Rhumbline Advisers Sells 4,299 Shares of Heritage Commerce Corp (NASDAQ:HTBK)

Rhumbline Advisers trimmed its holdings in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 4.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 91,292 shares of the financial services provider’s stock after selling 4,299 shares during the quarter. Rhumbline Advisers owned approximately 0.15% of Heritage Commerce worth $869,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Millennium Management LLC bought a new stake in Heritage Commerce during the fourth quarter valued at approximately $1,881,000. Wealth Enhancement Advisory Services LLC grew its position in Heritage Commerce by 52.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,736 shares of the financial services provider’s stock valued at $232,000 after buying an additional 8,474 shares during the period. Deutsche Bank AG grew its position in Heritage Commerce by 42.0% during the fourth quarter. Deutsche Bank AG now owns 60,859 shares of the financial services provider’s stock valued at $571,000 after buying an additional 18,013 shares during the period. ProShare Advisors LLC grew its position in Heritage Commerce by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 16,785 shares of the financial services provider’s stock valued at $157,000 after buying an additional 5,523 shares during the period. Finally, Wellington Management Group LLP grew its position in Heritage Commerce by 13.2% during 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 buying an additional 268,900 shares during the period. 75.55% of the stock is currently owned by institutional investors.

Heritage Commerce Stock Performance

Shares of NASDAQ HTBK opened at $9.30 on Friday. The firm has a fifty day moving average price of $9.17 and a 200-day moving average price of $9.51. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.75 and a quick ratio of 0.75. The stock has a market cap of $572.84 million, a PE ratio of 13.68 and a beta of 0.79. Heritage Commerce Corp has a 1 year low of $7.83 and a 1 year high of $11.27.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The firm had revenue of $46.06 million during the quarter, compared to analysts’ expectations of $45.89 million. Heritage Commerce had a net margin of 16.38% and a return on equity of 6.11%. Equities analysts anticipate that Heritage Commerce Corp will post 0.8 earnings per share for the current fiscal 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 dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 5.59%. Heritage Commerce’s dividend payout ratio is 76.47%.

Analysts Set New Price Targets

HTBK has been the subject of several recent research reports. Stephens restated an “overweight” rating and set a $11.00 target price on shares of Heritage Commerce in a research report on Monday, April 28th. Keefe, Bruyette & Woods dropped their price target on shares of Heritage Commerce from $11.50 to $11.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Raymond James Financial set a $10.00 price objective on shares of Heritage Commerce in a research note on Monday, April 28th. Finally, Wall Street Zen cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Friday, June 6th.

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.