Posted by admin on Jun 16th, 2022 
Heritage Commerce Corp (NASDAQ:HTBK – Get Rating)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $10.52 and last traded at $10.63, with a volume of 2325 shares trading hands. The stock had previously closed at $10.79.
Separately, StockNews.com started coverage on Heritage Commerce in a research note on Thursday, March 31st. They set a “hold” rating for the company.
The company has a 50 day moving average price of $11.25 and a 200-day moving average price of $11.61. The company has a market cap of $641.27 million, a price-to-earnings ratio of 13.16 and a beta of 1.02. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.07.
Heritage Commerce (NASDAQ:HTBK – Get Rating) last posted its earnings results on Thursday, April 28th. The financial services provider reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The firm had revenue of $40.68 million for the quarter, compared to analyst estimates of $40.14 million. Heritage Commerce had a net margin of 29.69% and a return on equity of 8.33%. On average, analysts forecast that Heritage Commerce Corp will post 0.98 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 26th. Investors of record on Thursday, May 12th were issued a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, May 11th. This represents a $0.52 dividend on an annualized basis and a yield of 4.90%. Heritage Commerce’s payout ratio is 63.41%.
In other news, CFO Lawrence D. Mcgovern sold 4,550 shares of the business’s stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $11.42, for a total value of $51,961.00. Following the transaction, the chief financial officer now directly owns 89,529 shares of the company’s stock, valued at approximately $1,022,421.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Lawrence D. Mcgovern sold 2,500 shares of the company’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $11.37, for a total value of $28,425.00. Following the sale, the chief financial officer now owns 94,079 shares in the company, valued at approximately $1,069,678.23. The disclosure for this sale can be found here. 4.05% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in HTBK. The Manufacturers Life Insurance Company lifted its position in shares of Heritage Commerce by 0.3% during the 1st quarter. The Manufacturers Life Insurance Company now owns 2,090,718 shares of the financial services provider’s stock valued at $23,521,000 after acquiring an additional 6,747 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Heritage Commerce by 51.7% during the first quarter. Goldman Sachs Group Inc. now owns 316,099 shares of the financial services provider’s stock valued at $3,556,000 after purchasing an additional 107,738 shares during the period. Prelude Capital Management LLC boosted its position in shares of Heritage Commerce by 2.3% during the 1st quarter. Prelude Capital Management LLC now owns 82,590 shares of the financial services provider’s stock worth $929,000 after purchasing an additional 1,875 shares in the last quarter. Engineers Gate Manager LP grew its stake in shares of Heritage Commerce by 29.2% in the 1st quarter. Engineers Gate Manager LP now owns 73,818 shares of the financial services provider’s stock valued at $830,000 after buying an additional 16,670 shares during the period. Finally, Fort Point Capital Partners LLC raised its stake in Heritage Commerce by 483.3% during the 1st quarter. Fort Point Capital Partners LLC now owns 67,009 shares of the financial services provider’s stock worth $754,000 after buying an additional 55,522 shares during the period. 71.49% of the stock is owned by institutional investors.
About Heritage Commerce (NASDAQ:HTBK)
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.
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