Bay Commercial Bank (NASDAQ:BCML) Price Target Raised to $32.00 at DA Davidson

Bay Commercial Bank (NASDAQ:BCML) had its price target lifted by DA Davidson from $30.00 to $32.00 in a research report released on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Wall Street Zen upgraded shares of Bay Commercial Bank from a “sell” rating to a “hold” rating in a research report on Sunday, June 29th.

Bay Commercial Bank Stock Up 3.8%

BCML opened at $28.32 on Monday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.22. Bay Commercial Bank has a 1-year low of $20.25 and a 1-year high of $30.13. The company has a market capitalization of $311.80 million, a PE ratio of 12.99 and a beta of 0.53. The firm’s 50 day simple moving average is $27.29 and its two-hundred day simple moving average is $26.71.

Bay Commercial Bank (NASDAQ:BCML) last released its quarterly earnings results on Thursday, July 17th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.03. Bay Commercial Bank had a net margin of 17.36% and a return on equity of 7.44%. The business had revenue of $24.67 million for the quarter, compared to the consensus estimate of $23.53 million. As a group, equities analysts forecast that Bay Commercial Bank will post 2.48 EPS for the current year.

Bay Commercial Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 12th were paid a $0.20 dividend. The ex-dividend date of this dividend was Thursday, June 12th. This is a boost from Bay Commercial Bank’s previous quarterly dividend of $0.15. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.82%. Bay Commercial Bank’s dividend payout ratio is 36.70%.

Institutional Trading of Bay Commercial Bank

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP grew its stake in Bay Commercial Bank by 41.6% during the fourth quarter. Wellington Management Group LLP now owns 930,498 shares of the company’s stock valued at $24,975,000 after acquiring an additional 273,135 shares in the last quarter. Woodward Diversified Capital LLC purchased a new position in Bay Commercial Bank during the first quarter valued at $755,000. Citadel Advisors LLC purchased a new position in Bay Commercial Bank during the fourth quarter valued at $732,000. American Century Companies Inc. grew its stake in Bay Commercial Bank by 40.7% during the first quarter. American Century Companies Inc. now owns 90,121 shares of the company’s stock valued at $2,268,000 after acquiring an additional 26,070 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Bay Commercial Bank by 99.1% during the fourth quarter. JPMorgan Chase & Co. now owns 44,455 shares of the company’s stock valued at $1,193,000 after acquiring an additional 22,125 shares in the last quarter. 66.16% of the stock is owned by hedge funds and other institutional investors.

About Bay Commercial Bank

BayCom Corp operates as the bank holding company for United Business Bank that provides various financial services to small and mid-sized businesses, service professionals, and individuals. The company provides demand, savings, money market, and time deposit accounts. It offers commercial and multifamily real estate loans, including owner-occupied and investor real estate loans; commercial and industrial loans, such as equipment loans and working capital lines of credit; small business administration loans; construction and land loans; agriculture-related loans; and consumer loans comprising installment loans, unsecured and secured personal lines of credit, and overdraft protection.