Federated Hermes Inc. Reduces Stock Position in Heritage Commerce Corp (NASDAQ:HTBK)

Federated Hermes Inc. trimmed its stake in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 94.0% in the 4th quarter, Holdings Channel reports. The firm owned 4,856 shares of the financial services provider’s stock after selling 76,266 shares during the period. Federated Hermes Inc.’s holdings in Heritage Commerce were worth $48,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Diversified Trust Co grew its holdings 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 worth $171,000 after acquiring an additional 6,103 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Heritage Commerce by 94.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,381 shares of the financial services provider’s stock valued at $182,000 after purchasing an additional 8,905 shares during the period. Watershed Asset Management L.L.C. purchased a new stake in shares of Heritage Commerce during the 3rd quarter valued at about $248,000. SG Americas Securities LLC lifted its stake in shares of Heritage Commerce by 107.6% in the 3rd quarter. SG Americas Securities LLC now owns 32,558 shares of the financial services provider’s stock worth $276,000 after purchasing an additional 16,878 shares during the period. Finally, Alps Advisors Inc. purchased a new position in shares of Heritage Commerce in the third quarter worth approximately $334,000. Institutional investors own 75.55% of the company’s stock.

Heritage Commerce Price Performance

NASDAQ:HTBK opened at $8.38 on Tuesday. The firm has a market capitalization of $513.28 million, a price-to-earnings ratio of 9.11 and a beta of 0.91. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.77 and a quick ratio of 0.77. The business has a 50 day simple moving average of $8.23 and a 200-day simple moving average of $8.69. Heritage Commerce Corp has a 1 year low of $6.77 and a 1 year high of $10.22.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings data on Friday, April 26th. The financial services provider reported $0.17 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.02). Heritage Commerce had a return on equity of 8.40% and a net margin of 22.84%. The firm had revenue of $59.60 million for the quarter, compared to analysts’ expectations of $43.83 million. Equities analysts forecast that Heritage Commerce Corp will post 0.74 EPS for the current year.

Heritage Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $0.52 annualized dividend and a dividend yield of 6.21%. Heritage Commerce’s payout ratio is 56.52%.

Wall Street Analyst Weigh In

HTBK has been the subject of a number of recent research reports. StockNews.com downgraded shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Tuesday, April 30th. Keefe, Bruyette & Woods lowered their price target on Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, January 26th. Finally, Piper Sandler cut their target price on shares of Heritage Commerce from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Friday, April 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $10.50.

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.