ABC Arbitrage SA Buys Shares of 580,752 Heritage Commerce Corp $HTBK

ABC Arbitrage SA acquired a new position in Heritage Commerce Corp (NASDAQ:HTBK) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 580,752 shares of the financial services provider’s stock, valued at approximately $6,975,000. Heritage Commerce makes up about 0.6% of ABC Arbitrage SA’s investment portfolio, making the stock its 29th largest position.

A number of other large investors also recently modified their holdings of the business. Parkside Financial Bank & Trust lifted its stake in shares of Heritage Commerce by 56.5% in the third quarter. Parkside Financial Bank & Trust now owns 5,026 shares of the financial services provider’s stock valued at $50,000 after buying an additional 1,815 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Heritage Commerce by 16,272.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 5,370 shares in the last quarter. Larson Financial Group LLC boosted its position in shares of Heritage Commerce by 495.3% during the 3rd quarter. Larson Financial Group LLC now owns 5,620 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 4,676 shares in the last quarter. Russell Investments Group Ltd. raised its position in Heritage Commerce by 368.9% in the third quarter. Russell Investments Group Ltd. now owns 6,433 shares of the financial services provider’s stock worth $64,000 after purchasing an additional 5,061 shares in the last quarter. Finally, D.A. Davidson & CO. acquired a new position in Heritage Commerce in the third quarter worth about $101,000. 75.55% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on HTBK shares. DA Davidson reiterated a “neutral” rating and issued a $14.50 price objective on shares of Heritage Commerce in a research note on Wednesday, February 4th. Zacks Research lowered Heritage Commerce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 9th. Finally, Weiss Ratings upgraded shares of Heritage Commerce from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 9th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Heritage Commerce presently has an average rating of “Hold” and a consensus price target of $13.13.

Heritage Commerce Stock Performance

Shares of NASDAQ HTBK opened at $13.45 on Tuesday. The company has a 50-day moving average of $12.84 and a two-hundred day moving average of $12.27. Heritage Commerce Corp has a 1-year low of $8.73 and a 1-year high of $13.83. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06. The company has a market cap of $828.43 million, a PE ratio of 17.24 and a beta of 0.69.

Heritage Commerce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 8th. Investors of record on Wednesday, March 25th were issued a $0.13 dividend. The ex-dividend date was Wednesday, March 25th. This represents a $0.52 annualized dividend and a yield of 3.9%. Heritage Commerce’s dividend payout ratio (DPR) is currently 66.67%.

Heritage Commerce Company 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.