Posted by admin on Jul 29th, 2022 
Truist Financial Corp grew its stake in Heritage Commerce Corp (NASDAQ:HTBK – Get Rating) by 5.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,171 shares of the financial services provider’s stock after purchasing an additional 1,481 shares during the period. Truist Financial Corp’s holdings in Heritage Commerce were worth $317,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of HTBK. Quadrant Capital Group LLC lifted its position in Heritage Commerce by 29.5% in the fourth quarter. Quadrant Capital Group LLC now owns 4,589 shares of the financial services provider’s stock worth $55,000 after buying an additional 1,045 shares during the last quarter. Raymond James & Associates purchased a new position in shares of Heritage Commerce during the 4th quarter worth about $128,000. Teacher Retirement System of Texas purchased a new position in shares of Heritage Commerce during the 4th quarter worth about $138,000. ProShare Advisors LLC bought a new position in Heritage Commerce during the 4th quarter valued at about $153,000. Finally, Janney Montgomery Scott LLC raised its position in Heritage Commerce by 29.3% in the 4th quarter. Janney Montgomery Scott LLC now owns 13,140 shares of the financial services provider’s stock worth $157,000 after purchasing an additional 2,978 shares during the period. Hedge funds and other institutional investors own 71.49% of the company’s stock.
Several research analysts have issued reports on HTBK shares. Raymond James upgraded Heritage Commerce from an “outperform” rating to a “strong-buy” rating and set a $13.00 target price for the company in a research report on Thursday, July 7th. StockNews.com assumed coverage on Heritage Commerce in a report on Thursday, March 31st. They set a “hold” rating for the company.
HTBK stock opened at $11.57 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.07. The business’s fifty day simple moving average is $11.04 and its two-hundred day simple moving average is $11.50. Heritage Commerce Corp has a twelve month low of $10.42 and a twelve month high of $12.94. The firm has a market cap of $699.29 million, a price-to-earnings ratio of 14.06 and a beta of 1.00.
Heritage Commerce (NASDAQ:HTBK – Get Rating) last released 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. Heritage Commerce had a return on equity of 8.33% and a net margin of 29.69%. The business had revenue of $40.68 million for the quarter, compared to analyst estimates of $40.14 million. Analysts predict that Heritage Commerce Corp will post 1.03 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 26th. Shareholders of record on Thursday, May 12th were paid 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 4.49%. Heritage Commerce’s payout ratio is 63.41%.
In other news, CFO Lawrence D. Mcgovern sold 2,500 shares of the firm’s stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $11.37, for a total transaction of $28,425.00. Following the transaction, the chief financial officer now owns 94,079 shares in the company, valued at $1,069,678.23. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Lawrence D. Mcgovern sold 4,550 shares of the firm’s stock in a transaction on Monday, June 6th. The stock was sold at an average price of $11.42, for a total transaction of $51,961.00. Following the transaction, the chief financial officer now owns 89,529 shares in the company, valued at $1,022,421.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Lawrence D. Mcgovern sold 2,500 shares of the firm’s stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $11.37, for a total value of $28,425.00. Following the transaction, 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. Insiders own 4.05% of the company’s stock.
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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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