Millennium Management LLC Takes Position in Heritage Commerce Corp (NASDAQ:HTBK)

Millennium Management LLC purchased a new stake in Heritage Commerce Corp (NASDAQ:HTBK) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 200,522 shares of the financial services provider’s stock, valued at approximately $1,881,000. Millennium Management LLC owned approximately 0.33% of Heritage Commerce as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Heritage Commerce by 3.4% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,920 shares of the financial services provider’s stock valued at $318,000 after purchasing an additional 1,115 shares in the last quarter. First Trust Advisors LP grew its stake in Heritage Commerce by 3.5% in the 4th quarter. First Trust Advisors LP now owns 38,379 shares of the financial services provider’s stock valued at $360,000 after acquiring an additional 1,297 shares during the last quarter. US Bancorp DE grew its stake in Heritage Commerce by 64.8% in the 4th quarter. US Bancorp DE now owns 3,473 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 1,365 shares during the last quarter. Princeton Capital Management LLC grew its stake in Heritage Commerce by 13.3% in the 4th quarter. Princeton Capital Management LLC now owns 17,041 shares of the financial services provider’s stock valued at $160,000 after acquiring an additional 2,000 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in Heritage Commerce by 5.9% in the 4th quarter. SG Americas Securities LLC now owns 45,763 shares of the financial services provider’s stock valued at $429,000 after acquiring an additional 2,558 shares during the last quarter. Hedge funds and other institutional investors own 75.55% of the company’s stock.

Heritage Commerce Stock Performance

Shares of NASDAQ HTBK opened at $9.16 on Tuesday. The company has a market cap of $564.22 million, a PE ratio of 13.88 and a beta of 0.77. Heritage Commerce Corp has a 12 month low of $7.74 and a 12 month high of $11.27. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.73 and a quick ratio of 0.73. The company has a 50-day simple moving average of $9.04 and a 200-day simple moving average of $9.62.

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

Heritage Commerce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 8th were given a $0.13 dividend. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.52 annualized dividend and a dividend yield of 5.68%. Heritage Commerce’s dividend payout ratio is presently 76.47%.

Insider Buying and Selling

In related news, CEO Robertson Clay Jones, Jr. sold 5,145 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $9.73, for a total value of $50,060.85. Following the sale, the chief executive officer now directly owns 254,227 shares of the company’s stock, valued at approximately $2,473,628.71. This trade represents a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on HTBK. Stephens reissued an “overweight” rating and issued a $11.00 price objective on shares of Heritage Commerce in a research note on Monday, April 28th. Keefe, Bruyette & Woods lowered their price objective 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. Finally, Raymond James set a $10.00 price objective on shares of Heritage Commerce in a research note on Monday, April 28th.

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.