JPMorgan Chase & Co. Decreases Position in Heritage Commerce Corp (NASDAQ:HTBK)

JPMorgan Chase & Co. reduced its stake in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 11.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,046,410 shares of the financial services provider’s stock after selling 266,625 shares during the quarter. JPMorgan Chase & Co. owned 3.34% of Heritage Commerce worth $19,195,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its position in shares of Heritage Commerce by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 496,190 shares of the financial services provider’s stock worth $4,902,000 after purchasing an additional 6,884 shares in the last quarter. FMR LLC lifted its holdings in Heritage Commerce by 103.7% in the 3rd quarter. FMR LLC now owns 7,832 shares of the financial services provider’s stock worth $77,000 after buying an additional 3,987 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Heritage Commerce by 8.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 66,678 shares of the financial services provider’s stock valued at $659,000 after buying an additional 5,066 shares during the last quarter. Verition Fund Management LLC acquired a new stake in shares of Heritage Commerce during the third quarter valued at about $133,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Heritage Commerce during the third quarter worth about $107,000. 75.55% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

HTBK has been the subject of a number of analyst reports. Stephens raised Heritage Commerce from a “hold” rating to a “strong-buy” rating in a report on Monday, March 3rd. Keefe, Bruyette & Woods reduced their target price on Heritage Commerce from $12.50 to $11.50 and set an “outperform” rating for the company in a research note on Friday, January 24th.

Heritage Commerce Stock Down 6.4 %

NASDAQ:HTBK opened at $8.25 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.73 and a current ratio of 0.73. The company has a market capitalization of $506.90 million, a price-to-earnings ratio of 12.50 and a beta of 0.81. Heritage Commerce Corp has a one year low of $7.66 and a one year high of $11.27. The stock has a 50-day simple moving average of $9.81 and a 200 day simple moving average of $9.84.

Heritage Commerce (NASDAQ:HTBK) last issued its earnings results on Thursday, January 23rd. The financial services provider reported $0.17 EPS for the quarter, hitting the consensus estimate of $0.17. Heritage Commerce had a return on equity of 5.96% and a net margin of 16.12%. Sell-side analysts predict that Heritage Commerce Corp will post 0.8 EPS for the current fiscal year.

Heritage Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Thursday, February 6th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 6.30%. The ex-dividend date was Thursday, February 6th. Heritage Commerce’s dividend payout ratio is presently 78.79%.

Insider Buying and Selling

In related news, Director Jack W. Conner sold 4,000 shares of the stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $10.52, for a total value of $42,080.00. Following the sale, the director now owns 108,512 shares of the company’s stock, valued at $1,141,546.24. This trade represents a 3.56 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robertson Clay Jones, Jr. sold 5,145 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $9.73, for a total transaction of $50,060.85. Following the transaction, the chief executive officer now directly owns 254,227 shares of the company’s stock, valued at $2,473,628.71. The trade was a 1.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,747 shares of company stock worth $107,728 over the last quarter. 3.99% of the stock is owned by company insiders.

About Heritage Commerce

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.