State of New Jersey Common Pension Fund D Acquires 24,765 Shares of Heritage Commerce Corp $HTBK

State of New Jersey Common Pension Fund D raised its holdings in Heritage Commerce Corp (NASDAQ:HTBK) by 12.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 216,961 shares of the financial services provider’s stock after purchasing an additional 24,765 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.35% of Heritage Commerce worth $2,154,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of HTBK. Wellington Management Group LLP raised its position in Heritage Commerce by 64.9% in the 1st quarter. Wellington Management Group LLP now owns 3,796,472 shares of the financial services provider’s stock valued at $36,142,000 after purchasing an additional 1,493,857 shares during the last quarter. Rhino Investment Partners Inc acquired a new position in Heritage Commerce during the 1st quarter worth $5,222,000. Hotchkis & Wiley Capital Management LLC lifted its holdings in Heritage Commerce by 69.8% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 1,277,630 shares of the financial services provider’s stock worth $12,163,000 after buying an additional 525,060 shares in the last quarter. Nuveen LLC acquired a new position in Heritage Commerce during the 1st quarter worth $4,861,000. Finally, Cubist Systematic Strategies LLC lifted its holdings in Heritage Commerce by 217.4% during the 1st quarter. Cubist Systematic Strategies LLC now owns 200,428 shares of the financial services provider’s stock worth $1,908,000 after buying an additional 137,274 shares in the last quarter. Institutional investors own 75.55% of the company’s stock.

Heritage Commerce Stock Performance

HTBK stock opened at $10.64 on Wednesday. The business’s fifty day moving average is $10.06 and its 200-day moving average is $9.70. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.06. The company has a market cap of $653.83 million, a P/E ratio of 15.20 and a beta of 0.85. Heritage Commerce Corp has a twelve month low of $8.09 and a twelve month high of $11.27.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. Heritage Commerce had a return on equity of 7.20% and a net margin of 16.31%.The company had revenue of $50.01 million for the quarter, compared to the consensus estimate of $48.90 million. Equities research analysts forecast that Heritage Commerce Corp will post 0.8 EPS for the current year.

Heritage Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Thursday, November 6th will be given a $0.13 dividend. The ex-dividend date is Thursday, November 6th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 4.9%. Heritage Commerce’s dividend payout ratio is currently 74.29%.

Insider Activity at Heritage Commerce

In other news, COO Thomas A. Sa acquired 20,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average price of $9.25 per share, for a total transaction of $185,000.00. Following the transaction, the chief operating officer directly owned 20,000 shares in the company, valued at approximately $185,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 2.71% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

HTBK has been the topic of several research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Heritage Commerce in a report on Wednesday, October 8th. Wall Street Zen raised Heritage Commerce from a “sell” rating to a “hold” rating in a report on Saturday. DA Davidson upped their price objective on Heritage Commerce from $12.00 to $12.50 and gave the stock a “buy” rating in a report on Tuesday. Piper Sandler upped their price objective on Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Zacks Research downgraded Heritage Commerce from a “hold” rating to a “strong sell” rating in a report on Monday, October 13th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Heritage Commerce has a consensus rating of “Moderate Buy” and an average target price of $11.50.

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.