Bank of Commerce (NASDAQ:BOCH) Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Bank of Commerce (NASDAQ:BOCH) from a hold rating to a sell rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Bank of Commerce Holdings is a financial service holding company that owns Redding Bank of Commerce, Roseville Bank of Commerce, a division of Redding Bank of Commerce and Bank of Commerce Mortgage, an affiliate of Redding Bank of Commerce and Roseville Bank of Commerce. “

Shares of BOCH opened at $10.60 on Wednesday. Bank of Commerce has a 52-week low of $8.40 and a 52-week high of $13.20. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.87 and a current ratio of 0.87. The business’s fifty day simple moving average is $10.52. The firm has a market cap of $192.15 million, a PE ratio of 11.52, a PEG ratio of 1.76 and a beta of 0.58.

Bank of Commerce (NASDAQ:BOCH) last announced its earnings results on Friday, April 19th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.02). Bank of Commerce had a return on equity of 10.83% and a net margin of 25.21%. The business had revenue of $14.06 million for the quarter, compared to analyst estimates of $14.71 million. On average, sell-side analysts predict that Bank of Commerce will post 0.86 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Tuesday, July 2nd were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.89%. The ex-dividend date was Monday, July 1st. This is a boost from Bank of Commerce’s previous quarterly dividend of $0.04. Bank of Commerce’s payout ratio is 22.99%.

In other Bank of Commerce news, Director Karl L. Silberstein bought 2,907 shares of the stock in a transaction on Wednesday, May 1st. The shares were bought at an average price of $10.70 per share, with a total value of $31,104.90. Following the purchase, the director now directly owns 9,795 shares in the company, valued at approximately $104,806.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph Gibson bought 2,500 shares of the stock in a transaction on Wednesday, May 15th. The shares were acquired at an average cost of $10.50 per share, for a total transaction of $26,250.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 12,613 shares of company stock worth $133,068. 5.67% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in BOCH. Context BH Capital Management LP boosted its position in shares of Bank of Commerce by 328.3% during the 1st quarter. Context BH Capital Management LP now owns 495,406 shares of the financial services provider’s stock valued at $5,227,000 after acquiring an additional 379,737 shares during the last quarter. BlackRock Inc. boosted its position in shares of Bank of Commerce by 10.3% during the 4th quarter. BlackRock Inc. now owns 961,059 shares of the financial services provider’s stock valued at $10,532,000 after acquiring an additional 89,526 shares during the last quarter. Pacific Ridge Capital Partners LLC boosted its position in shares of Bank of Commerce by 19.1% during the 1st quarter. Pacific Ridge Capital Partners LLC now owns 445,746 shares of the financial services provider’s stock valued at $4,703,000 after acquiring an additional 71,426 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Bank of Commerce by 13.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 488,309 shares of the financial services provider’s stock valued at $5,352,000 after acquiring an additional 57,763 shares during the last quarter. Finally, LSV Asset Management boosted its position in shares of Bank of Commerce by 28.6% during the 1st quarter. LSV Asset Management now owns 172,516 shares of the financial services provider’s stock valued at $1,820,000 after acquiring an additional 38,381 shares during the last quarter. 48.89% 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. Its deposit products include checking, interest-bearing checking, money market, and savings accounts, as well as certificates of deposit.

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