Heritage Commerce (NASDAQ:HTBK) Trading 5.9% Higher Following Dividend Announcement

Shares of Heritage Commerce Corp (NASDAQ:HTBK - Get Free Report) rose 5.9% on Friday after the company announced a dividend. The stock traded as high as $9.76 and last traded at $9.73. Approximately 119,462 shares traded hands during trading, a decline of 60% from the average daily volume of 300,245 shares. The stock had previously closed at $9.19.

The newly announced dividend which will be paid on Thursday, February 20th. Shareholders of record on Thursday, February 6th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 5.45%. The ex-dividend date is Thursday, February 6th. Heritage Commerce's dividend payout ratio (DPR) is 73.24%.

Analyst Upgrades and Downgrades

HTBK has been the topic of a number of analyst reports. StockNews.com upgraded shares of Heritage Commerce from a "sell" rating to a "hold" rating in a research report on Wednesday, December 4th. Keefe, Bruyette & Woods cut their price objective on shares of Heritage Commerce from $12.50 to $11.50 and set an "outperform" rating on the stock in a research report on Friday.

Heritage Commerce Trading Up 3.8 %

The stock's fifty day moving average price is $9.86 and its 200 day moving average price is $9.87. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.73 and a quick ratio of 0.73. The stock has a market capitalization of $584.80 million, a P/E ratio of 13.44 and a beta of 0.96.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.17 EPS for the quarter, hitting analysts' consensus estimates of $0.17. Heritage Commerce had a net margin of 17.61% and a return on equity of 6.37%. Research analysts forecast that Heritage Commerce Corp will post 0.66 earnings per share for the current year.

Institutional Trading of Heritage Commerce

Hedge funds have recently added to or reduced their stakes in the business. nVerses Capital LLC purchased a new stake in Heritage Commerce in the third quarter worth about $73,000. FMR LLC lifted its stake in Heritage Commerce by 103.7% in the third quarter. FMR LLC now owns 7,832 shares of the financial services provider's stock worth $77,000 after acquiring an additional 3,987 shares during the period. One Wealth Advisors LLC purchased a new stake in Heritage Commerce in the third quarter worth about $99,000. NorthCrest Asset Manangement LLC purchased a new stake in Heritage Commerce in the third quarter worth about $100,000. Finally, Point72 Asset Management L.P. purchased a new stake in Heritage Commerce in the third quarter worth about $107,000. 75.55% of the stock is owned by hedge funds and other institutional investors.

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.