Renaissance Technologies LLC Raises Position in Heritage Commerce Corp (NASDAQ:HTBK)

Renaissance Technologies LLC raised its position in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 15.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 276,600 shares of the financial services provider’s stock after acquiring an additional 37,100 shares during the quarter. Renaissance Technologies LLC owned approximately 0.45% of Heritage Commerce worth $2,406,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Assenagon Asset Management S.A. lifted its position in Heritage Commerce by 830.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,024,377 shares of the financial services provider’s stock valued at $8,912,000 after acquiring an additional 914,249 shares during the period. American Century Companies Inc. increased its stake in shares of Heritage Commerce by 21.2% during the second quarter. American Century Companies Inc. now owns 921,389 shares of the financial services provider’s stock valued at $8,016,000 after purchasing an additional 160,977 shares in the last quarter. EJF Capital LLC purchased a new position in shares of Heritage Commerce during the first quarter valued at approximately $1,321,000. Vanguard Group Inc. boosted its position in shares of Heritage Commerce by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 3,309,141 shares of the financial services provider’s stock worth $28,392,000 after purchasing an additional 123,973 shares in the last quarter. Finally, Black Maple Capital Management LP grew its stake in shares of Heritage Commerce by 239.2% in the 1st quarter. Black Maple Capital Management LP now owns 112,181 shares of the financial services provider’s stock worth $963,000 after buying an additional 79,104 shares during the last quarter. Hedge funds and other institutional investors own 75.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on HTBK shares. StockNews.com cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a report on Wednesday, July 10th. Keefe, Bruyette & Woods increased their target price on Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a research note on Friday, July 26th. Finally, Piper Sandler boosted their price target on Heritage Commerce from $10.00 to $12.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th.

Heritage Commerce Stock Performance

Shares of HTBK stock opened at $9.70 on Wednesday. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.06. The company has a 50 day moving average price of $9.93 and a 200-day moving average price of $8.91. Heritage Commerce Corp has a 52 week low of $7.66 and a 52 week high of $10.99. The firm has a market capitalization of $594.18 million, a PE ratio of 10.54 and a beta of 0.93.

Heritage Commerce (NASDAQ:HTBK) last posted its earnings results on Friday, July 26th. The financial services provider reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04). The company had revenue of $61.35 million during the quarter, compared to the consensus estimate of $43.35 million. Heritage Commerce had a return on equity of 7.21% and a net margin of 19.82%. As a group, equities research analysts expect that Heritage Commerce Corp will post 0.66 earnings per share for the current year.

Heritage Commerce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 5.36%. The ex-dividend date was Thursday, August 8th. Heritage Commerce’s dividend payout ratio is 56.52%.

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.