Corient Private Wealth LLC Reduces Stake in Heritage Commerce Corp (NASDAQ:HTBK)

Corient Private Wealth LLC decreased its holdings in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 22.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,928 shares of the financial services provider’s stock after selling 3,176 shares during the quarter. Corient Private Wealth LLC’s holdings in Heritage Commerce were worth $103,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in HTBK. Intech Investment Management LLC acquired a new position in Heritage Commerce during the third quarter worth approximately $116,000. Charles Schwab Investment Management Inc. grew its position in shares of Heritage Commerce by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 496,190 shares of the financial services provider’s stock worth $4,902,000 after acquiring an additional 6,884 shares during the last quarter. Cerity Partners LLC increased its holdings in shares of Heritage Commerce by 17.0% in the 3rd quarter. Cerity Partners LLC now owns 146,349 shares of the financial services provider’s stock valued at $1,446,000 after acquiring an additional 21,288 shares during the period. Quantbot Technologies LP raised its position in Heritage Commerce by 212.2% in the 3rd quarter. Quantbot Technologies LP now owns 14,035 shares of the financial services provider’s stock valued at $139,000 after purchasing an additional 9,540 shares during the last quarter. Finally, FMR LLC boosted its stake in Heritage Commerce by 103.7% during the 3rd quarter. FMR LLC now owns 7,832 shares of the financial services provider’s stock worth $77,000 after purchasing an additional 3,987 shares during the period. 75.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on HTBK shares. StockNews.com upgraded shares of Heritage Commerce from a “sell” rating to a “hold” rating in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods reduced their price objective on Heritage Commerce from $12.50 to $11.50 and set an “outperform” rating for the company in a research note on Friday, January 24th. Finally, Stephens upgraded Heritage Commerce from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 3rd.

Heritage Commerce Price Performance

NASDAQ:HTBK opened at $9.48 on Thursday. The firm has a market cap of $582.48 million, a price-to-earnings ratio of 14.36 and a beta of 0.92. Heritage Commerce Corp has a 12-month low of $7.66 and a 12-month high of $11.27. 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 company’s 50-day moving average is $9.98 and its two-hundred day moving average is $9.92.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.17. Heritage Commerce had a net margin of 16.12% and a return on equity of 5.96%. Research analysts expect that Heritage Commerce Corp will post 0.8 EPS for the current year.

Heritage Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Thursday, February 6th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 5.49%. The ex-dividend date was Thursday, February 6th. Heritage Commerce’s dividend payout ratio is currently 78.79%.

Insider Activity

In other news, CEO Robertson Clay Jones, Jr. sold 5,145 shares of Heritage Commerce stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.73, for a total value of $50,060.85. Following the transaction, the chief executive officer now directly owns 254,227 shares of the company’s stock, valued at $2,473,628.71. The trade was a 1.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jack W. Conner sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $10.52, for a total transaction of $42,080.00. Following the completion of the transaction, the director now owns 108,512 shares in the company, valued at $1,141,546.24. The trade was a 3.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,747 shares of company stock valued at $107,728 over the last quarter. Company insiders own 3.99% of the company’s stock.

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.