Martingale Asset Management L P Raises Stake in Heritage Commerce Corp. (HTBK)

Martingale Asset Management L P lifted its stake in shares of Heritage Commerce Corp. (NASDAQ:HTBK) by 21.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 48,900 shares of the financial services provider’s stock after acquiring an additional 8,500 shares during the quarter. Martingale Asset Management L P owned approximately 0.11% of Heritage Commerce worth $556,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Acadian Asset Management LLC bought a new position in shares of Heritage Commerce during the fourth quarter valued at approximately $25,000. Meeder Asset Management Inc. boosted its stake in Heritage Commerce by 100.3% in the third quarter. Meeder Asset Management Inc. now owns 7,088 shares of the financial services provider’s stock valued at $106,000 after acquiring an additional 3,549 shares in the last quarter. Stevens Capital Management LP acquired a new stake in Heritage Commerce in the third quarter valued at approximately $161,000. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Heritage Commerce in the fourth quarter valued at approximately $229,000. Finally, Teton Advisors Inc. boosted its stake in Heritage Commerce by 9.7% in the fourth quarter. Teton Advisors Inc. now owns 33,900 shares of the financial services provider’s stock valued at $384,000 after acquiring an additional 3,000 shares in the last quarter. 73.48% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ:HTBK opened at $13.06 on Friday. Heritage Commerce Corp. has a 12 month low of $10.84 and a 12 month high of $18.10. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market cap of $564.79 million, a PE ratio of 12.32, a P/E/G ratio of 1.53 and a beta of 0.90.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings data on Thursday, January 24th. The financial services provider reported $0.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.02. Heritage Commerce had a net margin of 25.34% and a return on equity of 13.49%. The business had revenue of $35.45 million during the quarter, compared to the consensus estimate of $35.17 million. On average, equities analysts predict that Heritage Commerce Corp. will post 1.22 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 21st. Stockholders of record on Thursday, February 7th were paid a dividend of $0.12 per share. This is an increase from Heritage Commerce’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a dividend yield of 3.68%. The ex-dividend date of this dividend was Wednesday, February 6th. Heritage Commerce’s payout ratio is presently 45.28%.

In related news, CEO Walter Theodore Kaczmarek sold 40,500 shares of the firm’s stock in a transaction on Tuesday, February 12th. The shares were sold at an average price of $13.50, for a total transaction of $546,750.00. Following the completion of the transaction, the chief executive officer now owns 74,427 shares of the company’s stock, valued at $1,004,764.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jack W. Conner bought 10,500 shares of Heritage Commerce stock in a transaction that occurred on Tuesday, January 29th. The shares were acquired at an average cost of $13.39 per share, with a total value of $140,595.00. Following the acquisition, the director now owns 79,106 shares of the company’s stock, valued at $1,059,229.34. The disclosure for this purchase can be found here. Insiders own 5.40% of the company’s stock.

Several equities research analysts have weighed in on the stock. BidaskClub downgraded shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Tuesday, December 4th. Zacks Investment Research downgraded shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Tuesday, January 8th. Finally, Brean Capital reiterated a “buy” rating and set a $16.00 price objective on shares of Heritage Commerce in a research note on Friday, January 25th. Two equities research analysts have 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. The company has a consensus rating of “Hold” and an average price target of $18.00.

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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. It offers a range of deposit products for business banking and retail markets, including interest and non-interest bearing demand, savings accounts, certificate of deposit, money market accounts, and time deposits.

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

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