Rafferty Asset Management LLC Boosts Holdings in Heritage Commerce Corp $HTBK

Rafferty Asset Management LLC boosted its holdings in shares of Heritage Commerce Corp (NASDAQ:HTBK) by 92.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 90,017 shares of the financial services provider’s stock after buying an additional 43,212 shares during the quarter. Rafferty Asset Management LLC’s holdings in Heritage Commerce were worth $894,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Parkside Financial Bank & Trust boosted its stake in shares of Heritage Commerce by 56.5% during the 3rd quarter. Parkside Financial Bank & Trust now owns 5,026 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 1,815 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Heritage Commerce by 16,272.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,403 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 5,370 shares during the period. D.A. Davidson & CO. purchased a new position in Heritage Commerce during the third quarter valued at $101,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Heritage Commerce during the second quarter valued at $107,000. Finally, Tower Research Capital LLC TRC grew its holdings in Heritage Commerce by 50.4% during the second quarter. Tower Research Capital LLC TRC now owns 10,749 shares of the financial services provider’s stock valued at $107,000 after purchasing an additional 3,604 shares during the period. 75.55% of the stock is currently owned by institutional investors.

Heritage Commerce Stock Down 1.5%

Shares of HTBK stock opened at $12.24 on Friday. The stock has a market cap of $753.49 million, a P/E ratio of 15.69 and a beta of 0.79. Heritage Commerce Corp has a 52 week low of $8.09 and a 52 week high of $13.82. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.06. The company’s fifty day simple moving average is $12.82 and its two-hundred day simple moving average is $11.37.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. Heritage Commerce had a return on equity of 8.10% and a net margin of 17.77%.The firm had revenue of $53.62 million during the quarter, compared to analyst estimates of $50.78 million. Analysts predict that Heritage Commerce Corp will post 0.8 EPS for the current fiscal year.

Heritage Commerce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 19th. Shareholders of record on Thursday, February 5th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 4.2%. The ex-dividend date was Thursday, February 5th. Heritage Commerce’s dividend payout ratio (DPR) is currently 66.67%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Stephens reaffirmed an “equal weight” rating on shares of Heritage Commerce in a research note on Monday, January 5th. Zacks Research downgraded Heritage Commerce from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Raymond James Financial cut Heritage Commerce from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Wall Street Zen downgraded Heritage Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. Finally, DA Davidson reissued a “neutral” rating and issued a $14.50 price target on shares of Heritage Commerce in a report on Wednesday, February 4th. Two investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Heritage Commerce presently has a consensus rating of “Hold” and an average price target of $12.25.

Heritage Commerce Profile

Heritage Commerce Corporation, headquartered in Farmington Hills, Michigan, is the bank holding company for Heritage Bank, N.A., a community-oriented financial institution. Traded on NASDAQ under the symbol HTBK, the company focuses on delivering tailored banking services to businesses, professionals and individuals throughout Southeastern Michigan.

Heritage Bank, N.A. offers a comprehensive portfolio of deposit and lending products designed to meet the needs of commercial and consumer clients.