Assenagon Asset Management S.A. Acquires Shares of 417,129 Heritage Commerce Corp $HTBK

Assenagon Asset Management S.A. acquired a new stake in shares of Heritage Commerce Corp (NASDAQ:HTBK) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 417,129 shares of the financial services provider’s stock, valued at approximately $5,010,000. Assenagon Asset Management S.A. owned 0.68% of Heritage Commerce as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in HTBK. Parkside Financial Bank & Trust increased its stake in Heritage Commerce by 56.5% during the 3rd quarter. Parkside Financial Bank & Trust now owns 5,026 shares of the financial services provider’s stock worth $50,000 after buying an additional 1,815 shares during the period. EverSource Wealth Advisors LLC boosted its position in Heritage Commerce by 16,272.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider’s stock valued at $54,000 after buying an additional 5,370 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of Heritage Commerce by 495.3% during the third quarter. Larson Financial Group LLC now owns 5,620 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 4,676 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Heritage Commerce by 368.9% during the third quarter. Russell Investments Group Ltd. now owns 6,433 shares of the financial services provider’s stock worth $64,000 after acquiring an additional 5,061 shares during the last quarter. Finally, D.A. Davidson & CO. purchased a new stake in shares of Heritage Commerce during the third quarter worth about $101,000. 75.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on HTBK. Janney Montgomery Scott downgraded Heritage Commerce from a “buy” rating to a “neutral” rating and increased their price target for the company from $12.00 to $14.00 in a report on Monday, December 22nd. Weiss Ratings upgraded Heritage Commerce from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 9th. Raymond James Financial lowered Heritage Commerce from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Stephens reiterated an “equal weight” rating on shares of Heritage Commerce in a research note on Monday, January 5th. Finally, Zacks Research raised shares of Heritage Commerce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 11th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.25.

Heritage Commerce Stock Down 1.8%

Shares of Heritage Commerce stock opened at $12.17 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.06. The firm has a market cap of $749.59 million, a P/E ratio of 15.60 and a beta of 0.79. Heritage Commerce Corp has a fifty-two week low of $8.09 and a fifty-two week high of $13.82. The business has a 50-day moving average price of $12.78 and a 200 day moving average price of $11.59.

Heritage Commerce (NASDAQ:HTBK) last released its earnings results on Thursday, January 22nd. The financial services provider reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. The company had revenue of $104.04 million for the quarter, compared to the consensus estimate of $50.78 million. Heritage Commerce had a return on equity of 8.07% and a net margin of 17.77%. On average, sell-side analysts forecast that Heritage Commerce Corp will post 0.8 earnings per share for the current fiscal year.

Heritage Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Wednesday, March 25th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Wednesday, March 25th. Heritage Commerce’s payout ratio is currently 66.67%.

About Heritage Commerce

Heritage Commerce Corporation, headquartered in Farmington Hills, Michigan, is the bank holding company for Heritage Bank, N.A., a community-oriented financial institution. Traded on NASDAQ under the symbol HTBK, the company focuses on delivering tailored banking services to businesses, professionals and individuals throughout Southeastern Michigan.

Heritage Bank, N.A. offers a comprehensive portfolio of deposit and lending products designed to meet the needs of commercial and consumer clients.