JPMorgan Chase & Co. Grows Stake in Heritage Commerce Corp $HTBK

JPMorgan Chase & Co. raised its holdings in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 2.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,883,705 shares of the financial services provider’s stock after purchasing an additional 44,948 shares during the period. JPMorgan Chase & Co. owned 3.07% of Heritage Commerce worth $18,705,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in HTBK. Vanguard Group Inc. grew its stake in Heritage Commerce by 11.0% during the 3rd quarter. Vanguard Group Inc. now owns 3,946,682 shares of the financial services provider’s stock worth $39,191,000 after buying an additional 390,978 shares during the last quarter. Boston Partners raised its stake in Heritage Commerce by 52.1% in the third quarter. Boston Partners now owns 1,676,777 shares of the financial services provider’s stock valued at $16,636,000 after buying an additional 574,070 shares during the last quarter. HoldCo Asset Management LP purchased a new stake in Heritage Commerce in the second quarter valued at about $16,121,000. Geode Capital Management LLC boosted its holdings in Heritage Commerce by 5.9% in the second quarter. Geode Capital Management LLC now owns 1,565,168 shares of the financial services provider’s stock worth $15,544,000 after acquiring an additional 87,229 shares in the last quarter. Finally, Rhino Investment Partners Inc boosted its holdings in Heritage Commerce by 29.9% in the third quarter. Rhino Investment Partners Inc now owns 795,180 shares of the financial services provider’s stock worth $7,896,000 after acquiring an additional 183,005 shares in the last quarter. Hedge funds and other institutional investors own 75.55% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Stephens restated an “equal weight” rating on shares of Heritage Commerce in a report on Monday, January 5th. Zacks Research upgraded shares of Heritage Commerce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 11th. Janney Montgomery Scott downgraded shares of Heritage Commerce from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $12.00 to $14.00 in a research report on Monday, December 22nd. Wall Street Zen lowered shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. Finally, Raymond James Financial cut shares of Heritage Commerce from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.25.

Heritage Commerce Stock Down 0.3%

Shares of HTBK stock opened at $12.37 on Thursday. Heritage Commerce Corp has a fifty-two week low of $8.09 and a fifty-two week high of $13.82. The firm has a market capitalization of $761.91 million, a PE ratio of 15.86 and a beta of 0.79. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.74 and a current ratio of 0.74. The stock’s 50-day simple moving average is $12.80 and its 200-day simple moving average is $11.56.

Heritage Commerce (NASDAQ:HTBK) last released its earnings results on Thursday, January 22nd. The financial services provider reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. The firm had revenue of $104.04 million during the quarter, compared to the consensus estimate of $50.78 million. Heritage Commerce had a return on equity of 8.07% and a net margin of 17.77%. Equities analysts expect that Heritage Commerce Corp will post 0.8 earnings per share for the current year.

Heritage Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Wednesday, March 25th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, March 25th. This represents a $0.52 dividend on an annualized basis and a yield of 4.2%. Heritage Commerce’s dividend payout ratio (DPR) is currently 66.67%.

Heritage Commerce Profile

Heritage Commerce Corporation, headquartered in Farmington Hills, Michigan, is the bank holding company for Heritage Bank, N.A., a community-oriented financial institution. Traded on NASDAQ under the symbol HTBK, the company focuses on delivering tailored banking services to businesses, professionals and individuals throughout Southeastern Michigan.

Heritage Bank, N.A. offers a comprehensive portfolio of deposit and lending products designed to meet the needs of commercial and consumer clients.