Magnetar Financial LLC Invests $123,000 in Heritage Commerce Corp (NASDAQ:HTBK)

Magnetar Financial LLC acquired a new position in Heritage Commerce Corp (NASDAQ:HTBK) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 14,118 shares of the financial services provider’s stock, valued at approximately $123,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in HTBK. BNP Paribas Financial Markets boosted its holdings in Heritage Commerce by 64.1% in the fourth quarter. BNP Paribas Financial Markets now owns 64,167 shares of the financial services provider’s stock worth $637,000 after acquiring an additional 25,055 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Heritage Commerce by 7.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,959,913 shares of the financial services provider’s stock worth $29,363,000 after purchasing an additional 202,504 shares in the last quarter. Trexquant Investment LP grew its position in Heritage Commerce by 251.5% during the 4th quarter. Trexquant Investment LP now owns 66,741 shares of the financial services provider’s stock worth $662,000 after purchasing an additional 47,755 shares during the last quarter. Hilltop Holdings Inc. purchased a new position in shares of Heritage Commerce in the fourth quarter worth $124,000. Finally, Prevail Innovative Wealth Advisors LLC lifted its stake in shares of Heritage Commerce by 7.1% during the fourth quarter. Prevail Innovative Wealth Advisors LLC now owns 203,067 shares of the financial services provider’s stock worth $2,014,000 after buying an additional 13,455 shares during the period. 75.55% of the stock is currently owned by hedge funds and other institutional investors.

Heritage Commerce Stock Performance

NASDAQ HTBK opened at $9.73 on Thursday. The firm has a market capitalization of $596.02 million, a P/E ratio of 10.58 and a beta of 0.93. The stock has a 50-day simple moving average of $9.96 and a two-hundred day simple moving average of $8.86. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.76 and a current ratio of 0.76. Heritage Commerce Corp has a fifty-two week low of $7.66 and a fifty-two week high of $10.99.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings results on Friday, July 26th. The financial services provider reported $0.15 earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $43.35 million. On average, equities 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 disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a $0.13 dividend. The ex-dividend date was Thursday, August 8th. This represents a $0.52 dividend on an annualized basis and a yield of 5.34%. Heritage Commerce’s payout ratio is 56.52%.

Wall Street Analyst Weigh In

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

Heritage Commerce 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.