Raymond James Financial Inc. Makes New Investment in Heritage Commerce Corp (NASDAQ:HTBK)

Raymond James Financial Inc. acquired a new position in Heritage Commerce Corp (NASDAQ:HTBK - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 232,559 shares of the financial services provider's stock, valued at approximately $2,181,000. Raymond James Financial Inc. owned approximately 0.38% of Heritage Commerce at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in HTBK. Franklin Resources Inc. grew its stake in shares of Heritage Commerce by 2.9% in the third quarter. Franklin Resources Inc. now owns 46,089 shares of the financial services provider's stock worth $449,000 after purchasing an additional 1,302 shares in the last quarter. US Bancorp DE lifted its holdings in Heritage Commerce by 64.8% in the fourth quarter. US Bancorp DE now owns 3,473 shares of the financial services provider's stock worth $33,000 after purchasing an additional 1,365 shares during the period. SG Americas Securities LLC grew its position in Heritage Commerce by 5.9% in the 4th quarter. SG Americas Securities LLC now owns 45,763 shares of the financial services provider's stock valued at $429,000 after buying an additional 2,558 shares in the last quarter. Aigen Investment Management LP increased its stake in Heritage Commerce by 21.1% during the 4th quarter. Aigen Investment Management LP now owns 15,866 shares of the financial services provider's stock valued at $149,000 after buying an additional 2,764 shares during the period. Finally, FMR LLC raised its position in shares of Heritage Commerce by 103.7% during the 3rd 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. 75.55% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several research analysts have recently issued reports on HTBK shares. Stephens upgraded shares of Heritage Commerce from a "hold" rating to a "strong-buy" rating in a report on Monday, March 3rd. Keefe, Bruyette & Woods cut their target price on Heritage Commerce from $12.50 to $11.50 and set an "outperform" rating for the company in a research report on Friday, January 24th. Finally, StockNews.com upgraded Heritage Commerce from a "sell" rating to a "hold" rating in a research report on Wednesday, December 4th.

Insider Buying and Selling

In related news, Director Jack W. Conner sold 4,000 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $10.52, for a total value of $42,080.00. Following the completion of the sale, the director now owns 108,512 shares in the company, valued at approximately $1,141,546.24. This represents a 3.56 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robertson Clay Jones, Jr. sold 5,145 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $9.73, for a total transaction of $50,060.85. Following the completion of the transaction, the chief executive officer now directly owns 254,227 shares of the company's stock, valued at $2,473,628.71. This represents a 1.98 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,747 shares of company stock worth $107,728 in the last three months. 3.99% of the stock is currently owned by insiders.

Heritage Commerce Price Performance

Shares of NASDAQ:HTBK traded down $0.78 during trading hours on Thursday, hitting $8.70. 447,886 shares of the company's stock traded hands, compared to its average volume of 374,700. The company's fifty day simple moving average is $9.97 and its two-hundred day simple moving average is $9.92. The company has a market cap of $534.55 million, a price-to-earnings ratio of 13.18 and a beta of 0.92. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.73 and a current ratio of 0.73. Heritage Commerce Corp has a 52 week low of $7.66 and a 52 week high of $11.27.

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

Heritage Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Thursday, February 6th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 5.98%. The ex-dividend date was Thursday, February 6th. Heritage Commerce's dividend payout ratio is presently 78.79%.

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.