Rhumbline Advisers Buys 1,078 Shares of Heritage Commerce Corp (NASDAQ:HTBK)

Rhumbline Advisers lifted its stake in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 1.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,458 shares of the financial services provider’s stock after purchasing an additional 1,078 shares during the quarter. Rhumbline Advisers owned about 0.16% of Heritage Commerce worth $839,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Natixis Advisors LLC bought a new position in Heritage Commerce in the 2nd quarter valued at about $236,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Heritage Commerce by 20.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,077 shares of the financial services provider’s stock valued at $192,000 after acquiring an additional 3,696 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Heritage Commerce by 2.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 501,917 shares of the financial services provider’s stock valued at $4,367,000 after acquiring an additional 13,744 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in Heritage Commerce by 106.9% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 29,300 shares of the financial services provider’s stock valued at $255,000 after acquiring an additional 15,136 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Heritage Commerce by 830.2% in 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 in the last quarter. Institutional investors own 75.55% of the company’s stock.

Analysts Set New Price Targets

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

Heritage Commerce Stock Performance

NASDAQ HTBK opened at $10.18 on Tuesday. Heritage Commerce Corp has a 52-week low of $7.66 and a 52-week high of $10.99. 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 company has a market capitalization of $623.59 million, a P/E ratio of 11.07 and a beta of 0.93. The company has a fifty day moving average of $9.97 and a 200-day moving average of $8.85.

Heritage Commerce (NASDAQ:HTBK) last issued 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 business had revenue of $61.35 million during the quarter, compared to analysts’ expectations 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 predict that Heritage Commerce Corp will post 0.66 EPS for the current fiscal year.

Heritage Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 5.11%. The ex-dividend date of this dividend was Thursday, August 8th. Heritage Commerce’s payout ratio is presently 56.52%.

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.