Exchange Traded Concepts LLC Reduces Holdings in Heritage Commerce Corp (NASDAQ:HTBK)

Exchange Traded Concepts LLC trimmed its position in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 30.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,909 shares of the financial services provider’s stock after selling 12,979 shares during the period. Exchange Traded Concepts LLC’s holdings in Heritage Commerce were worth $296,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in HTBK. Assenagon Asset Management S.A. grew its stake in shares of Heritage Commerce by 830.2% during the second 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 in the last quarter. American Century Companies Inc. grew its stake in Heritage Commerce by 21.2% during the 2nd 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 stake in Heritage Commerce during the 1st quarter worth approximately $1,321,000. AQR Capital Management LLC raised its position in shares of Heritage Commerce by 32.5% in the 2nd quarter. AQR Capital Management LLC now owns 544,471 shares of the financial services provider’s stock valued at $4,737,000 after purchasing an additional 133,514 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Heritage Commerce by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 3,309,141 shares of the financial services provider’s stock valued at $28,392,000 after buying an additional 123,973 shares during the last quarter. Hedge funds and other institutional investors own 75.55% of the company’s stock.

Analyst Ratings Changes

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

Heritage Commerce Stock Down 1.8 %

Shares of NASDAQ:HTBK opened at $9.82 on Monday. Heritage Commerce Corp has a 1-year low of $7.66 and a 1-year high of $10.99. The company’s fifty day moving average is $9.83 and its two-hundred day moving average is $9.02. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a market capitalization of $601.53 million, a price-to-earnings ratio of 10.67 and a beta of 0.93.

Heritage Commerce (NASDAQ:HTBK) last issued its earnings results on Friday, July 26th. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04). The business 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%. Equities analysts anticipate that Heritage Commerce Corp will post 0.65 EPS for the current year.

Heritage Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 5.30%. The ex-dividend date was Thursday, August 8th. Heritage Commerce’s dividend payout ratio is presently 56.52%.

Heritage Commerce 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.