Victory Capital Management Inc. Buys 14,000 Shares of Heritage Commerce Corp (NASDAQ:HTBK)

Victory Capital Management Inc. boosted its stake in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 14.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 114,000 shares of the financial services provider’s stock after purchasing an additional 14,000 shares during the period. Victory Capital Management Inc. owned about 0.19% of Heritage Commerce worth $992,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of HTBK. Assenagon Asset Management S.A. grew its stake in shares of Heritage Commerce by 830.2% during 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 acquiring an additional 914,249 shares during the period. Banc Funds Co. LLC boosted its position 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 worth $6,781,000 after purchasing an additional 51,515 shares during the period. Vanguard Group Inc. increased its stake in shares of Heritage Commerce by 3.9% in the first quarter. Vanguard Group Inc. now owns 3,309,141 shares of the financial services provider’s stock worth $28,392,000 after purchasing an additional 123,973 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Heritage Commerce by 185.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 3,155 shares during the period. Finally, Empowered Funds LLC raised its position in shares of Heritage Commerce by 8.1% during 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. Hedge funds and other institutional investors own 75.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on HTBK. StockNews.com lowered Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. Piper Sandler upped their price objective on Heritage Commerce from $10.00 to $12.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Keefe, Bruyette & Woods lifted their target price on Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a research note on Friday, July 26th.

Heritage Commerce Stock Down 1.5 %

HTBK opened at $10.13 on Friday. Heritage Commerce Corp has a 52 week low of $7.66 and a 52 week high of $10.99. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.06. The firm has a 50-day simple moving average of $9.94 and a two-hundred day simple moving average of $8.82. The company has a market capitalization of $620.52 million, a PE ratio of 11.01 and a beta of 0.93.

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

Heritage Commerce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.52 annualized dividend and a yield of 5.13%. Heritage Commerce’s payout ratio is presently 56.52%.

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.