Assenagon Asset Management S.A. Boosts Stake in Heritage Commerce Corp (NASDAQ:HTBK)

Assenagon Asset Management S.A. increased its position in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) by 830.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,024,377 shares of the financial services provider's stock after purchasing an additional 914,249 shares during the quarter. Assenagon Asset Management S.A. owned approximately 1.67% of Heritage Commerce worth $8,912,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its position in Heritage Commerce by 185.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,856 shares of the financial services provider's stock worth $42,000 after purchasing an additional 3,155 shares during the period. Lindbrook Capital LLC boosted its holdings in Heritage Commerce by 47.7% during the fourth quarter. Lindbrook Capital LLC now owns 4,780 shares of the financial services provider's stock worth $47,000 after buying an additional 1,543 shares during the last quarter. GAMMA Investing LLC bought a new position in Heritage Commerce during the fourth quarter worth about $49,000. CWM LLC boosted its holdings in Heritage Commerce by 148.0% during the second quarter. CWM LLC now owns 9,936 shares of the financial services provider's stock worth $86,000 after buying an additional 5,929 shares during the last quarter. Finally, ProShare Advisors LLC bought a new position in Heritage Commerce during the first quarter worth about $91,000. 75.55% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on HTBK shares. StockNews.com cut Heritage Commerce from a "hold" rating to a "sell" rating in a report on Wednesday, July 10th. Piper Sandler raised their target price on Heritage Commerce from $10.00 to $12.00 and gave the stock an "overweight" rating in a report on Friday, July 26th. Finally, Keefe, Bruyette & Woods raised their target price on Heritage Commerce from $10.50 to $11.50 and gave the stock an "outperform" rating in a report on Friday, July 26th.

Heritage Commerce Stock Up 1.8 %

Shares of NASDAQ:HTBK traded up $0.17 during trading on Friday, hitting $9.84. 496,053 shares of the company's stock traded hands, compared to its average volume of 403,610. Heritage Commerce Corp has a 52 week low of $7.66 and a 52 week high of $10.99. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06. The company has a market cap of $602.76 million, a price-to-earnings ratio of 10.70 and a beta of 0.94. The company has a 50-day moving average price of $9.10 and a 200-day moving average price of $8.55.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last released its quarterly earnings data on Friday, July 26th. The financial services provider reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.04). Heritage Commerce had a net margin of 19.82% and a return on equity of 7.24%. The business had revenue of $61.35 million for the quarter, compared to the consensus estimate of $43.35 million. As a group, research analysts forecast that Heritage Commerce Corp will post 0.68 EPS for the current fiscal year.

Heritage Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 5.28%. The ex-dividend date of this dividend is Thursday, August 8th. Heritage Commerce's dividend payout ratio (DPR) is presently 56.52%.

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. 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.