Bank of New York Mellon Corp Sells 56,311 Shares of Heritage Commerce Corp (NASDAQ:HTBK)

Bank of New York Mellon Corp cut its position in shares of Heritage Commerce Corp (NASDAQ:HTBK - Free Report) by 11.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 417,203 shares of the financial services provider's stock after selling 56,311 shares during the quarter. Bank of New York Mellon Corp owned 0.68% of Heritage Commerce worth $3,913,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. FMR LLC grew its position in Heritage Commerce by 103.7% during the third quarter. FMR LLC now owns 7,832 shares of the financial services provider's stock worth $77,000 after buying an additional 3,987 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Heritage Commerce during the fourth quarter worth about $99,000. Point72 Asset Management L.P. acquired a new stake in Heritage Commerce during the third quarter worth about $107,000. Intech Investment Management LLC acquired a new stake in Heritage Commerce during the third quarter worth about $116,000. Finally, Verition Fund Management LLC acquired a new stake in Heritage Commerce during the third quarter worth about $133,000. 75.55% of the stock is owned by institutional investors and hedge funds.

Heritage Commerce Price Performance

NASDAQ HTBK traded down $0.04 during trading on Friday, reaching $9.53. 489,036 shares of the company traded hands, compared to its average volume of 359,181. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.73 and a current ratio of 0.73. The stock's 50 day moving average price is $9.90 and its two-hundred day moving average price is $9.94. The company has a market cap of $585.55 million, a price-to-earnings ratio of 14.44 and a beta of 0.92. Heritage Commerce Corp has a 1-year low of $7.66 and a 1-year high of $11.27.

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Heritage Commerce (NASDAQ:HTBK - Get Free Report) last announced its earnings results on Thursday, January 23rd. The financial services provider reported $0.17 EPS for the quarter, hitting the consensus estimate of $0.17. Heritage Commerce had a return on equity of 5.96% and a net margin of 16.12%. As a group, analysts anticipate that Heritage Commerce Corp will post 0.8 EPS for the current year.

Heritage Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Thursday, February 6th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 5.46%. The ex-dividend date of this dividend was Thursday, February 6th. Heritage Commerce's payout ratio is currently 78.79%.

Insider Transactions at Heritage Commerce

In related news, CEO Robertson Clay Jones, Jr. sold 5,145 shares of the business's stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 254,227 shares in the company, valued at $2,473,628.71. The trade was a 1.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jack W. Conner sold 4,000 shares of the business's stock in a transaction that occurred 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 of the company's stock, valued at $1,141,546.24. This trade represents a 3.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,747 shares of company stock valued at $107,728 in the last three months. 3.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on HTBK shares. Keefe, Bruyette & Woods decreased their target price on Heritage Commerce from $12.50 to $11.50 and set an "outperform" rating on the stock in a research report on Friday, January 24th. StockNews.com raised Heritage Commerce from a "sell" rating to a "hold" rating in a report on Wednesday, December 4th. Finally, Stephens raised Heritage Commerce from a "hold" rating to a "strong-buy" rating in a report on Monday, March 3rd.

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.