Raymond James Financial Inc. Invests $2.18 Million in Heritage Commerce Corp (NASDAQ:HTBK)

Raymond James Financial Inc. bought a new position in Heritage Commerce Corp (NASDAQ:HTBK) during the fourth quarter, HoldingsChannel reports. The firm bought 232,559 shares of the financial services provider’s stock, valued at approximately $2,181,000.

Other hedge funds have also bought and sold shares of the company. Barclays PLC lifted its stake in shares of Heritage Commerce by 7.2% in the third quarter. Barclays PLC now owns 216,439 shares of the financial services provider’s stock valued at $2,139,000 after buying an additional 14,466 shares in the last quarter. Franklin Resources Inc. lifted its position in Heritage Commerce by 2.9% in the 3rd quarter. Franklin Resources Inc. now owns 46,089 shares of the financial services provider’s stock valued at $449,000 after acquiring an additional 1,302 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Heritage Commerce by 58.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 463,774 shares of the financial services provider’s stock valued at $4,350,000 after acquiring an additional 170,989 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in Heritage Commerce by 29.9% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 36,840 shares of the financial services provider’s stock worth $346,000 after purchasing an additional 8,472 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in Heritage Commerce by 5.9% during the 4th quarter. SG Americas Securities LLC now owns 45,763 shares of the financial services provider’s stock worth $429,000 after purchasing an additional 2,558 shares in the last quarter. Institutional investors and hedge funds own 75.55% of the company’s stock.

Wall Street Analysts Forecast Growth

HTBK has been the topic of several analyst reports. Stephens reaffirmed an “overweight” rating and set a $11.00 target price on shares of Heritage Commerce in a research report on Monday. Keefe, Bruyette & Woods dropped their price objective on Heritage Commerce from $11.50 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Finally, Raymond James set a $10.00 target price on shares of Heritage Commerce in a research note on Monday.

Heritage Commerce Price Performance

Shares of NASDAQ HTBK opened at $9.04 on Thursday. The company has a market capitalization of $556.96 million, a PE ratio of 13.70 and a beta of 0.81. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.06. The stock’s 50 day moving average price is $9.34 and its 200-day moving average price is $9.75. Heritage Commerce Corp has a twelve month low of $7.74 and a twelve month high of $11.27.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.01. Heritage Commerce had a return on equity of 5.96% and a net margin of 16.12%. The business had revenue of $46.06 million for the quarter, compared to analysts’ expectations of $45.89 million. On average, equities analysts anticipate that Heritage Commerce Corp will post 0.8 EPS for the current year.

Heritage Commerce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Thursday, May 8th will be given a dividend of $0.13 per share. The ex-dividend date is Thursday, May 8th. This represents a $0.52 annualized dividend and a yield of 5.75%. Heritage Commerce’s payout ratio is currently 76.47%.

Insider Buying and Selling

In other news, Director Jack W. Conner sold 4,000 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $10.52, for a total transaction of $42,080.00. Following the completion of the transaction, the director now owns 108,512 shares in the company, valued at approximately $1,141,546.24. This represents a 3.56 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $50,060.85. Following the completion of the sale, the chief executive officer now owns 254,227 shares in the company, valued at $2,473,628.71. This represents a 1.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,747 shares of company stock worth $107,728. Insiders own 2.71% of the company’s stock.

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.