BayCom (NASDAQ:BCML) Cut to Market Perform at Hovde Group

Hovde Group cut shares of BayCom (NASDAQ:BCML) from an outperform rating to a market perform rating in a report released on Wednesday morning, MarketBeat reports. They currently have $31.00 target price on the stock.

BayCom Price Performance

NASDAQ:BCML opened at $28.02 on Wednesday. BayCom has a one year low of $18.54 and a one year high of $30.13. The company has a market cap of $311.58 million, a P/E ratio of 13.34 and a beta of 0.81. The firm’s fifty day moving average price is $27.42 and its two-hundred day moving average price is $25.44. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.04 and a quick ratio of 1.04.

BayCom (NASDAQ:BCML) last released its quarterly earnings results on Thursday, January 23rd. The company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.51 by $0.04. BayCom had a net margin of 17.10% and a return on equity of 7.45%. Equities analysts expect that BayCom will post 2.48 earnings per share for the current year.

BayCom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Thursday, December 12th were paid a $0.15 dividend. The ex-dividend date of this dividend was Thursday, December 12th. This is an increase from BayCom’s previous quarterly dividend of $0.10. This represents a $0.60 annualized dividend and a dividend yield of 2.14%. BayCom’s dividend payout ratio is 28.57%.

Hedge Funds Weigh In On BayCom

Institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. lifted its position in BayCom by 46.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,347 shares of the company’s stock worth $36,000 after purchasing an additional 428 shares during the period. Russell Investments Group Ltd. lifted its position in BayCom by 3,097.3% during the fourth quarter. Russell Investments Group Ltd. now owns 3,613 shares of the company’s stock worth $97,000 after purchasing an additional 3,500 shares during the period. SG Americas Securities LLC bought a new stake in BayCom during the fourth quarter worth about $120,000. Wells Fargo & Company MN lifted its position in BayCom by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 6,141 shares of the company’s stock worth $165,000 after purchasing an additional 1,337 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in BayCom during the fourth quarter worth about $422,000. 66.16% of the stock is currently owned by institutional investors and hedge funds.

About BayCom

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.