Heritage Commerce (NASDAQ:HTBK) Shares Up 5.9% Following Dividend Announcement

Heritage Commerce Corp (NASDAQ:HTBKGet Free Report) shares shot up 5.9% during mid-day trading on Friday after the company announced a dividend. The company traded as high as $9.76 and last traded at $9.73. 119,462 shares were traded during mid-day trading, a decline of 60% from the average session volume of 300,245 shares. The stock had previously closed at $9.19.

The newly announced dividend which will be paid on Thursday, February 20th. Investors of record on Thursday, February 6th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 5.45%. The ex-dividend date is Thursday, February 6th. Heritage Commerce’s dividend payout ratio is 73.24%.

Analysts Set New Price Targets

HTBK has been the topic of a number of research reports. StockNews.com raised shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods cut their price objective on Heritage Commerce from $12.50 to $11.50 and set an “outperform” rating on the stock in a report on Friday.

View Our Latest Stock Analysis on Heritage Commerce

Heritage Commerce Trading Up 3.8 %

The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.06. The firm’s 50-day moving average is $9.84 and its 200 day moving average is $9.87. The firm has a market capitalization of $584.80 million, a price-to-earnings ratio of 13.44 and a beta of 0.96.

Heritage Commerce (NASDAQ:HTBKGet Free Report) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.17 EPS for the quarter, hitting analysts’ consensus estimates of $0.17. Heritage Commerce had a net margin of 17.61% and a return on equity of 6.37%. On average, equities analysts predict that Heritage Commerce Corp will post 0.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Heritage Commerce

A number of institutional investors have recently made changes to their positions in HTBK. Wellington Management Group LLP acquired a new position in shares of Heritage Commerce in the third quarter worth approximately $20,093,000. Assenagon Asset Management S.A. lifted its position in shares of Heritage Commerce by 58.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 463,774 shares of the financial services provider’s stock worth $4,350,000 after purchasing an additional 170,989 shares during the period. AQR Capital Management LLC boosted its stake in shares of Heritage Commerce by 32.5% in the 2nd quarter. AQR Capital Management LLC now owns 544,471 shares of the financial services provider’s stock valued at $4,737,000 after purchasing an additional 133,514 shares during the last quarter. State Street Corp increased its position in shares of Heritage Commerce by 3.2% during the third quarter. State Street Corp now owns 1,965,643 shares of the financial services provider’s stock worth $19,421,000 after buying an additional 61,630 shares during the period. Finally, GSA Capital Partners LLP raised its stake in Heritage Commerce by 49.4% during the third quarter. GSA Capital Partners LLP now owns 127,528 shares of the financial services provider’s stock worth $1,260,000 after buying an additional 42,167 shares during the last quarter. Institutional investors own 75.55% of the company’s stock.

About Heritage Commerce

(Get Free Report)

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.

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