Heritage Commerce Corp (NASDAQ:HTBK) Short Interest Update

Heritage Commerce Corp (NASDAQ:HTBK) was the target of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 832,700 shares, a decrease of 5.9% from the September 15th total of 885,100 shares. Approximately 1.4% of the company’s shares are short sold. Based on an average trading volume of 423,200 shares, the days-to-cover ratio is currently 2.0 days.

Heritage Commerce Trading Up 1.1 %

HTBK traded up $0.11 on Wednesday, reaching $9.89. 476,242 shares of the company traded hands, compared to its average volume of 395,114. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.06. The company has a market cap of $605.82 million, a P/E ratio of 10.75 and a beta of 0.93. The firm has a fifty day simple moving average of $9.81 and a two-hundred day simple moving average of $9.00. Heritage Commerce has a one year low of $7.66 and a one year high of $10.99.

Heritage Commerce (NASDAQ:HTBK) last announced its quarterly earnings results on Friday, July 26th. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04). Heritage Commerce had a net margin of 19.82% and a return on equity of 7.21%. The firm had revenue of $61.35 million during the quarter, compared to analysts’ expectations of $43.35 million. As a group, equities research analysts expect that Heritage Commerce will post 0.65 earnings per share for the current year.

Heritage Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were issued a $0.13 dividend. The ex-dividend date was Thursday, August 8th. This represents a $0.52 annualized dividend and a dividend yield of 5.26%. Heritage Commerce’s dividend payout ratio is currently 56.52%.

Institutional Trading of Heritage Commerce

Institutional investors have recently modified their holdings of the company. Assenagon Asset Management S.A. increased its stake in Heritage Commerce by 830.2% during 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 purchasing an additional 914,249 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Heritage Commerce by 21.2% in the 2nd quarter. American Century Companies Inc. now owns 921,389 shares of the financial services provider’s stock valued at $8,016,000 after purchasing an additional 160,977 shares during the period. EJF Capital LLC acquired a new position in shares of Heritage Commerce in the first quarter worth about $1,321,000. AQR Capital Management LLC boosted its position in Heritage Commerce by 32.5% during the second 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 in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of 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 valued at $28,392,000 after buying an additional 123,973 shares in the last quarter. 75.55% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

HTBK has been the topic of several analyst reports. Piper Sandler upped their price target on shares of Heritage Commerce from $10.00 to $12.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods upped their target price on Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a research note on Friday, July 26th. Finally, StockNews.com downgraded Heritage Commerce from a “hold” rating to a “sell” rating in a report on Wednesday, July 10th.

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.