Cubist Systematic Strategies LLC Takes Position in Heritage Commerce Corp (NASDAQ:HTBK)

Cubist Systematic Strategies LLC acquired a new stake in shares of Heritage Commerce Corp (NASDAQ:HTBK) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 63,154 shares of the financial services provider’s stock, valued at approximately $592,000.

A number of other hedge funds have also recently modified their holdings of the business. Dimensional Fund Advisors LP grew its position in shares of Heritage Commerce by 4.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,392,688 shares of the financial services provider’s stock valued at $31,823,000 after acquiring an additional 130,144 shares during the period. Wellington Management Group LLP boosted its holdings in Heritage Commerce by 13.2% in the 4th quarter. Wellington Management Group LLP now owns 2,302,615 shares of the financial services provider’s stock worth $21,599,000 after buying an additional 268,900 shares during the period. Boston Partners boosted its holdings in Heritage Commerce by 1.7% in the 4th quarter. Boston Partners now owns 1,564,741 shares of the financial services provider’s stock worth $14,620,000 after buying an additional 26,442 shares during the period. Geode Capital Management LLC boosted its holdings in Heritage Commerce by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 1,426,816 shares of the financial services provider’s stock worth $13,386,000 after buying an additional 4,756 shares during the period. Finally, American Century Companies Inc. boosted its holdings in Heritage Commerce by 3.4% in the 4th quarter. American Century Companies Inc. now owns 1,129,910 shares of the financial services provider’s stock worth $10,599,000 after buying an additional 36,821 shares during the period. Institutional investors own 75.55% of the company’s stock.

Heritage Commerce Stock Up 0.6%

HTBK opened at $9.52 on Friday. The firm has a 50-day simple moving average of $9.13 and a two-hundred day simple moving average of $9.72. Heritage Commerce Corp has a 52 week low of $7.74 and a 52 week high of $11.27. The company has a market capitalization of $586.39 million, a PE ratio of 14.42 and a beta of 0.77. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.06.

Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.19 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $45.89 million. Analysts forecast that Heritage Commerce Corp will post 0.8 earnings per share for the current fiscal year.

Heritage Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Thursday, May 8th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 5.46%. The ex-dividend date is Thursday, May 8th. Heritage Commerce’s dividend payout ratio (DPR) is presently 76.47%.

Analysts Set New Price Targets

Several brokerages recently weighed in on HTBK. Stephens reaffirmed an “overweight” rating and issued a $11.00 target price on shares of Heritage Commerce in a report on Monday, April 28th. Keefe, Bruyette & Woods dropped their target price on shares of Heritage Commerce from $11.50 to $11.00 and set an “outperform” rating for the company in a report on Friday, April 25th. Finally, Raymond James set a $10.00 target price on shares of Heritage Commerce in a report on Monday, April 28th.

Insider Buying and Selling at Heritage Commerce

In other Heritage Commerce 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 transaction of $42,080.00. Following the completion of the transaction, the director now owns 108,512 shares of the company’s stock, valued at $1,141,546.24. This represents a 3.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robertson Clay Jones, Jr. sold 5,145 shares of the 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. This trade represents a 1.98% decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,747 shares of company stock valued at $107,728 in the last 90 days. Insiders own 2.71% of the company’s stock.

Heritage Commerce Company 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.