Bank of Commerce Holdings (NASDAQ:BOCH) has been given a consensus broker rating score of 2.50 (Hold) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a hold rating and one has given a buy rating to the company.
Brokers have set a one year consensus price objective of $13.25 for the company and are forecasting that the company will post $0.24 EPS for the current quarter, according to Zacks. Zacks has also assigned Bank of Commerce an industry rank of 57 out of 255 based on the ratings given to related companies.
A number of equities research analysts recently commented on the stock. Zacks Investment Research upgraded shares of Bank of Commerce from a “hold” rating to a “strong-buy” rating and set a $15.00 price target for the company in a report on Tuesday, July 24th. ValuEngine lowered shares of Bank of Commerce from a “buy” rating to a “hold” rating in a report on Friday, August 3rd. Finally, DA Davidson lowered their price target on shares of Bank of Commerce from $14.00 to $13.50 and set a “neutral” rating for the company in a report on Tuesday, October 9th.
Bank of Commerce (NASDAQ:BOCH) last posted its quarterly earnings results on Friday, October 19th. The financial services provider reported $0.25 EPS for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.03. Bank of Commerce had a net margin of 19.75% and a return on equity of 10.44%. The company had revenue of $13.07 million during the quarter, compared to analyst estimates of $12.85 million. As a group, analysts anticipate that Bank of Commerce will post 0.87 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Tuesday, October 2nd were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Monday, October 1st. This represents a $0.16 dividend on an annualized basis and a yield of 1.37%. Bank of Commerce’s dividend payout ratio is currently 25.00%.
In other news, CFO James A. Sundquist purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, October 24th. The stock was bought at an average cost of $11.49 per share, for a total transaction of $114,900.00. Following the acquisition, the chief financial officer now directly owns 116,999 shares of the company’s stock, valued at approximately $1,344,318.51. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph Gibson acquired 2,500 shares of Bank of Commerce stock in a transaction on Tuesday, October 23rd. The shares were bought at an average cost of $11.50 per share, for a total transaction of $28,750.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 13,500 shares of company stock valued at $155,120 over the last quarter. 6.41% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of the business. Millennium Management LLC increased its position in Bank of Commerce by 155.6% during the 2nd quarter. Millennium Management LLC now owns 77,019 shares of the financial services provider’s stock valued at $982,000 after purchasing an additional 46,886 shares during the period. Bank of America Corp DE increased its position in Bank of Commerce by 2,671.9% during the 2nd quarter. Bank of America Corp DE now owns 42,632 shares of the financial services provider’s stock valued at $544,000 after purchasing an additional 41,094 shares during the period. Raymond James & Associates increased its position in Bank of Commerce by 5.0% during the 2nd quarter. Raymond James & Associates now owns 93,346 shares of the financial services provider’s stock valued at $1,190,000 after purchasing an additional 4,440 shares during the period. Renaissance Technologies LLC increased its position in Bank of Commerce by 55.8% during the 2nd quarter. Renaissance Technologies LLC now owns 106,382 shares of the financial services provider’s stock valued at $1,356,000 after purchasing an additional 38,102 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Bank of Commerce by 13.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 373,390 shares of the financial services provider’s stock valued at $4,761,000 after purchasing an additional 43,001 shares during the period. 55.96% of the stock is currently owned by institutional investors and hedge funds.
Bank of Commerce Company Profile
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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