Heritage Commerce Corp (NASDAQ:HTBK) Short Interest Update

Heritage Commerce Corp (NASDAQ:HTBK) was the recipient of a significant increase in short interest during the month of December. As of December 15th, there was short interest totaling 1,650,464 shares, an increase of 41.3% from the November 30th total of 1,167,798 shares. Currently, 2.8% of the shares of the company are sold short. Based on an average daily trading volume, of 432,831 shares, the short-interest ratio is currently 3.8 days. Based on an average daily trading volume, of 432,831 shares, the short-interest ratio is currently 3.8 days. Currently, 2.8% of the shares of the company are sold short.

Heritage Commerce Trading Down 2.4%

NASDAQ HTBK traded down $0.30 during trading hours on Tuesday, reaching $12.12. The company had a trading volume of 734,389 shares, compared to its average volume of 1,142,685. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $742.71 million, a P/E ratio of 17.31 and a beta of 0.81. The stock has a 50-day moving average of $11.18 and a 200 day moving average of $10.38. Heritage Commerce has a 1-year low of $8.09 and a 1-year high of $12.89.

Heritage Commerce (NASDAQ:HTBK) last posted its earnings results on Wednesday, November 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter. The firm 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, research analysts anticipate that Heritage Commerce will post 0.8 earnings per share for the current fiscal year.

Heritage Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Thursday, November 6th. Heritage Commerce’s dividend payout ratio is presently 74.29%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust lifted its position in shares of Heritage Commerce by 56.5% during the third quarter. Parkside Financial Bank & Trust now owns 5,026 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 1,815 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Heritage Commerce by 16,272.7% during the second quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider’s stock valued at $54,000 after buying an additional 5,370 shares in the last quarter. Larson Financial Group LLC lifted its holdings in 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 worth $56,000 after buying an additional 4,676 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Heritage Commerce by 368.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,433 shares of the financial services provider’s stock worth $64,000 after acquiring an additional 5,061 shares in the last quarter. Finally, D.A. Davidson & CO. bought a new stake in shares of Heritage Commerce in the 3rd quarter valued at approximately $101,000. 75.55% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on HTBK. Stephens lifted their price objective on shares of Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. DA Davidson restated a “neutral” rating and set a $14.50 target price (up from $12.50) on shares of Heritage Commerce in a research report on Thursday, December 18th. Wall Street Zen downgraded Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, December 20th. Piper Sandler boosted their price objective on Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Heritage Commerce in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.25.

About Heritage Commerce

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.