State Board of Administration of Florida Retirement System Raises Stock Holdings in Heritage Commerce Corp (NASDAQ:HTBK)

State Board of Administration of Florida Retirement System raised its position in Heritage Commerce Corp (NASDAQ:HTBK – Get Rating) by 5.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,146 shares of the financial services provider’s stock after buying an additional 1,840 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.06% of Heritage Commerce worth $470,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Captrust Financial Advisors lifted its stake in Heritage Commerce by 132.4% in the second quarter. Captrust Financial Advisors now owns 3,596 shares of the financial services provider’s stock valued at $38,000 after buying an additional 2,049 shares during the last quarter. Great West Life Assurance Co. Can lifted its stake in Heritage Commerce by 35.7% in the first quarter. Great West Life Assurance Co. Can now owns 6,253 shares of the financial services provider’s stock valued at $73,000 after buying an additional 1,646 shares during the last quarter. Royal Bank of Canada lifted its stake in Heritage Commerce by 17.8% in the third quarter. Royal Bank of Canada now owns 10,158 shares of the financial services provider’s stock valued at $115,000 after buying an additional 1,533 shares during the last quarter. LPL Financial LLC purchased a new stake in Heritage Commerce in the fourth quarter valued at approximately $136,000. Finally, Jane Street Group LLC purchased a new stake in Heritage Commerce in the third quarter valued at approximately $133,000. Hedge funds and other institutional investors own 73.08% of the company’s stock.

Heritage Commerce Trading Down 2.9 %

Shares of HTBK stock opened at $7.38 on Friday. The business’s fifty day moving average price is $8.04 and its 200 day moving average price is $11.30. Heritage Commerce Corp has a 1-year low of $6.69 and a 1-year high of $14.87. The firm has a market capitalization of $449.96 million, a PE ratio of 6.20 and a beta of 0.93. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.69 and a quick ratio of 0.69.

Heritage Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 25th. Investors of record on Thursday, May 11th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 7.05%. The ex-dividend date of this dividend is Wednesday, May 10th. Heritage Commerce’s dividend payout ratio is presently 43.70%.

Wall Street Analyst Weigh In

HTBK has been the subject of several analyst reports. StockNews.com initiated coverage on Heritage Commerce in a research note on Thursday. They set a “hold” rating for the company. TheStreet cut Heritage Commerce from a “b-” rating to a “c+” rating in a research note on Thursday, May 4th. Piper Sandler cut their price target on Heritage Commerce from $11.00 to $10.00 in a research note on Friday, April 28th. Finally, Raymond James cut their price target on Heritage Commerce from $13.00 to $10.00 and set an “outperform” rating for the company in a research note on Thursday, April 6th.

Insider Buying and Selling

In related news, Director Robert Moles sold 9,000 shares of the company’s stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $11.91, for a total transaction of $107,190.00. Following the transaction, the director now owns 43,560 shares of the company’s stock, valued at $518,799.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Heritage Commerce news, Director Robert Moles sold 9,000 shares of the company’s stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $11.91, for a total value of $107,190.00. Following the sale, the director now owns 43,560 shares of the company’s stock, valued at $518,799.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jack W. Conner bought 10,000 shares of the stock in a transaction on Tuesday, May 2nd. The stock was purchased at an average cost of $7.61 per share, for a total transaction of $76,100.00. Following the acquisition, the director now directly owns 39,344 shares of the company’s stock, valued at approximately $299,407.84. The disclosure for this purchase can be found here. Insiders have acquired 20,660 shares of company stock valued at $181,077 over the last quarter. Company insiders own 4.15% of the company’s stock.

Heritage Commerce Profile

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Heritage Commerce Corp. is a holding company, which engages in the provision of banking. It operates through the Banking and Factoring segments. The Banking segment includes the holding company’s results of operations. The Factoring segment focuses on factoring originated by Bay View Funding. The company was founded in 1997 and is headquartered in San Jose, CA.