Zacks: Bank of Commerce Holdings (BOCH) Given Average Recommendation of “Hold” by Brokerages

Bank of Commerce Holdings (NASDAQ:BOCH) has been given an average broker rating score of 2.50 (Hold) from the two brokers that provide coverage for the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and one has issued a buy recommendation on the company.

Analysts have set a 1 year consensus price objective of $13.25 for the company and are anticipating that the company will post $0.24 earnings per share for the current quarter, according to Zacks. Zacks has also given Bank of Commerce an industry rank of 61 out of 257 based on the ratings given to its competitors.

A number of brokerages recently issued reports on BOCH. Zacks Investment Research upgraded Bank of Commerce from a “hold” rating to a “strong-buy” rating and set a $15.00 target price on the stock in a report on Tuesday, July 24th. ValuEngine cut Bank of Commerce from a “buy” rating to a “hold” rating in a report on Friday, August 3rd. Finally, DA Davidson decreased their target price on Bank of Commerce from $14.00 to $13.50 and set a “neutral” rating on the stock in a report on Tuesday, October 9th.

In related news, Director Joseph Gibson bought 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 23rd. The shares were acquired at an average cost of $11.50 per share, for a total transaction of $28,750.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO James A. Sundquist bought 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 24th. The stock was bought at an average price of $11.49 per share, for a total transaction of $114,900.00. Following the completion of the acquisition, the chief financial officer now directly owns 116,999 shares in the company, valued at $1,344,318.51. The disclosure for this purchase can be found here. Insiders purchased a total of 13,500 shares of company stock worth $155,120 over the last 90 days. Insiders own 6.41% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of BOCH. BlackRock Inc. grew its holdings in shares of Bank of Commerce by 15.2% in the 2nd quarter. BlackRock Inc. now owns 826,305 shares of the financial services provider’s stock worth $10,536,000 after acquiring an additional 109,215 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Bank of Commerce by 17.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 330,389 shares of the financial services provider’s stock worth $3,849,000 after acquiring an additional 49,568 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Bank of Commerce by 155.6% in the 2nd quarter. Millennium Management LLC now owns 77,019 shares of the financial services provider’s stock worth $982,000 after acquiring an additional 46,886 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Bank of Commerce by 2,671.9% in the 2nd quarter. Bank of America Corp DE now owns 42,632 shares of the financial services provider’s stock worth $544,000 after acquiring an additional 41,094 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Bank of Commerce by 55.8% in the 2nd quarter. Renaissance Technologies LLC now owns 106,382 shares of the financial services provider’s stock worth $1,356,000 after acquiring an additional 38,102 shares during the last quarter. Institutional investors and hedge funds own 55.83% of the company’s stock.

Shares of BOCH traded up $0.06 during midday trading on Friday, reaching $12.33. The stock had a trading volume of 22,823 shares, compared to its average volume of 31,160. 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 0.19, a quick ratio of 0.92 and a current ratio of 0.88. The company has a market capitalization of $195.02 million, a PE ratio of 19.27, a P/E/G ratio of 1.87 and a beta of 0.44.

Bank of Commerce (NASDAQ:BOCH) last posted its quarterly earnings data on Friday, October 19th. The financial services provider reported $0.25 EPS for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.03. Bank of Commerce had a return on equity of 10.35% and a net margin of 19.75%. The company had revenue of $13.07 million for the quarter, compared to the consensus estimate of $12.85 million. On average, equities research analysts forecast that Bank of Commerce will post 0.91 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Tuesday, October 2nd were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date of this dividend was Monday, October 1st. Bank of Commerce’s payout ratio is 25.00%.

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. 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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