Panagora Asset Management Inc. Lowers Position in Heritage Commerce Corp $HTBK

Panagora Asset Management Inc. cut its stake in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 50.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 149,617 shares of the financial services provider’s stock after selling 150,794 shares during the period. Panagora Asset Management Inc. owned about 0.24% of Heritage Commerce worth $1,486,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of HTBK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Heritage Commerce by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,402 shares of the financial services provider’s stock valued at $337,000 after purchasing an additional 1,482 shares during the last quarter. SummerHaven Investment Management LLC grew its position in Heritage Commerce by 1.8% in the 2nd quarter. SummerHaven Investment Management LLC now owns 91,792 shares of the financial services provider’s stock worth $911,000 after purchasing an additional 1,590 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Heritage Commerce by 143.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,851 shares of the financial services provider’s stock valued at $27,000 after buying an additional 1,680 shares during the last quarter. US Bancorp DE lifted its position in shares of Heritage Commerce by 66.7% during the 1st quarter. US Bancorp DE now owns 5,789 shares of the financial services provider’s stock worth $55,000 after buying an additional 2,316 shares in the last quarter. Finally, AlTi Global Inc. lifted its position in shares of Heritage Commerce by 0.4% during the 1st quarter. AlTi Global Inc. now owns 656,575 shares of the financial services provider’s stock worth $6,251,000 after buying an additional 2,400 shares in the last quarter. 75.55% of the stock is owned by hedge funds and other institutional investors.

Heritage Commerce Stock Down 0.2%

HTBK stock opened at $11.34 on Friday. The stock has a fifty day moving average of $10.35 and a 200-day moving average of $10.01. Heritage Commerce Corp has a fifty-two week low of $8.09 and a fifty-two week high of $11.40. The company has a market capitalization of $694.92 million, a price-to-earnings ratio of 16.20 and a beta of 0.81. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.75 and a current ratio of 0.75.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter. The business had revenue of $50.01 million for the quarter. Heritage Commerce had a return on equity of 7.18% and a net margin of 16.31%. As a group, equities research analysts predict that Heritage Commerce Corp will post 0.8 earnings per share for the current year.

Heritage Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Thursday, November 6th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, November 6th. This represents a $0.52 annualized dividend and a yield of 4.6%. Heritage Commerce’s dividend payout ratio (DPR) is 74.29%.

Wall Street Analysts Forecast Growth

HTBK has been the subject of a number of research analyst reports. Stephens increased their price target on Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. DA Davidson upped their price objective on Heritage Commerce from $12.00 to $12.50 and gave the company a “buy” rating in a research note on Tuesday, October 28th. Zacks Research upgraded Heritage Commerce from a “strong sell” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. Wall Street Zen raised shares of Heritage Commerce from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Finally, Piper Sandler raised their price objective on shares of Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Heritage Commerce has an average rating of “Buy” and a consensus price target of $11.50.

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.