Zacks: Brokerages Expect Bank of Commerce Holdings (BOCH) Will Announce Quarterly Sales of $13.26 Million

Equities analysts expect Bank of Commerce Holdings (NASDAQ:BOCH) to announce $13.26 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Bank of Commerce’s earnings, with the highest sales estimate coming in at $13.31 million and the lowest estimate coming in at $13.20 million. Bank of Commerce posted sales of $12.15 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 9.1%. The firm is expected to issue its next quarterly earnings report on Friday, January 18th.

On average, analysts expect that Bank of Commerce will report full-year sales of $51.18 million for the current fiscal year, with estimates ranging from $51.10 million to $51.25 million. For the next year, analysts anticipate that the firm will report sales of $61.53 million, with estimates ranging from $60.76 million to $62.30 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Bank of Commerce.

Bank of Commerce (NASDAQ:BOCH) last announced its earnings results on Friday, October 19th. The financial services provider reported $0.25 earnings per share for the quarter, topping 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 10.35%. The firm had revenue of $13.07 million during the quarter, compared to analyst estimates of $12.85 million.

A number of equities analysts have recently commented on BOCH shares. Zacks Investment Research upgraded shares of Bank of Commerce from a “hold” rating to a “strong-buy” rating and set a $15.00 price objective for the company in a research note on Tuesday, July 24th. ValuEngine downgraded shares of Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Friday, August 3rd. Finally, DA Davidson reduced their price objective on shares of Bank of Commerce from $14.00 to $13.50 and set a “neutral” rating for the company in a research note on Tuesday, October 9th.

Shares of Bank of Commerce stock traded up $0.06 during trading hours on Friday, reaching $12.39. 33,800 shares of the company’s stock were exchanged, compared to its average volume of 31,172. Bank of Commerce has a fifty-two week low of $8.40 and a fifty-two week high of $13.20. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.88 and a quick ratio of 0.92. The company has a market cap of $195.02 million, a price-to-earnings ratio of 19.36, a P/E/G ratio of 1.87 and a beta of 0.44.

The company also recently announced a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Tuesday, October 2nd were issued a $0.04 dividend. The ex-dividend date was Monday, October 1st. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.29%. Bank of Commerce’s payout ratio is 25.00%.

In other news, Director Joseph Gibson bought 2,500 shares of the company’s stock in a transaction dated Tuesday, October 23rd. The shares were bought at an average cost of $11.50 per share, with a total value of $28,750.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO James A. Sundquist bought 10,000 shares of the company’s stock in a transaction dated Wednesday, October 24th. The stock was purchased at an average cost of $11.49 per share, for a total transaction of $114,900.00. Following the completion of the acquisition, the chief financial officer now owns 116,999 shares in the company, valued at approximately $1,344,318.51. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 13,500 shares of company stock worth $155,120. 6.41% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Bank of Commerce by 5.5% in the 3rd quarter. BlackRock Inc. now owns 871,533 shares of the financial services provider’s stock valued at $10,634,000 after purchasing an additional 45,228 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Bank of Commerce by 13.0% in 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. The Manufacturers Life Insurance Company raised its holdings in shares of Bank of Commerce by 2.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 213,868 shares of the financial services provider’s stock valued at $2,492,000 after purchasing an additional 4,476 shares during the period. First Mercantile Trust Co. raised its holdings in shares of Bank of Commerce by 8.1% in the 3rd quarter. First Mercantile Trust Co. now owns 191,663 shares of the financial services provider’s stock valued at $2,338,000 after purchasing an additional 14,354 shares during the period. Finally, Renaissance Technologies LLC raised 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 valued at $1,356,000 after purchasing an additional 38,102 shares during the period. 55.83% of the stock is currently owned by 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. 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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