Insider Selling: Heritage Commerce Corp. (HTBK) Director Sells 1,050,000 Shares of Stock
Heritage Commerce Corp. (NASDAQ:HTBK) Director John M. Eggemeyer III sold 1,050,000 shares of the business’s stock in a transaction dated Friday, November 18th. The shares were sold at an average price of $11.77, for a total value of $12,358,500.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Heritage Commerce Corp. (NASDAQ:HTBK) traded up 0.48% during mid-day trading on Monday, reaching $12.49. The company’s stock had a trading volume of 1,364,563 shares. The stock has a market cap of $473.70 million, a P/E ratio of 19.19 and a beta of 0.64. The firm’s 50 day moving average is $11.06 and its 200-day moving average is $10.91. Heritage Commerce Corp. has a one year low of $8.84 and a one year high of $12.74.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Tuesday, November 8th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend is Friday, November 4th. Heritage Commerce Corp.’s dividend payout ratio (DPR) is presently 55.39%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD bought a new position in Heritage Commerce Corp. during the third quarter valued at approximately $20,223,000. Credit Suisse AG increased its position in Heritage Commerce Corp. by 48.8% in the third quarter. Credit Suisse AG now owns 18,591 shares of the financial services provider’s stock valued at $203,000 after buying an additional 6,098 shares during the period. Phocas Financial Corp. increased its position in Heritage Commerce Corp. by 6.5% in the third quarter. Phocas Financial Corp. now owns 537,464 shares of the financial services provider’s stock valued at $5,880,000 after buying an additional 32,781 shares during the period. Penn Capital Management Co. Inc. increased its position in Heritage Commerce Corp. by 9.3% in the third quarter. Penn Capital Management Co. Inc. now owns 185,551 shares of the financial services provider’s stock valued at $2,030,000 after buying an additional 15,800 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new position in Heritage Commerce Corp. during the third quarter valued at approximately $12,295,000. 58.08% of the stock is owned by institutional investors and hedge funds.
Separately, Zacks Investment Research upgraded Heritage Commerce Corp. from a “sell” rating to a “hold” rating in a report on Monday, October 3rd.
Heritage Commerce Corp. Company 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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