Heritage Commerce Corp (NASDAQ:HTBK) COO Purchases $185,000.00 in Stock

Key Points

• Thomas A. Sa, COO of Heritage Commerce Corp, purchased 20,000 shares at $9.25 each, totaling $185,000, significantly increasing his ownership stake in the company.
• Heritage Commerce recently reported earnings of $0.21 per share, exceeding analysts' expectations and demonstrating a net margin of 15% on revenue of $47.78 million for the quarter.
• A quarterly dividend of $0.13 was declared, reflecting an annual yield of **5.6%** with a dividend payout ratio of **82.54%**.

Heritage Commerce Corp (NASDAQ:HTBK - Get Free Report) COO Thomas A. Sa purchased 20,000 shares of Heritage Commerce stock in a transaction on Friday, August 1st. The shares were acquired at an average cost of $9.25 per share, for a total transaction of $185,000.00. Following the purchase, the chief operating officer owned 20,000 shares in the company, valued at approximately $185,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Heritage Commerce Stock Down 1.3%

NASDAQ:HTBK traded down $0.12 during mid-day trading on Thursday, hitting $9.32. The company had a trading volume of 617,216 shares, compared to its average volume of 418,789. The business has a fifty day simple moving average of $9.77 and a 200-day simple moving average of $9.60. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06. Heritage Commerce Corp has a 1 year low of $8.09 and a 1 year high of $11.27. The firm has a market capitalization of $574.11 million, a price-to-earnings ratio of 14.79 and a beta of 0.85.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.21 EPS for the quarter, beating the consensus estimate of $0.19 by $0.02. Heritage Commerce had a return on equity of 6.62% and a net margin of 15.00%. The company had revenue of $47.78 million for the quarter, compared to analyst estimates of $47.17 million. Equities 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 announced a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be paid a dividend of $0.13 per share. The ex-dividend date is Thursday, August 7th. This represents a $0.52 annualized dividend and a dividend yield of 5.6%. Heritage Commerce's dividend payout ratio (DPR) is currently 82.54%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Raymond James Financial set a $10.00 price target on Heritage Commerce in a research note on Monday, April 28th. Stephens reaffirmed an "overweight" rating and issued a $11.00 target price on shares of Heritage Commerce in a research report on Monday, April 28th. Keefe, Bruyette & Woods cut their target price on Heritage Commerce from $11.50 to $11.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Finally, Wall Street Zen lowered Heritage Commerce from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th.

Institutional Trading of Heritage Commerce

Large investors have recently modified their holdings of the business. PNC Financial Services Group Inc. grew its stake in shares of Heritage Commerce by 143.5% during 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 in the last quarter. Quarry LP grew its stake in shares of Heritage Commerce by 562.4% during 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 in the last quarter. US Bancorp DE grew its stake in shares of Heritage Commerce by 66.7% during 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 in the last quarter. Two Sigma Securities LLC acquired a new stake in shares of Heritage Commerce during the fourth quarter valued at about $97,000. Finally, Oxford Asset Management LLP acquired a new stake in shares of Heritage Commerce during the fourth quarter valued at about $101,000. 75.55% of the stock is currently owned by institutional investors and hedge funds.

About Heritage Commerce

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.