ValuEngine upgraded shares of Bank of Commerce (NASDAQ:BOCH) from a hold rating to a buy rating in a research note issued to investors on Friday morning.
Separately, Zacks Investment Research upgraded Bank of Commerce from a hold rating to a buy rating and set a $13.00 target price for the company in a report on Thursday, April 26th.
Shares of NASDAQ:BOCH traded down $0.10 during trading on Friday, reaching $12.75. 23,311 shares of the stock were exchanged, compared to its average volume of 42,034. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.88 and a current ratio of 0.88. Bank of Commerce has a 12-month low of $9.90 and a 12-month high of $12.90. The stock has a market capitalization of $208.70 million, a P/E ratio of 19.92, a PEG ratio of 2.29 and a beta of 0.41.
Bank of Commerce (NASDAQ:BOCH) last issued its earnings results on Friday, April 20th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.02. Bank of Commerce had a return on equity of 8.51% and a net margin of 16.06%. The business had revenue of $12.33 million during the quarter, compared to analysts’ expectations of $12.18 million. analysts predict that Bank of Commerce will post 0.8 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 13th. Stockholders of record on Tuesday, July 3rd will be issued a dividend of $0.04 per share. The ex-dividend date is Monday, July 2nd. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.25%. This is a boost from Bank of Commerce’s previous quarterly dividend of $0.03. Bank of Commerce’s payout ratio is presently 18.75%.
In other news, Director Lyle L. Tullis bought 4,250 shares of the firm’s stock in a transaction dated Wednesday, May 2nd. The stock was acquired at an average price of $11.32 per share, for a total transaction of $48,110.00. Following the acquisition, the director now owns 255,365 shares of the company’s stock, valued at $2,890,731.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 6.41% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Bank of Commerce by 1.3% during the 4th quarter. BlackRock Inc. now owns 724,864 shares of the financial services provider’s stock worth $8,337,000 after acquiring an additional 9,216 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Bank of Commerce by 17.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 330,389 shares of the financial services provider’s stock worth $3,849,000 after acquiring an additional 49,568 shares in the last quarter. JCSD Capital LLC lifted its position in Bank of Commerce by 12.2% during the 1st quarter. JCSD Capital LLC now owns 277,642 shares of the financial services provider’s stock worth $3,235,000 after acquiring an additional 30,188 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Bank of Commerce by 2.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 213,868 shares of the financial services provider’s stock worth $2,492,000 after acquiring an additional 4,476 shares in the last quarter. Finally, First Mercantile Trust Co. lifted its position in Bank of Commerce by 6.6% during the 1st quarter. First Mercantile Trust Co. now owns 174,427 shares of the financial services provider’s stock worth $2,032,000 after acquiring an additional 10,822 shares in the last quarter. 54.86% of the stock is currently owned by hedge funds and other institutional investors.
About Bank of Commerce
Bank of Commerce Holdings operates as the bank holding company for Redding Bank of Commerce that provides a range of financial services and products for retail customers and small to medium sized businesses in California. The company's deposit products include checking, interest-bearing checking, money market, and savings accounts, as well as certificates of deposit.
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