State of New Jersey Common Pension Fund D Lowers Stock Holdings in Heritage Commerce Corp (NASDAQ:HTBK)

State of New Jersey Common Pension Fund D trimmed its position in Heritage Commerce Corp (NASDAQ:HTBK) by 18.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 276,287 shares of the financial services provider’s stock after selling 64,142 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.45% of Heritage Commerce worth $2,404,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of HTBK. ClariVest Asset Management LLC increased its position in shares of Heritage Commerce by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 165,108 shares of the financial services provider’s stock worth $1,436,000 after purchasing an additional 4,613 shares during the last quarter. Quest Partners LLC increased its position in shares of Heritage Commerce by 6.9% in the second quarter. Quest Partners LLC now owns 58,569 shares of the financial services provider’s stock worth $510,000 after purchasing an additional 3,795 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Heritage Commerce by 14.0% in the second quarter. Victory Capital Management Inc. now owns 114,000 shares of the financial services provider’s stock worth $992,000 after purchasing an additional 14,000 shares during the last quarter. Princeton Capital Management LLC bought a new position in shares of Heritage Commerce in the second quarter worth approximately $131,000. Finally, Rhumbline Advisers increased its position in shares of Heritage Commerce by 1.1% in the second quarter. Rhumbline Advisers now owns 96,458 shares of the financial services provider’s stock worth $839,000 after purchasing an additional 1,078 shares during the last quarter. 75.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on HTBK. StockNews.com cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Wednesday, July 10th. Piper Sandler increased their price target on shares of Heritage Commerce from $10.00 to $12.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a research report on Friday, July 26th.

Heritage Commerce Stock Up 1.9 %

Shares of NASDAQ HTBK opened at $10.28 on Friday. Heritage Commerce Corp has a one year low of $7.66 and a one year high of $10.99. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.76 and a quick ratio of 0.76. The firm’s 50 day simple moving average is $9.91 and its two-hundred day simple moving average is $8.81. The stock has a market capitalization of $629.71 million, a P/E ratio of 11.12 and a beta of 0.93.

Heritage Commerce (NASDAQ:HTBK) last issued its earnings results on Friday, July 26th. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.04). Heritage Commerce had a return on equity of 7.21% and a net margin of 19.82%. The firm had revenue of $61.35 million during the quarter, compared to the consensus estimate of $43.35 million. As a group, analysts expect that Heritage Commerce Corp will post 0.66 EPS for the current fiscal year.

Heritage Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 5.06%. The ex-dividend date was Thursday, August 8th. Heritage Commerce’s payout ratio is 56.52%.

About Heritage Commerce

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.