Bank of New York Mellon Corp Buys 13,744 Shares of Heritage Commerce Corp (NASDAQ:HTBK)

Bank of New York Mellon Corp raised its position in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 2.8% in the second quarter, HoldingsChannel reports. The fund owned 501,917 shares of the financial services provider’s stock after acquiring an additional 13,744 shares during the period. Bank of New York Mellon Corp’s holdings in Heritage Commerce were worth $4,367,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Assenagon Asset Management S.A. grew its holdings in Heritage Commerce by 830.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,024,377 shares of the financial services provider’s stock valued at $8,912,000 after buying an additional 914,249 shares in the last quarter. Banc Funds Co. LLC grew its stake in shares of Heritage Commerce by 8.2% in the fourth quarter. Banc Funds Co. LLC now owns 683,598 shares of the financial services provider’s stock valued at $6,781,000 after acquiring an additional 51,515 shares in the last quarter. Vanguard Group Inc. increased its position in Heritage Commerce by 3.9% during the first quarter. Vanguard Group Inc. now owns 3,309,141 shares of the financial services provider’s stock worth $28,392,000 after acquiring an additional 123,973 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Heritage Commerce by 185.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 3,155 shares in the last quarter. Finally, Empowered Funds LLC boosted its holdings in Heritage Commerce by 8.1% in the 1st quarter. Empowered Funds LLC now owns 132,835 shares of the financial services provider’s stock valued at $1,140,000 after purchasing an additional 9,975 shares during the period. Institutional investors and hedge funds own 75.55% of the company’s stock.

Heritage Commerce Price Performance

Shares of NASDAQ:HTBK opened at $9.95 on Friday. The firm has a 50 day moving average of $9.82 and a 200-day moving average of $8.77. Heritage Commerce Corp has a 12 month low of $7.66 and a 12 month high of $10.99. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $609.84 million, a PE ratio of 10.82 and a beta of 0.93.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Friday, July 26th. The financial services provider reported $0.15 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.04). Heritage Commerce had a net margin of 19.82% and a return on equity of 7.21%. The firm had revenue of $61.35 million for the quarter, compared to analyst estimates of $43.35 million. On average, equities research analysts predict that Heritage Commerce Corp will post 0.66 EPS for the current fiscal year.

Heritage Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, August 8th. This represents a $0.52 annualized dividend and a dividend yield of 5.23%. Heritage Commerce’s dividend payout ratio is currently 56.52%.

Wall Street Analyst Weigh In

HTBK has been the topic of several recent research reports. Keefe, Bruyette & Woods raised their target price on shares of Heritage Commerce from $10.50 to $11.50 and gave the stock an “outperform” rating in a report on Friday, July 26th. StockNews.com lowered Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. Finally, Piper Sandler upped their target price on Heritage Commerce from $10.00 to $12.00 and gave the company an “overweight” rating in a research report on Friday, July 26th.

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.