New York Life Investment Management LLC Cuts Holdings in Heritage Commerce Corp (NASDAQ:HTBK)

New York Life Investment Management LLC cut its holdings in shares of Heritage Commerce Corp (NASDAQ:HTBKFree Report) by 13.6% during the third quarter, Holdings Channel.com reports. The fund 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’s holdings in Heritage Commerce were worth $362,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of HTBK. Captrust Financial Advisors raised its holdings in Heritage Commerce by 132.4% during 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 grew its position in shares of Heritage Commerce by 279.6% during 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 grew its position in shares of Heritage Commerce by 35.7% during 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 grew its position in shares of Heritage Commerce by 1,193.6% during 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, Alberta Investment Management Corp purchased a new position in shares of Heritage Commerce during the first quarter valued at about $90,000. 72.80% of the stock is owned by institutional investors.

Heritage Commerce Stock Performance

Shares of HTBK stock opened at $8.31 on Monday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.06. The business’s fifty day simple moving average is $9.37 and its 200-day simple moving average is $8.93. Heritage Commerce Corp has a 12-month low of $6.69 and a 12-month high of $12.48. The company has a market cap of $507.66 million, a PE ratio of 7.84 and a beta of 0.92.

Heritage Commerce Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Check Out Our Latest Analysis on HTBK

Insiders Place Their Bets

In other news, Director Jack W. Conner sold 6,944 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $8.92, for a total transaction of $61,940.48. Following the completion of the sale, the director now owns 102,501 shares in the company, valued at approximately $914,308.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.15% of the company’s stock.

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.

Read More

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

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