The New Patriot Financial Partners Lp Holding in Heritage Commerce Corp
Patriot Financial Partners Lp filed with the SEC SC 13D/A form for Heritage Commerce Corp. The form can be accessed here: 000092708916001034. As reported in Patriot Financial Partners Lp’s form, the filler as of late owns 9.06% or 4,437,204 shares of the Finance–company.
Heritage Commerce Corp stake is a new one for the and it was filed because of activity on November 21, 2016. We feel this shows Patriot Financial Partners Lp’s positive view for the stock.
Reasons Why Patriot Financial Partners Lp Bought – Heritage Commerce Corp Stock
Item 4. Purpose of Transaction
Item 4 of the Schedule 13D is hereby amended and supplemented as follows:
On November 21, 2016, Patriot Financial Partners, L.P. (“Patriot Financial”) and Patriot Financial Partners Parallel, L.P. (“Patriot Parallel” and collectively, the “Funds”) sold 1,000,000 shares of Common Stock at a weighted average price of $12.00 per share. The sales were completed through open market, broker assisted transactions.
The Funds entered into the transaction described above in the ordinary course of business because of their belief that such transaction was in the Funds’ best interests in accordance with their investment strategy, market conditions and other relevant factors.
Other than as described in this Item 4, none of the Reporting Persons has any plans or proposals that relate to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
Heritage Commerce Corp Institutional Sentiment
Latest Security and Exchange filings show 80 investors own Heritage Commerce Corp. The institutional ownership in Q3 2015 is high, at 61.29% of the outstanding shares. This is increased by 5490255 the total institutional shares. 23249091 were the shares owned by these institutional investors. In total 17 funds opened new Heritage Commerce Corp stakes, 25 increased stakes. There were 9 that closed positions and 23 reduced them.
3 managers had the stock in their top Ten. Notable investors are: Patriot Financial Partners Gp Lp, Castle Creek Capital Partners Iv Lp, Jcsd Capital Llc..
Paragon Associates & Paragon Associates Ii Joint Venture is an institutional investor bullish on Heritage Commerce Corp, owning 60000 shares as of Q3 2015 for 0.73% of its portfolio. Clover Partners Lp owns 556183 shares or 3.07% of its portfolio. CA Castle Creek Capital Partners Iv Lp have 5.01% of their stock portfolio for 1308300 shares. Further, Jcsd Capital Llc reported stake worth 5.69% of its US stock portfolio. The PA Patriot Financial Partners Gp Lp owns 2595000 shares. Heritage Commerce Corp is 7.04% of the manager’s US portfolio.
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. The Company offers a multitude of other products and services to complement its lending and deposit services. These include cashier’s checks, traveler’s checks, bank-by-mail, automated teller machines (ATMs), night depositories, safe deposit boxes, direct deposit, automated payroll services, electronic funds transfers, online banking, online bill pay, homeowner association services and other customary banking services. In addition to the traditional financial services offered, the Bank offers remote deposit capture, automated clearing house origination, electronic data interchange and check imaging.
SEC Form 13D is filed within 10 days, by anyone who acquires beneficial ownership of 5%+ of any public firm. Activist investors and practices such as: company breakups, hostile takeovers, and change of control events, are permitted for this form filers. A filer must promptly update its 13D filing in case of acquisition or disposition of 1% or more of the securities that are the subject of the filing.
Insitutional Activity: The institutional sentiment increased to 1.74 in 2016 Q2. Its up 0.57, from 1.17 in 2016Q1. The ratio increased, as 7 funds sold all Heritage Commerce Corp. shares owned while 28 reduced positions. 12 funds bought stakes while 29 increased positions. They now own 19.52 million shares or 1.13% more from 19.30 million shares in 2016Q1.
Emerald Mutual Fund Advisers Trust accumulated 138,670 shares or 0.08% of the stock. Schwab Charles Investment Mngmt holds 0% or 39,500 shares in its portfolio. Dimensional Fund Advsrs Lp accumulated 0.01% or 1.05M shares. Moreover, Bridgeway Cap Mgmt has 0.02% invested in Heritage Commerce Corp. (NASDAQ:HTBK) for 109,950 shares. Kennedy Management reported 267,347 shares or 0.06% of all its holdings. Teachers Advsrs owns 41,266 shares or 0% of their US portfolio. Wells Fargo And Com Mn accumulated 0% or 30,263 shares. Dalton Greiner Hartman Maher And accumulated 104,336 shares or 0.07% of the stock. Geode Capital Management Limited Liability Corp has 0% invested in the company for 155,124 shares. Blackrock Fund Advsrs accumulated 671,547 shares or 0% of the stock. Tower Research Cap Ltd Liability Corp (Trc) has invested 0% of its portfolio in Heritage Commerce Corp. (NASDAQ:HTBK). Nationwide Fund Advisors last reported 0% of its portfolio in the stock. Hutchin Hill Capital Ltd Partnership holds 0.04% or 100,000 shares in its portfolio. Citigroup, a New York-based fund reported 4,810 shares. Moreover, National Bank & Trust Of Mellon has 0% invested in Heritage Commerce Corp. (NASDAQ:HTBK) for 160,707 shares.
Insider Transactions: Since June 3, 2016, the stock had 2 insider buys, and 23 sales for $71.95 million net activity. $8.97M worth of Heritage Commerce Corp. (NASDAQ:HTBK) was sold by EGGEMEYER JOHN M III. 1,000 Heritage Commerce Corp. (NASDAQ:HTBK) shares with value of $10,778 were bought by DINAPOLI J PHILIP. Shares for $3,462 were sold by Conner Jack W on Friday, August 19. On Thursday, August 25 WYCOFF W KIRK sold $948,832 worth of the stock or 80,000 shares. BIAGINI KOMAS JULIANNE M also sold $30,451 worth of Heritage Commerce Corp. (NASDAQ:HTBK) shares.
Analysts await Heritage Commerce Corp. (NASDAQ:HTBK) to report earnings on January, 26. They expect $0.19 earnings per share, up 58.33% or $0.07 from last year’s $0.12 per share. HTBK’s profit will be $7.16M for 16.46 P/E if the $0.19 EPS becomes a reality. After $0.18 actual earnings per share reported by Heritage Commerce Corp. for the previous quarter, Wall Street now forecasts 5.56% EPS growth.
It is up 19.03% since April 25, 2016 and is uptrending. It has outperformed by 13.02% the S&P500.
Heritage Commerce Corp is a bank holding company. The company has a market cap of $471.45 million. The Company, through its subsidiary Heritage Bank of Commerce , provides a range of banking services. It has a 19.4 P/E ratio. 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.
Heritage Commerce Corp. (NASDAQ:HTBK) Ratings Coverage
Out of 4 analysts covering Heritage Commerce (NASDAQ:HTBK), 1 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 25% are positive. $12 is the highest target while $0.50 is the lowest. The $7.50 average target is -40.05% below today’s ($12.51) stock price. Heritage Commerce has been the topic of 7 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The firm has “Market Perform” rating by FIG Partners given on Tuesday, October 27. Sandler O’Neill downgraded the shares of HTBK in a report on Monday, September 28 to “Hold” rating. The stock has “Buy” rating given by Sandler O’Neill on Monday, November 23.
More important recent Heritage Commerce Corp. (NASDAQ:HTBK) news were published by: Reuters.com which released: “BRIEF-Heritage Commerce Corp posts Q3 earnings per share $0.18” on October 28, 2016, also Globenewswire.com published article titled: “Heritage Commerce Corp Named to Sandler O’Neill Bank and Thrift Sm-All Stars …”, Globenewswire.com published: “Heritage Commerce Corp and Focus Business Bank Plan to Merge” on April 23, 2015. More interesting news about Heritage Commerce Corp. (NASDAQ:HTBK) was released by: Nasdaq.com and their article: “Heritage Commerce Corp (HTBK) Ex-Dividend Date Scheduled for November 04, 2016” with publication date: November 03, 2016.
According to Zacks Investment Research, “Heritage Commerce Corp. is the holding company of Heritage Bank of Commerce, Heritage Bank East Bay, Heritage Bank South Valley and Bank of Los Altos. The company offers a range of loans, primarily commercial, including real estate, construction, Small Business Administration), inventory and accounts receivable, and equipment loans. The company also accepts checking, savings, and time deposits; NOW and money market deposit accounts; and provides travelers’ checks, safe deposit, and other customary non-deposit banking services.”
HTBK Company Profile
Heritage Commerce Corp, incorporated on October 9, 1997, 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. The Firm operates through approximately 10 service branch offices located in the southern and eastern regions of the general San Francisco Bay Area of California in the counties of Santa Clara, Alameda, Contra Costa and San Benito. The Company’s subsidiary BVF/CSNK Acquisition Corp. provides business-essential working capital factoring financing to various industries across the United States.
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