Hovde Group Initiates Coverage on BayCom (NASDAQ:BCML)

Hovde Group assumed coverage on shares of BayCom (NASDAQ:BCML) in a research note published on Monday, StockNewsAPI reports. The brokerage issued an outperform rating and a $24.00 price target on the stock.

BayCom Price Performance

BayCom stock opened at $20.10 on Monday. The stock’s 50 day moving average is $20.00 and its 200 day moving average is $20.81. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $230.55 million, a P/E ratio of 9.10 and a beta of 0.76. BayCom has a one year low of $15.02 and a one year high of $24.31.

BayCom (NASDAQ:BCML) last posted its quarterly earnings data on Thursday, January 25th. The company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.02). The company had revenue of $26.20 million during the quarter, compared to analyst estimates of $25.90 million. BayCom had a return on equity of 8.45% and a net margin of 19.27%. As a group, research analysts expect that BayCom will post 2.13 EPS for the current year.

BayCom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Saturday, March 16th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.99%. The ex-dividend date was Thursday, March 14th. BayCom’s dividend payout ratio (DPR) is presently 18.10%.

Hedge Funds Weigh In On BayCom

Several institutional investors have recently added to or reduced their stakes in BCML. SG Americas Securities LLC acquired a new position in BayCom in the third quarter valued at approximately $105,000. New York State Common Retirement Fund raised its position in shares of BayCom by 55.8% during the fourth quarter. New York State Common Retirement Fund now owns 4,505 shares of the company’s stock worth $106,000 after purchasing an additional 1,613 shares during the period. O Shaughnessy Asset Management LLC acquired a new position in shares of BayCom during the third quarter worth approximately $281,000. BNP Paribas Financial Markets raised its position in shares of BayCom by 46.8% during the fourth quarter. BNP Paribas Financial Markets now owns 16,012 shares of the company’s stock worth $378,000 after purchasing an additional 5,106 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in shares of BayCom during the third quarter worth approximately $442,000. 66.16% of the stock is owned by institutional investors and hedge funds.

BayCom Company Profile

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.