Heritage Commerce Corp (NASDAQ:HTBK) Sees Significant Increase in Short Interest

Heritage Commerce Corp (NASDAQ:HTBK) was the recipient of a significant increase in short interest during the month of December. As of December 15th, there was short interest totaling 1,650,464 shares, an increase of 41.3% from the November 30th total of 1,167,798 shares. Approximately 2.8% of the company’s shares are sold short. Based on an average trading volume of 432,831 shares, the short-interest ratio is presently 3.8 days. Based on an average trading volume of 432,831 shares, the short-interest ratio is presently 3.8 days. Approximately 2.8% of the company’s shares are sold short.

Heritage Commerce Stock Down 1.0%

Shares of HTBK stock traded down $0.12 during mid-day trading on Monday, reaching $12.42. 1,007,576 shares of the company’s stock traded hands, compared to its average volume of 471,077. The company’s 50-day moving average price is $11.08 and its 200-day moving average price is $10.34. The company has a market cap of $761.10 million, a P/E ratio of 17.74 and a beta of 0.81. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.06. Heritage Commerce has a 12 month low of $8.09 and a 12 month high of $12.89.

Heritage Commerce (NASDAQ:HTBK) last issued its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter. Heritage Commerce had a net margin of 16.31% and a return on equity of 7.18%. The company had revenue of $50.01 million during the quarter. On average, equities analysts expect that Heritage Commerce will post 0.8 earnings per share for the current fiscal year.

Heritage Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Thursday, November 6th. Heritage Commerce’s payout ratio is currently 74.29%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Heritage Commerce by 11.0% in the third quarter. Vanguard Group Inc. now owns 3,946,682 shares of the financial services provider’s stock worth $39,191,000 after acquiring an additional 390,978 shares in the last quarter. JPMorgan Chase & Co. grew its position in Heritage Commerce by 2.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,883,705 shares of the financial services provider’s stock valued at $18,705,000 after purchasing an additional 44,948 shares during the last quarter. Boston Partners grew its position in Heritage Commerce by 52.1% during the 3rd quarter. Boston Partners now owns 1,676,777 shares of the financial services provider’s stock valued at $16,636,000 after purchasing an additional 574,070 shares during the last quarter. HoldCo Asset Management LP bought a new stake in Heritage Commerce during the 2nd quarter valued at about $16,121,000. Finally, Geode Capital Management LLC raised its holdings in Heritage Commerce by 5.9% in the second quarter. Geode Capital Management LLC now owns 1,565,168 shares of the financial services provider’s stock worth $15,544,000 after buying an additional 87,229 shares during the last quarter. Hedge funds and other institutional investors own 75.55% of the company’s stock.

Wall Street Analyst Weigh In

HTBK has been the topic of a number of research analyst reports. Wall Street Zen downgraded Heritage Commerce from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Zacks Research raised Heritage Commerce from a “strong sell” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. Piper Sandler upped their target price on Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Heritage Commerce in a report on Monday, December 22nd. Finally, DA Davidson reissued a “neutral” rating and set a $14.50 price objective (up from $12.50) on shares of Heritage Commerce in a research report on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.25.

About Heritage Commerce

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.