Wells Fargo & Company MN Purchases 17,071 Shares of Heritage Commerce Corp (NASDAQ:HTBK)

Wells Fargo & Company MN boosted its position in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 42.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 57,533 shares of the financial services provider’s stock after purchasing an additional 17,071 shares during the period. Wells Fargo & Company MN owned about 0.09% of Heritage Commerce worth $540,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its stake in shares of Heritage Commerce by 13.2% in the fourth quarter. Wellington Management Group LLP now owns 2,302,615 shares of the financial services provider’s stock valued at $21,599,000 after acquiring an additional 268,900 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Heritage Commerce during the 4th quarter valued at $2,181,000. Assenagon Asset Management S.A. raised its position in 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 valued at $4,350,000 after purchasing an additional 170,989 shares during the last quarter. ExodusPoint Capital Management LP acquired a new position in Heritage Commerce in the fourth quarter worth $1,272,000. Finally, State of New Jersey Common Pension Fund D grew its holdings in shares of Heritage Commerce by 16.9% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 310,915 shares of the financial services provider’s stock worth $2,916,000 after purchasing an additional 45,010 shares during the last quarter. 75.55% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on HTBK shares. Raymond James set a $10.00 price target on Heritage Commerce in a report on Monday. Stephens reaffirmed an “overweight” rating and issued a $11.00 target price on shares of Heritage Commerce in a research note on Monday, April 28th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Heritage Commerce from $11.50 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th.

Heritage Commerce Price Performance

Heritage Commerce stock opened at $9.30 on Friday. The stock has a market cap of $572.98 million, a price-to-earnings ratio of 14.09 and a beta of 0.81. Heritage Commerce Corp has a 12-month low of $7.74 and a 12-month high of $11.27. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.06. The business’s 50-day simple moving average is $9.29 and its 200 day simple moving average is $9.75.

Heritage Commerce (NASDAQ:HTBK) last issued its earnings results on Thursday, April 24th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. The company had revenue of $46.06 million for the quarter, compared to analyst estimates of $45.89 million. Heritage Commerce had a net margin of 16.12% and a return on equity of 5.96%. As a group, research analysts anticipate that Heritage Commerce Corp will post 0.8 earnings per share for the current year.

Heritage Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Thursday, May 8th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 5.59%. The ex-dividend date is Thursday, May 8th. Heritage Commerce’s payout ratio is 76.47%.

Insider Buying and Selling at Heritage Commerce

In other Heritage Commerce news, CEO Robertson Clay Jones, Jr. sold 5,145 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.73, for a total transaction of $50,060.85. Following the transaction, the chief executive officer now owns 254,227 shares in the company, valued at approximately $2,473,628.71. This trade represents a 1.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jack W. Conner sold 4,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $10.52, for a total value of $42,080.00. Following the completion of the sale, the director now directly owns 108,512 shares of the company’s stock, valued at approximately $1,141,546.24. This trade represents a 3.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,747 shares of company stock worth $107,728. Insiders own 2.71% of the company’s stock.

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.