BayCom Corp (NASDAQ: BCML – Get a rating) was the target of a sharp drop in short-term interest rates during the month of September. As of September 30, there was short interest totaling 167,900 shares, down 17.5% from the total of 203,500 shares as of September 15. Based on an average trading volume of 53,900 shares, the day-to-cover ratio is currently 3.1 days.
Changes to analyst ratings
Separately, DA Davidson reduced its target price on BayCom to $24.00 in a Monday, July 25 research report.
Insiders place their bets
Separately, director Robert G. Laverne sold 8,650 shares of the company in a transaction that took place on Thursday, August 25. The stock was sold at an average price of $19.37, for a total transaction of $167,550.50. Following the transaction, the director now owns 95,081 shares of the company, valued at approximately $1,841,718.97. The transaction was disclosed in a document filed with the SEC, accessible via the SEC website. Company insiders hold 6.40% of the company’s shares.
Hedge funds weigh on BayCom
Hedge funds have recently been buying and selling shares of the company. Bank of America Corp DE increased its position in BayCom by 715.5% in the first quarter. Bank of America Corp DE now owns 1,794 shares of the company valued at $39,000 after acquiring 1,574 additional shares in the last quarter. Dorsey Wright & Associates bought a new equity stake in BayCom in Q2 for $42,000. Russell Investments Group Ltd. increased its holdings of BayCom shares by 185.0% in Q2. Russell Investments Group Ltd. now owns 3,243 shares of the company worth $66,000 after purchasing an additional 2,105 shares during the period. BNP Paribas Arbitrage SA increased its stake in BayCom shares by 7,279.0% in the second quarter. BNP Paribas Arbitrage SA now owns 5,977 shares of the company worth $124,000 after purchasing an additional 5,896 shares during the period. Finally, American International Group Inc. purchased a new equity stake in BayCom in Q2 for $124,000. Institutional investors hold 58.29% of the company’s shares.
BayCom stock performance
BayCom shares opened at $18.67 on Friday. The stock’s fifty-day moving average is $18.70 and its two-hundred-day moving average is $20.52. The company has a market capitalization of $248.98 million, a PE ratio of 9.77 and a beta of 0.69. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt ratio of 0.22. BayCom has a 52-week low of $17.52 and a 52-week high of $23.53.
BayCom (NASDAQ:BCML – Get a rating) last reported quarterly earnings data on Thursday, July 21. The company reported EPS of $0.38 for the quarter, missing the consensus estimate of $0.52 per ($0.14). The company posted revenue of $25.19 million in the quarter, versus a consensus estimate of $26.80 million. BayCom had a net margin of 21.53% and a return on equity of 7.74%. As a group, analysts expect BayCom to post earnings per share of 2.15 for the current year.
BayCom Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 14. Shareholders of record on Friday, September 16 received a dividend of $0.05. This represents an annualized dividend of $0.20 and a yield of 1.07%. The ex-dividend date was Thursday, September 15. BayCom’s dividend payout ratio (DPR) is currently 10.47%.
BayCom Corp operates as a bank holding company for United Business Bank which provides various financial services to small and medium businesses, service professionals and individuals. The company offers current, savings, money market and term accounts. It also offers commercial and multi-family real estate loans, including home loans for homeowners and investors; 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 including installment loans, secured and unsecured personal lines of credit and overdraft protection.
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