BayCom Stock Downgraded to 'Market Perform' by Hovde Group

BayCom (NASDAQ:BCML) has recently been downgraded by Hovde Group from an "outperform" to a "market perform" rating, according to a research note released on Wednesday. Along with this downgrade, Hovde Group has set a target price of $31.00 for the stock. This price point suggests a potential increase of approximately 6.57% compared to the current trading price of BayCom shares.

Current Performance of BayCom Shares

As of Wednesday, BayCom shares opened at a price of $29.09. The company boasts a market capitalization of approximately $323.48 million and has a price-to-earnings (P/E) ratio of 13.85. In terms of stock volatility, BayCom has a beta of 0.81. Over the last few months, the stock has seen steady movement with a 50-day moving average of $27.47 and a 200-day moving average of $25.37. Additionally, financial metrics show a quick ratio of 1.04 and a current ratio of 1.04, indicating stable liquidity. The debt-to-equity ratio is reported at 0.22. Over the past year, BayCom has encountered a stock price low of $18.54 and a high of $30.13.

In the latest quarterly earnings report, released on January 23, BayCom disclosed earnings per share (EPS) of $0.55, which exceeded analyst expectations by $0.04 as the consensus estimate was $0.51. The company achieved a return on equity of 7.45% and a net margin of 17.10%. Analysts predict that BayCom will achieve an EPS of 2.48 for the current fiscal year.

Institutional Investors and Market Activity

Recent changes in institutional trading reflect a shift in confidence in BayCom. For example, PNC Financial Services Group Inc. increased its stake in the company by 46.6% during the fourth quarter, acquiring an additional 428 shares and now holding a total of 1,347 shares valued at approximately $36,000. SG Americas Securities LLC and Assenagon Asset Management S.A. also took new positions in BayCom during the same period, valued at $120,000 and $422,000, respectively. Meanwhile, JPMorgan Chase & Co. increased its holdings by 129.9% in the third quarter, adding 12,617 shares to reach a total of 22,330 shares valued at $530,000. Notably, institutional investors collectively own around 66.16% of BayCom’s shares.

Overview of BayCom Corp

BayCom Corp operates as the bank holding company for United Business Bank, offering a wide range of financial services tailored to small and medium-sized businesses, as well as individual clients. Their services include various types of accounts, including demand, savings, and money market accounts. In addition to deposit accounts, BayCom provides loans for commercial real estate, industrial purposes, construction, and agricultural needs, along with consumer loans such as personal lines of credit and installment loans.

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