Raymond James Financial Services Advisors Inc. Purchases 8,600 Shares of Heritage Commerce Corp (NASDAQ:HTBK)

Raymond James Financial Services Advisors Inc. boosted its position in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 10.9% during the 4th quarter, HoldingsChannel.com reports. The fund owned 87,264 shares of the financial services provider’s stock after buying an additional 8,600 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Heritage Commerce were worth $866,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in HTBK. Rosenthal Henry Capital Advisors Inc. bought a new position in shares of Heritage Commerce in the third quarter valued at about $1,863,000. Swiss National Bank raised its position in shares of Heritage Commerce by 2.3% in the third quarter. Swiss National Bank now owns 134,000 shares of the financial services provider’s stock valued at $1,135,000 after purchasing an additional 3,000 shares during the period. Federated Hermes Inc. raised its position in shares of Heritage Commerce by 5.5% in the third quarter. Federated Hermes Inc. now owns 81,122 shares of the financial services provider’s stock valued at $687,000 after purchasing an additional 4,220 shares during the period. Diversified Trust Co raised its position in shares of Heritage Commerce by 54.7% in the fourth quarter. Diversified Trust Co now owns 17,267 shares of the financial services provider’s stock valued at $171,000 after purchasing an additional 6,103 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Heritage Commerce by 2.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 463,745 shares of the financial services provider’s stock valued at $3,928,000 after purchasing an additional 12,343 shares during the period. 75.55% of the stock is owned by institutional investors.

Heritage Commerce Price Performance

NASDAQ:HTBK opened at $7.92 on Tuesday. Heritage Commerce Corp has a 52 week low of $6.69 and a 52 week high of $10.22. The firm has a market cap of $485.10 million, a price-to-earnings ratio of 7.47 and a beta of 0.90. The firm’s 50-day simple moving average is $8.28 and its 200 day simple moving average is $8.73. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.77 and a current ratio of 0.77.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.02). Heritage Commerce had a return on equity of 9.78% and a net margin of 26.49%. The firm had revenue of $44.24 million for the quarter, compared to analyst estimates of $46.38 million. As a group, sell-side analysts predict that Heritage Commerce Corp will post 0.81 earnings per share for the current year.

Heritage Commerce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 22nd. Shareholders of record on Thursday, February 8th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 6.57%. The ex-dividend date of this dividend was Wednesday, February 7th. Heritage Commerce’s dividend payout ratio is currently 49.06%.

Insider Buying and Selling at Heritage Commerce

In other Heritage Commerce news, Director Jack W. Conner sold 6,944 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $8.92, for a total value of $61,940.48. Following the transaction, the director now directly owns 102,501 shares of the company’s stock, valued at approximately $914,308.92. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 4.05% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on HTBK. Keefe, Bruyette & Woods dropped their price objective on shares of Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, January 26th. StockNews.com raised shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research report on Tuesday, April 9th. Raymond James raised their price target on shares of Heritage Commerce from $9.50 to $11.00 and gave the stock an “outperform” rating in a research report on Friday, January 5th. Finally, Piper Sandler raised their price target on shares of Heritage Commerce from $10.00 to $11.00 and gave the stock an “overweight” rating in a research report on Friday, January 26th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.75.

About Heritage Commerce

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.