The Manufacturers Life Insurance Company Has $11.80 Million Stake in Heritage Commerce Corp (NASDAQ:HTBK)

The Manufacturers Life Insurance Company reduced its stake in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 3.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,355,747 shares of the financial services provider’s stock after selling 53,586 shares during the quarter. The Manufacturers Life Insurance Company owned 2.21% of Heritage Commerce worth $11,795,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Heritage Commerce by 3.9% in the first quarter. Vanguard Group Inc. now owns 3,309,141 shares of the financial services provider’s stock worth $28,392,000 after purchasing an additional 123,973 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Heritage Commerce by 830.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,024,377 shares of the financial services provider’s stock worth $8,912,000 after acquiring an additional 914,249 shares during the last quarter. American Century Companies Inc. grew its holdings in 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 acquiring an additional 160,977 shares during the last quarter. AlTi Global Inc. increased its position in Heritage Commerce by 1.1% in the 2nd quarter. AlTi Global Inc. now owns 648,286 shares of the financial services provider’s stock valued at $5,640,000 after acquiring an additional 6,747 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of 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 during the last quarter. 75.55% of the stock is owned by institutional investors.

Heritage Commerce Stock Down 2.0 %

Shares of NASDAQ:HTBK opened at $9.42 on Friday. The business has a fifty day moving average price of $9.91 and a two-hundred day moving average price of $8.91. Heritage Commerce Corp has a 1 year low of $7.66 and a 1 year high of $10.99. The company has a market capitalization of $577.03 million, a PE ratio of 10.29 and a beta of 0.93. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.76 and a quick ratio of 0.76.

Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings data on Friday, July 26th. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04). Heritage Commerce had a net margin of 19.82% and a return on equity of 7.21%. The company had revenue of $61.35 million for the quarter, compared to the consensus estimate of $43.35 million. Analysts forecast that Heritage Commerce Corp will post 0.66 earnings per share for the current year.

Heritage Commerce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, August 8th. This represents a $0.52 dividend on an annualized basis and a yield of 5.52%. Heritage Commerce’s payout ratio is 56.52%.

Wall Street Analyst Weigh In

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

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.