The Manufacturers Life Insurance Company Reduces Stake in Heritage Commerce Corp (NASDAQ:HTBK)

The Manufacturers Life Insurance Company reduced its stake in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 2.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,316,810 shares of the financial services provider’s stock after selling 38,937 shares during the period. The Manufacturers Life Insurance Company owned 2.15% of Heritage Commerce worth $13,010,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. nVerses Capital LLC bought a new stake in shares of Heritage Commerce during the 3rd quarter worth approximately $73,000. CWM LLC raised its holdings in shares of Heritage Commerce by 148.0% in the second quarter. CWM LLC now owns 9,936 shares of the financial services provider’s stock worth $86,000 after buying an additional 5,929 shares during the last quarter. One Wealth Advisors LLC acquired a new stake in Heritage Commerce during the 3rd quarter worth about $99,000. NorthCrest Asset Manangement LLC purchased a new stake in Heritage Commerce in the third quarter valued at approximately $100,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Heritage Commerce during the second quarter worth $114,000. Hedge funds and other institutional investors own 75.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Tuesday, November 26th.

Heritage Commerce Stock Down 0.3 %

Shares of NASDAQ HTBK opened at $10.59 on Tuesday. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.06. The firm has a market cap of $649.20 million, a price-to-earnings ratio of 14.92 and a beta of 0.93. Heritage Commerce Corp has a 52-week low of $7.66 and a 52-week high of $11.27. The business’s 50 day moving average is $10.07 and its two-hundred day moving average is $9.48.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.17. The company had revenue of $63.68 million during the quarter, compared to the consensus estimate of $43.14 million. Heritage Commerce had a net margin of 17.61% and a return on equity of 6.37%. Research analysts predict that Heritage Commerce Corp will post 0.66 EPS for the current year.

Heritage Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 4.91%. Heritage Commerce’s payout ratio is currently 73.24%.

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.