividend yield of 5.39%. The ex-dividend date of this dividend is Thursday, August 7th.

Heritage Commerce has a dividend payout ratio of 60.5% indicating that its dividend is sufficiently covered by earnings. Equities 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 Up 0.7%

Shares of HTBK traded up $0.07 during mid-day trading on Monday, hitting $9.65. 153,834 shares of the company traded hands, compared to its average volume of 388,886. Heritage Commerce has a 1-year low of $8.09 and a 1-year high of $11.27. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $594.50 million, a PE ratio of 15.34 and a beta of 0.81. The business has a 50 day moving average of $9.74 and a 200 day moving average of $9.58.

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, topping the consensus estimate of $0.19 by $0.02. Heritage Commerce had a net margin of 15.00% and a return on equity of 6.62%. The company had revenue of $47.78 million for the quarter, compared to the consensus estimate of $47.17 million. Equities research analysts anticipate that Heritage Commerce will post 0.8 EPS for the current year.

Hedge Funds Weigh In On Heritage Commerce

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

Analysts Set New Price Targets

HTBK has been the topic of a number of analyst reports. Wall Street Zen cut shares of Heritage Commerce from a "hold" rating to a "sell" rating in a research note on Saturday. Stephens reissued an "overweight" rating and issued a $11.00 price target on shares of Heritage Commerce in a research note on Monday, April 28th. Keefe, Bruyette & Woods decreased their price objective on Heritage Commerce from $11.50 to $11.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Finally, Raymond James Financial set a $10.00 price target on Heritage Commerce in a report on Monday, April 28th.

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.