Heritage Commerce Corp $HTBK Stock Position Lifted by Rhino Investment Partners Inc

Rhino Investment Partners Inc boosted its stake in Heritage Commerce Corp (NASDAQ:HTBK) by 29.9% in the third quarter, Holdings Channel reports. The institutional investor owned 795,180 shares of the financial services provider’s stock after acquiring an additional 183,005 shares during the quarter. Heritage Commerce makes up approximately 2.5% of Rhino Investment Partners Inc’s holdings, making the stock its 18th largest position. Rhino Investment Partners Inc’s holdings in Heritage Commerce were worth $7,896,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of HTBK. HoldCo Asset Management LP purchased a new position in shares of Heritage Commerce during the 2nd quarter valued at $16,121,000. Creative Planning raised its holdings in shares of Heritage Commerce by 38.5% during the second quarter. Creative Planning now owns 173,005 shares of the financial services provider’s stock worth $1,718,000 after acquiring an additional 48,130 shares in the last quarter. Voya Investment Management LLC boosted its position in Heritage Commerce by 231.1% during the third quarter. Voya Investment Management LLC now owns 64,976 shares of the financial services provider’s stock valued at $645,000 after purchasing an additional 45,350 shares during the last quarter. Geode Capital Management LLC boosted its position in Heritage Commerce by 5.9% during the second quarter. Geode Capital Management LLC now owns 1,565,168 shares of the financial services provider’s stock valued at $15,544,000 after purchasing an additional 87,229 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new position in Heritage Commerce in the second quarter valued at about $389,000. Institutional investors and hedge funds own 75.55% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Raymond James Financial lowered Heritage Commerce from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Janney Montgomery Scott cut Heritage Commerce from a “buy” rating to a “neutral” rating and boosted their price target for the company from $12.00 to $14.00 in a research note on Monday, December 22nd. Weiss Ratings upgraded Heritage Commerce from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Zacks Research raised shares of Heritage Commerce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Finally, DA Davidson reiterated a “neutral” rating and issued a $14.50 target price on shares of Heritage Commerce in a research note on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.25.

Heritage Commerce Trading Down 0.3%

Heritage Commerce stock opened at $12.13 on Friday. Heritage Commerce Corp has a one year low of $8.09 and a one year high of $13.82. The company’s fifty day moving average price is $12.83 and its two-hundred day moving average price is $11.45. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.74 and a quick ratio of 0.75. The company has a market capitalization of $747.09 million, a price-to-earnings ratio of 15.55 and a beta of 0.79.

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

Heritage Commerce Announces Dividend

The business also recently announced 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 4.3%. Heritage Commerce’s dividend payout ratio is presently 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.