The Manufacturers Life Insurance Company Cuts Stock Holdings in Heritage Commerce Corp (NASDAQ:HTBK)

The Manufacturers Life Insurance Company lowered its stake in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) by 3.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,355,747 shares of the financial services provider's stock after selling 53,586 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 2.21% of Heritage Commerce worth $11,795,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Assenagon Asset Management S.A. raised its holdings in Heritage Commerce by 830.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,024,377 shares of the financial services provider's stock valued at $8,912,000 after buying an additional 914,249 shares during the last quarter. American Century Companies Inc. raised its holdings in Heritage Commerce by 21.2% during the 2nd quarter. American Century Companies Inc. now owns 921,389 shares of the financial services provider's stock worth $8,016,000 after purchasing an additional 160,977 shares during the last quarter. EJF Capital LLC bought a new position in Heritage Commerce during the 1st quarter worth approximately $1,321,000. AQR Capital Management LLC raised its holdings in Heritage Commerce by 32.5% during the 2nd quarter. AQR Capital Management LLC now owns 544,471 shares of the financial services provider's stock worth $4,737,000 after purchasing an additional 133,514 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Heritage Commerce by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 3,309,141 shares of the financial services provider's stock worth $28,392,000 after purchasing an additional 123,973 shares during the last quarter. Institutional investors own 75.55% of the company's stock.

Wall Street Analysts Forecast Growth

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

Heritage Commerce Trading Up 1.3 %

Shares of NASDAQ:HTBK traded up $0.12 during mid-day trading on Friday, hitting $9.54. The company had a trading volume of 246,829 shares, compared to its average volume of 398,344. The firm has a fifty day moving average price of $9.89 and a 200 day moving average price of $8.92. The company has a market capitalization of $584.38 million, a PE ratio of 10.35 and a beta of 0.93. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.76 and a quick ratio of 0.76. Heritage Commerce Corp has a one year low of $7.66 and a one year high of $10.99.

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). The company had revenue of $61.35 million during the quarter, compared to the consensus estimate of $43.35 million. Heritage Commerce had a net margin of 19.82% and a return on equity of 7.21%. As a group, research analysts forecast that Heritage Commerce Corp will post 0.66 EPS for the current year.

Heritage Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.52 dividend on an annualized basis and a yield of 5.45%. Heritage Commerce's dividend payout ratio (DPR) is presently 56.52%.

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.