Rhino Investment Partners Inc Makes New $5.22 Million Investment in Heritage Commerce Corp $HTBK

Rhino Investment Partners Inc purchased a new stake in Heritage Commerce Corp (NASDAQ:HTBK) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 548,507 shares of the financial services provider’s stock, valued at approximately $5,222,000. Heritage Commerce accounts for 1.3% of Rhino Investment Partners Inc’s investment portfolio, making the stock its 24th biggest position. Rhino Investment Partners Inc owned about 0.89% of Heritage Commerce at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. PNC Financial Services Group Inc. increased its holdings in Heritage Commerce by 143.5% in the first quarter. PNC Financial Services Group Inc. now owns 2,851 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 1,680 shares during the last quarter. Quarry LP boosted its holdings in Heritage Commerce by 562.4% during the fourth quarter. Quarry LP now owns 3,153 shares of the financial services provider’s stock worth $30,000 after buying an additional 2,677 shares during the last quarter. US Bancorp DE grew its position in shares of Heritage Commerce by 66.7% during the 1st quarter. US Bancorp DE now owns 5,789 shares of the financial services provider’s stock worth $55,000 after buying an additional 2,316 shares during the period. Two Sigma Securities LLC bought a new stake in shares of Heritage Commerce in the 4th quarter valued at about $97,000. Finally, Oxford Asset Management LLP bought a new stake in shares of Heritage Commerce in the 4th quarter valued at about $101,000. 75.55% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on HTBK shares. Keefe, Bruyette & Woods reduced their price objective on shares of Heritage Commerce from $11.50 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Raymond James Financial set a $10.00 price target on shares of Heritage Commerce in a research report on Monday, April 28th. Stephens reissued an “overweight” rating and issued a $11.00 price target on shares of Heritage Commerce in a report on Monday, April 28th. Finally, Wall Street Zen cut shares of Heritage Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $10.67.

Insiders Place Their Bets

In other Heritage Commerce news, COO Thomas A. Sa purchased 20,000 shares of the firm’s stock in a transaction dated Friday, August 1st. The stock was bought at an average cost of $9.25 per share, with a total value of $185,000.00. Following the purchase, the chief operating officer directly owned 20,000 shares of the company’s stock, valued at $185,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 2.71% of the stock is currently owned by company insiders.

Heritage Commerce Price Performance

Shares of NASDAQ HTBK opened at $9.78 on Thursday. The company has a fifty day moving average price of $9.84 and a 200 day moving average price of $9.61. The firm has a market cap of $600.95 million, a PE ratio of 15.52 and a beta of 0.85. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.06. Heritage Commerce Corp has a 1-year low of $8.09 and a 1-year high of $11.27.

Heritage Commerce (NASDAQ:HTBK) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.02. The firm had revenue of $47.78 million for the quarter, compared to the consensus estimate of $47.17 million. Heritage Commerce had a return on equity of 6.61% and a net margin of 15.00%. Research analysts predict that Heritage Commerce Corp will post 0.8 earnings per share for the current fiscal year.

Heritage Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be paid a $0.13 dividend. The ex-dividend date is Thursday, August 7th. This represents a $0.52 annualized dividend and a yield of 5.3%. Heritage Commerce’s payout ratio is presently 82.54%.

Heritage Commerce 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.