New York Life Investment Management LLC trimmed its stake in shares of Heritage Commerce Corp (NASDAQ:HTBK – Free Report) by 13.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,742 shares of the financial services provider’s stock after selling 6,734 shares during the quarter. New York Life Investment Management LLC owned approximately 0.07% of Heritage Commerce worth $362,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of Heritage Commerce by 32.5% during the second quarter. BlackRock Inc. now owns 7,529,426 shares of the financial services provider’s stock worth $62,344,000 after acquiring an additional 1,847,750 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Heritage Commerce by 0.9% during the second quarter. Price T Rowe Associates Inc. MD now owns 5,912,961 shares of the financial services provider’s stock worth $63,210,000 after acquiring an additional 50,779 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Heritage Commerce by 5.9% during the first quarter. Dimensional Fund Advisors LP now owns 3,190,193 shares of the financial services provider’s stock worth $26,574,000 after purchasing an additional 178,538 shares during the period. Vanguard Group Inc. grew its stake in Heritage Commerce by 2.9% during the third quarter. Vanguard Group Inc. now owns 3,042,796 shares of the financial services provider’s stock worth $34,506,000 after purchasing an additional 85,171 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in Heritage Commerce by 0.3% during the first quarter. The Manufacturers Life Insurance Company now owns 2,090,718 shares of the financial services provider’s stock worth $23,521,000 after purchasing an additional 6,747 shares during the period. 72.80% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Heritage Commerce
In other Heritage Commerce news, Director Jack W. Conner sold 6,944 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $8.92, for a total value of $61,940.48. Following the completion of the sale, the director now owns 102,501 shares of the company’s stock, valued at $914,308.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.15% of the company’s stock.
Heritage Commerce Trading Up 0.7 %
Heritage Commerce Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 22nd. Shareholders of record on Thursday, February 8th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, February 7th. This represents a $0.52 dividend on an annualized basis and a yield of 6.26%. Heritage Commerce’s dividend payout ratio (DPR) is presently 49.06%.
Analysts Set New Price Targets
HTBK has been the subject of several recent analyst reports. Piper Sandler raised their target price on Heritage Commerce from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Friday, January 26th. Keefe, Bruyette & Woods decreased their target price on Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, January 26th. Raymond James raised their target price on Heritage Commerce from $9.50 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. Finally, StockNews.com cut Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $10.75.
Heritage Commerce 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.
- Five stocks we like better than Heritage Commerce
- Learn Technical Analysis Skills to Master the Stock Market
- MarketBeat Week in Review – 2/5 – 2/9
- How to Invest in Social Media
- Cloudflare results spark analysts reset: 25% upside ahead
- Stock Analyst Ratings and Canadian Analyst Ratings
- Beyond Nvidia: The hidden stars with 200% earnings growth
Receive News & Ratings for Heritage Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Heritage Commerce and related companies with MarketBeat.com's FREE daily email newsletter.