Heritage Commerce Corp (NASDAQ:HTBK) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. lessened its holdings in Heritage Commerce Corp (NASDAQ:HTBK) by 71.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 292,785 shares of the financial services provider’s stock after selling 731,592 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.48% of Heritage Commerce worth $2,893,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings 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 during the period. Allspring Global Investments Holdings LLC boosted its holdings in Heritage Commerce by 185.5% in 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 period. Empowered Funds LLC boosted its holdings in shares of Heritage Commerce by 8.1% during the first quarter. Empowered Funds LLC now owns 132,835 shares of the financial services provider’s stock valued at $1,140,000 after acquiring an additional 9,975 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of 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 valued at $609,000 after acquiring an additional 6,866 shares during the period. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Heritage Commerce by 106.9% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 29,300 shares of the financial services provider’s stock valued at $255,000 after acquiring an additional 15,136 shares during the period. Institutional investors and hedge funds own 75.55% of the company’s stock.

Heritage Commerce Stock Performance

HTBK stock opened at $9.93 on Thursday. The company has a market capitalization of $608.27 million, a P/E ratio of 10.79 and a beta of 0.93. The company has a 50-day simple moving average of $9.84 and a 200 day simple moving average of $9.12. 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 posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.17 earnings per share for the quarter, hitting the consensus estimate of $0.17. The business had revenue of $63.68 million during the quarter, compared to the consensus estimate of $43.14 million. Heritage Commerce had a net margin of 19.82% and a return on equity of 7.21%. Sell-side analysts predict that Heritage Commerce Corp will post 0.65 earnings per share for the current fiscal year.

Heritage Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 5.24%. The ex-dividend date is Thursday, November 7th. Heritage Commerce’s payout ratio is currently 56.52%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on HTBK shares. StockNews.com downgraded shares of Heritage Commerce from a “hold” rating to a “sell” rating in a report on Wednesday, July 10th. Keefe, Bruyette & Woods boosted their price target on shares of Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, Piper Sandler boosted their price target on shares of Heritage Commerce from $10.00 to $12.00 and gave the company an “overweight” rating in a report 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.