The Manufacturers Life Insurance Company Sells 134,295 Shares of Heritage Commerce Corp. (HTBK)

The Manufacturers Life Insurance Company reduced its position in Heritage Commerce Corp. (NASDAQ:HTBK) by 7.0% during the fourth quarter, HoldingsChannel reports. The firm owned 1,778,380 shares of the financial services provider’s stock after selling 134,295 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Heritage Commerce were worth $27,245,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Bank of Montreal Can lifted its holdings in shares of Heritage Commerce by 40.8% in the 4th quarter. Bank of Montreal Can now owns 13,042 shares of the financial services provider’s stock worth $200,000 after purchasing an additional 3,782 shares in the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in shares of Heritage Commerce by 27.8% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 17,737 shares of the financial services provider’s stock worth $245,000 after purchasing an additional 3,856 shares in the last quarter. TD Asset Management Inc. lifted its holdings in shares of Heritage Commerce by 9.9% in the 3rd quarter. TD Asset Management Inc. now owns 48,553 shares of the financial services provider’s stock worth $691,000 after purchasing an additional 4,384 shares in the last quarter. Meeder Asset Management Inc. lifted its holdings in shares of Heritage Commerce by 471.6% in the 4th quarter. Meeder Asset Management Inc. now owns 8,100 shares of the financial services provider’s stock worth $123,000 after purchasing an additional 6,683 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Heritage Commerce by 8.0% in the 4th quarter. Victory Capital Management Inc. now owns 94,569 shares of the financial services provider’s stock worth $1,449,000 after purchasing an additional 6,994 shares in the last quarter. Institutional investors own 67.85% of the company’s stock.

A number of brokerages recently issued reports on HTBK. Brean Capital reiterated a “buy” rating on shares of Heritage Commerce in a report on Tuesday, January 2nd. BidaskClub cut Heritage Commerce from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. ValuEngine cut Heritage Commerce from a “buy” rating to a “hold” rating in a report on Saturday, December 9th. Zacks Investment Research cut Heritage Commerce from a “buy” rating to a “hold” rating in a report on Monday, October 30th. Finally, DA Davidson raised Heritage Commerce from a “neutral” rating to a “buy” rating in a research report on Monday, February 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. Heritage Commerce has a consensus rating of “Hold” and an average target price of $17.25.

In related news, Director Jack W. Conner sold 24,500 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $15.47, for a total value of $379,015.00. Following the completion of the sale, the director now directly owns 83,324 shares of the company’s stock, valued at approximately $1,289,022.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 5.69% of the company’s stock.

Shares of Heritage Commerce Corp. (HTBK) opened at $16.20 on Friday. The company has a market capitalization of $620.38, a price-to-earnings ratio of 26.13, a P/E/G ratio of 1.59 and a beta of 0.60. Heritage Commerce Corp. has a 12-month low of $12.76 and a 12-month high of $16.80. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.77 and a quick ratio of 0.76.

The business also recently declared a quarterly dividend, which was paid on Thursday, February 22nd. Investors of record on Thursday, February 8th were given a $0.11 dividend. This is a positive change from Heritage Commerce’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Wednesday, February 7th. Heritage Commerce’s dividend payout ratio is presently 70.97%.

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Heritage Commerce Profile

Heritage Commerce Corp is a bank holding company. The Company, through its subsidiary Heritage Bank of Commerce (the Bank), provides a range of banking services. The Bank is a California state-chartered multi-community independent bank that offers a range of commercial banking services to small and medium-sized businesses and their owners, managers and employees.

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Institutional Ownership by Quarter for Heritage Commerce (NASDAQ:HTBK)

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