New York Life Investment Management LLC Sells 6,734 Shares of Heritage Commerce Corp (NASDAQ:HTBK)

New York Life Investment Management LLC lessened its position in Heritage Commerce Corp (NASDAQ:HTBKFree Report) by 13.6% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 42,742 shares of the financial services provider’s stock after selling 6,734 shares during the period. New York Life Investment Management LLC owned approximately 0.07% of Heritage Commerce worth $362,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Captrust Financial Advisors grew 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 acquiring an additional 2,049 shares during the period. Signaturefd LLC lifted its holdings in shares of Heritage Commerce by 279.6% in the second quarter. Signaturefd LLC now owns 5,140 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 3,786 shares in the last quarter. Great West Life Assurance Co. Can lifted its holdings in shares of 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 purchasing an additional 1,646 shares in the last quarter. Quarry LP lifted its holdings in shares of Heritage Commerce by 1,193.6% in the first quarter. Quarry LP now owns 8,835 shares of the financial services provider’s stock valued at $74,000 after purchasing an additional 8,152 shares in the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of 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 purchasing an additional 1,533 shares in the last quarter. Institutional investors and hedge funds own 72.80% of the company’s stock.

Insider Activity

In related news, Director Jack W. Conner sold 6,944 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $8.92, for a total transaction of $61,940.48. Following the completion of the transaction, the director now directly owns 102,501 shares in the company, valued at $914,308.92. The transaction was disclosed in a document filed with the SEC, which is available through this link. 4.15% of the stock is owned by company insiders.

Heritage Commerce Stock Performance

Shares of HTBK opened at $8.31 on Monday. The firm has a market cap of $507.66 million, a PE ratio of 7.84 and a beta of 0.92. Heritage Commerce Corp has a 1 year low of $6.69 and a 1 year high of $12.48. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.72 and a quick ratio of 0.72. The stock’s fifty day moving average price is $9.37 and its two-hundred day moving average price is $8.93.

Heritage Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 22nd. Stockholders of record on Thursday, February 8th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 6.26%. The ex-dividend date is Wednesday, February 7th. Heritage Commerce’s dividend payout ratio (DPR) is presently 49.06%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Keefe, Bruyette & Woods dropped their target price on Heritage Commerce from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, January 26th. StockNews.com lowered Heritage Commerce from a “hold” rating to a “sell” rating in a report on Tuesday, February 6th. Piper Sandler lifted their price target on Heritage Commerce from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Friday, January 26th. Finally, Raymond James lifted their price target on Heritage Commerce from $9.50 to $11.00 and gave the stock an “outperform” rating in a report on Friday, January 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $10.75.

Read Our Latest Stock Analysis on HTBK

Heritage Commerce Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Heritage Commerce (NASDAQ:HTBK)

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