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

Heritage Commerce Corp (NASDAQ:HTBK)’s share price rose 5.9% during trading 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 issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 5.30%. Heritage Commerce’s dividend payout ratio is currently 73.24%.

Wall Street Analysts Forecast Growth

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

Heritage Commerce Trading Up 6.7 %

The company’s 50 day simple moving average is $9.86 and its two-hundred day simple moving average is $9.87. The company has a market capitalization of $601.35 million, a price-to-earnings ratio of 13.82 and a beta of 0.96. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.06.

Heritage Commerce (NASDAQ:HTBK) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.17 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.17. Heritage Commerce had a return on equity of 6.37% and a net margin of 17.61%. As a group, research analysts anticipate that Heritage Commerce Corp will post 0.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Heritage Commerce

Several hedge funds have recently modified their holdings of the stock. nVerses Capital LLC acquired a new stake in Heritage Commerce in the 3rd quarter worth approximately $73,000. FMR LLC lifted its stake in shares of Heritage Commerce by 103.7% during the third 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 during the period. One Wealth Advisors LLC purchased a new stake in shares of Heritage Commerce during the third quarter valued at $99,000. NorthCrest Asset Manangement LLC purchased a new stake in shares of Heritage Commerce during the third quarter valued at $100,000. Finally, Point72 Asset Management L.P. acquired a new position in shares of Heritage Commerce in the 3rd quarter valued at $107,000. Institutional investors and hedge funds own 75.55% of the company’s stock.

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.