Allspring Global Investments Holdings LLC lowered its position in Heritage Commerce Corp (NASDAQ:HTBK – Free Report) by 73.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,324 shares of the financial services provider’s stock after selling 37,689 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Heritage Commerce were worth $110,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also bought and sold shares of HTBK. JPMorgan Chase & Co. boosted its stake in Heritage Commerce by 24.4% in the first quarter. JPMorgan Chase & Co. now owns 831,342 shares of the financial services provider’s stock worth $9,352,000 after buying an additional 162,840 shares in the last quarter. Raymond James & Associates boosted its stake in Heritage Commerce by 10.5% in the first quarter. Raymond James & Associates now owns 11,827 shares of the financial services provider’s stock worth $133,000 after buying an additional 1,121 shares in the last quarter. MetLife Investment Management LLC boosted its stake in shares of Heritage Commerce by 124.6% during the first quarter. MetLife Investment Management LLC now owns 31,366 shares of the financial services provider’s stock valued at $353,000 after purchasing an additional 17,402 shares during the period. Great West Life Assurance Co. Can boosted its stake in shares of Heritage Commerce by 35.7% during the first quarter. Great West Life Assurance Co. Can now owns 6,253 shares of the financial services provider’s stock valued at $73,000 after purchasing an additional 1,646 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Heritage Commerce by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 2,706,613 shares of the financial services provider’s stock valued at $30,450,000 after purchasing an additional 47,252 shares during the period. Hedge funds and other institutional investors own 72.80% of the company’s stock.
Heritage Commerce Price Performance
Shares of Heritage Commerce stock opened at $8.64 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.06. The company has a market cap of $527.83 million, a PE ratio of 7.08 and a beta of 0.99. The business has a 50 day moving average of $8.67 and a 200 day moving average of $8.42. Heritage Commerce Corp has a 52 week low of $6.69 and a 52 week high of $14.87.
Heritage Commerce Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 10th were issued a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $0.52 dividend on an annualized basis and a yield of 6.02%. Heritage Commerce’s dividend payout ratio (DPR) is 42.62%.
Wall Street Analysts Forecast Growth
HTBK has been the subject of a number of analyst reports. TheStreet raised Heritage Commerce from a “c+” rating to a “b-” rating in a research note on Wednesday, July 26th. Piper Sandler increased their price objective on Heritage Commerce from $10.00 to $11.00 in a research note on Friday, July 28th. Stephens lowered Heritage Commerce from an “overweight” rating to an “equal weight” rating and set a $10.00 price objective for the company. in a research note on Friday, August 11th. They noted that the move was a valuation call. StockNews.com began coverage on Heritage Commerce in a research note on Thursday, October 5th. They set a “hold” rating for the company. Finally, Raymond James upped their target price on Heritage Commerce from $10.00 to $10.50 and gave the company an “outperform” rating in a report on Monday, July 31st.
Check Out Our Latest Research Report on HTBK
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.
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