State Street Corp Raises Position in Heritage Commerce Corp (NASDAQ:HTBK)

State Street Corp increased its position in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 3.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,965,643 shares of the financial services provider’s stock after purchasing an additional 61,630 shares during the period. State Street Corp owned approximately 3.21% of Heritage Commerce worth $19,421,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. American Century Companies Inc. raised its stake in shares of 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 worth $8,016,000 after buying an additional 160,977 shares in the last quarter. AlTi Global Inc. grew its holdings in Heritage Commerce by 1.1% during the second quarter. AlTi Global Inc. now owns 648,286 shares of the financial services provider’s stock worth $5,640,000 after acquiring an additional 6,747 shares during the period. AQR Capital Management LLC raised its position in Heritage Commerce by 32.5% in the second quarter. AQR Capital Management LLC now owns 544,471 shares of the financial services provider’s stock worth $4,737,000 after acquiring an additional 133,514 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Heritage Commerce by 2.8% in the second 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 during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Heritage Commerce by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 496,190 shares of the financial services provider’s stock worth $4,902,000 after purchasing an additional 6,884 shares during the period. Institutional investors and hedge funds own 75.55% of the company’s stock.

Heritage Commerce Stock Performance

Shares of HTBK stock opened at $9.52 on Tuesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.73 and a current ratio of 0.73. The stock has a market cap of $583.60 million, a PE ratio of 13.41 and a beta of 0.94. Heritage Commerce Corp has a 1 year low of $7.66 and a 1 year high of $11.27. The stock has a fifty day moving average price of $10.24 and a 200 day moving average price of $9.71.

Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.17 EPS for the quarter, hitting the consensus estimate of $0.17. Heritage Commerce had a net margin of 17.61% and a return on equity of 6.37%. The business had revenue of $63.68 million for the quarter, compared to analyst estimates of $43.14 million. Sell-side analysts forecast that Heritage Commerce Corp will post 0.66 earnings per share for the current fiscal year.

Heritage Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were paid a dividend of $0.13 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 5.46%. Heritage Commerce’s dividend payout ratio (DPR) is 73.24%.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research note on Wednesday, December 4th.

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.