Thrivent Financial for Lutherans Lowers Stock Holdings in Heritage Commerce Corp (NASDAQ:HTBK)

Thrivent Financial for Lutherans reduced its stake in Heritage Commerce Corp (NASDAQ:HTBK) by 23.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 130,008 shares of the financial services provider’s stock after selling 39,115 shares during the quarter. Thrivent Financial for Lutherans owned 0.21% of Heritage Commerce worth $1,131,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of HTBK. Wellington Management Group LLP boosted its stake in shares of Heritage Commerce by 6.1% in the fourth quarter. Wellington Management Group LLP now owns 508,796 shares of the financial services provider’s stock valued at $5,047,000 after buying an additional 29,291 shares in the last quarter. Hennion & Walsh Asset Management Inc. acquired a new position in Heritage Commerce during the first quarter worth $122,000. Allspring Global Investments Holdings LLC raised its holdings in Heritage Commerce by 185.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 3,155 shares during the last quarter. Norden Group LLC acquired a new position in Heritage Commerce during the first quarter worth $111,000. Finally, BNP Paribas Financial Markets raised its holdings in Heritage Commerce by 10.7% during the first quarter. BNP Paribas Financial Markets now owns 71,033 shares of the financial services provider’s stock worth $609,000 after purchasing an additional 6,866 shares during the last quarter. 75.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

HTBK has been the subject of several research reports. Piper Sandler lifted their price objective on Heritage Commerce from $10.00 to $12.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. StockNews.com cut Heritage Commerce from a “hold” rating to a “sell” rating in a report on Wednesday, July 10th. Finally, Keefe, Bruyette & Woods boosted their price target on Heritage Commerce from $10.50 to $11.50 and gave the stock an “outperform” rating in a report on Friday, July 26th.

Heritage Commerce Stock Performance

NASDAQ HTBK opened at $9.54 on Friday. The stock has a market cap of $584.38 million, a price-to-earnings ratio of 10.37 and a beta of 0.93. The business has a fifty day moving average of $9.87 and a 200-day moving average of $8.93. Heritage Commerce Corp has a fifty-two week low of $7.66 and a fifty-two week high of $10.99. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.06.

Heritage Commerce (NASDAQ:HTBK) last released its earnings results on Friday, July 26th. The financial services provider reported $0.15 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.04). The business had revenue of $61.35 million during the quarter, compared to analyst estimates of $43.35 million. Heritage Commerce had a net margin of 19.82% and a return on equity of 7.21%. As a group, analysts predict that Heritage Commerce Corp will post 0.66 earnings per share 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 paid a $0.13 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.52 annualized dividend and a yield of 5.45%. Heritage Commerce’s payout ratio is currently 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.