Balyasny Asset Management L.P. Purchases Shares of 22,321 Heritage Commerce Corp (NASDAQ:HTBK)

Balyasny Asset Management L.P. acquired a new position in shares of Heritage Commerce Corp (NASDAQ:HTBK) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 22,321 shares of the financial services provider’s stock, valued at approximately $209,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Barclays PLC raised its position in shares of Heritage Commerce by 7.2% in the 3rd quarter. Barclays PLC now owns 216,439 shares of the financial services provider’s stock worth $2,139,000 after buying an additional 14,466 shares during the period. Assenagon Asset Management S.A. increased its stake in Heritage Commerce by 58.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 463,774 shares of the financial services provider’s stock worth $4,350,000 after acquiring an additional 170,989 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Heritage Commerce by 90.5% in the 4th quarter. Sei Investments Co. now owns 63,565 shares of the financial services provider’s stock worth $596,000 after purchasing an additional 30,192 shares during the period. Hennion & Walsh Asset Management Inc. raised its holdings in shares of Heritage Commerce by 29.9% in 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 during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Heritage Commerce in the 4th quarter valued at about $2,181,000. Hedge funds and other institutional investors own 75.55% of the company’s stock.

Heritage Commerce Stock Performance

Heritage Commerce stock opened at $9.48 on Monday. The firm has a market capitalization of $583.93 million, a PE ratio of 14.36 and a beta of 0.77. Heritage Commerce Corp has a one year low of $7.74 and a one year high of $11.27. The stock’s 50 day moving average price is $9.13 and its 200 day moving average price is $9.72. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.73 and a current ratio of 0.73.

Heritage Commerce (NASDAQ:HTBK) last posted its earnings results on Thursday, April 24th. The financial services provider reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. Heritage Commerce had a net margin of 16.12% and a return on equity of 5.96%. The business had revenue of $46.06 million for the quarter, compared to analysts’ expectations of $45.89 million. As a group, sell-side analysts expect that Heritage Commerce Corp will post 0.8 EPS for the current fiscal year.

Heritage Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Thursday, May 8th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 5.49%. The ex-dividend date of this dividend is Thursday, May 8th. Heritage Commerce’s dividend payout ratio (DPR) is 76.47%.

Insider Activity at Heritage Commerce

In other news, CEO Robertson Clay Jones, Jr. sold 5,145 shares of the company’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 sale, the chief executive officer now owns 254,227 shares in the company, valued at approximately $2,473,628.71. This represents a 1.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jack W. Conner sold 4,000 shares of the stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $10.52, for a total transaction of $42,080.00. Following the transaction, the director now directly owns 108,512 shares in the company, valued at $1,141,546.24. The trade was a 3.56% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,747 shares of company stock valued at $107,728. Insiders own 2.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Raymond James set a $10.00 target price on shares of Heritage Commerce in a research report on Monday, April 28th. Stephens reissued an “overweight” rating and issued a $11.00 price objective on shares of Heritage Commerce in a research report on Monday, April 28th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Heritage Commerce from $11.50 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th.

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.