Assenagon Asset Management S.A. Sells 731,592 Shares of Heritage Commerce Corp (NASDAQ:HTBK)

Assenagon Asset Management S.A. trimmed its position in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) by 71.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 292,785 shares of the financial services provider's stock after selling 731,592 shares during the period. Assenagon Asset Management S.A. owned approximately 0.48% of Heritage Commerce worth $2,893,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its holdings in Heritage Commerce by 185.5% during the 1st 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 in the last quarter. nVerses Capital LLC bought a new stake in Heritage Commerce during the 3rd quarter worth approximately $73,000. CWM LLC increased its holdings in Heritage Commerce by 148.0% during the 2nd quarter. CWM LLC now owns 9,936 shares of the financial services provider's stock worth $86,000 after purchasing an additional 5,929 shares in the last quarter. ProShare Advisors LLC bought a new stake in Heritage Commerce during the 1st quarter worth approximately $91,000. Finally, One Wealth Advisors LLC bought a new stake in Heritage Commerce during the 3rd quarter worth approximately $99,000. 75.55% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

HTBK has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their price objective on Heritage Commerce from $10.50 to $11.50 and gave the stock an "outperform" rating in a report on Friday, July 26th. StockNews.com downgraded Heritage Commerce from a "hold" rating to a "sell" rating in a research report on Wednesday, July 10th. Finally, Piper Sandler increased their target price on Heritage Commerce from $10.00 to $12.00 and gave the stock an "overweight" rating in a research report on Friday, July 26th.

Heritage Commerce Price Performance

Shares of Heritage Commerce stock traded down $0.22 during trading on Thursday, hitting $9.71. The stock had a trading volume of 275,398 shares, compared to its average volume of 389,831. The firm has a market cap of $594.80 million, a price-to-earnings ratio of 10.79 and a beta of 0.93. Heritage Commerce Corp has a 12 month low of $7.66 and a 12 month high of $10.99. The business's 50-day moving average is $9.84 and its 200 day moving average is $9.12. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.06.

Heritage Commerce (NASDAQ:HTBK - Get Free Report) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.17 earnings per share for the quarter, hitting the consensus estimate of $0.17. The firm had revenue of $63.68 million for the quarter, compared to analysts' expectations of $43.14 million. Heritage Commerce had a net margin of 19.82% and a return on equity of 7.21%. As a group, sell-side analysts anticipate that Heritage Commerce Corp will post 0.65 earnings per share for the current year.

Heritage Commerce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 5.36%. Heritage Commerce's dividend payout ratio is presently 56.52%.

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.