Connor Clark & Lunn Investment Management Ltd. Invests $107,000 in Heritage Commerce Corp $HTBK

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Heritage Commerce Corp (NASDAQ:HTBK) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 10,759 shares of the financial services provider’s stock, valued at approximately $107,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Wellington Management Group LLP boosted its stake in Heritage Commerce by 64.9% in the 1st quarter. Wellington Management Group LLP now owns 3,796,472 shares of the financial services provider’s stock worth $36,142,000 after purchasing an additional 1,493,857 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Heritage Commerce by 3.2% in the first quarter. Vanguard Group Inc. now owns 3,495,577 shares of the financial services provider’s stock worth $33,278,000 after buying an additional 108,505 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in shares of Heritage Commerce by 69.8% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 1,277,630 shares of the financial services provider’s stock valued at $12,163,000 after acquiring an additional 525,060 shares during the period. AlTi Global Inc. grew its stake in Heritage Commerce by 0.4% during the first quarter. AlTi Global Inc. now owns 656,575 shares of the financial services provider’s stock valued at $6,251,000 after acquiring an additional 2,400 shares in the last quarter. Finally, Rhino Investment Partners Inc bought a new stake in Heritage Commerce during the 1st quarter worth approximately $5,222,000. 75.55% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

HTBK has been the subject of several analyst reports. Zacks Research raised shares of Heritage Commerce from a “strong sell” rating to a “strong-buy” rating in a report on Wednesday, October 29th. Wall Street Zen upgraded Heritage Commerce from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Weiss Ratings restated a “hold (c+)” rating on shares of Heritage Commerce in a research report on Wednesday. Piper Sandler lifted their price target on Heritage Commerce from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Finally, Stephens boosted their price objective on Heritage Commerce from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $11.50.

Heritage Commerce Stock Performance

Shares of NASDAQ HTBK opened at $10.66 on Friday. The stock’s 50-day moving average is $10.18 and its 200 day moving average is $9.90. The stock has a market cap of $653.29 million, a price-to-earnings ratio of 15.23 and a beta of 0.89. Heritage Commerce Corp has a 1-year low of $8.09 and a 1-year high of $11.27. 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 (NASDAQ:HTBK) last issued its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.24 EPS for the quarter. The business had revenue of $50.01 million for the quarter. Heritage Commerce had a net margin of 16.31% and a return on equity of 7.20%. On average, sell-side analysts anticipate that Heritage Commerce Corp will post 0.8 EPS for the current fiscal year.

Heritage Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th were paid a $0.13 dividend. The ex-dividend date of this dividend was Thursday, November 6th. This represents a $0.52 annualized dividend and a yield of 4.9%. Heritage Commerce’s payout ratio is currently 74.29%.

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.