Bank of Commerce (NASDAQ:BOCH) was upgraded by Zacks Investment Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Tuesday, Zacks.com reports. The firm presently has a $12.00 price target on the financial services provider's stock. Zacks Investment Research's target price would suggest a potential upside of 14.94% from the stock's previous close.
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. "
Separately, Raymond James increased their price target on shares of Bank of Commerce from $10.50 to $11.50 and gave the company an "outperform" rating in a report on Monday, January 25th.
Shares of Bank of Commerce stock traded down $0.06 during trading on Tuesday, reaching $10.44. 2,486 shares of the stock traded hands, compared to its average volume of 37,587. Bank of Commerce has a 52-week low of $5.68 and a 52-week high of $11.31. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.87. The business has a fifty day simple moving average of $10.41 and a two-hundred day simple moving average of $8.87. The company has a market capitalization of $175.26 million, a price-to-earnings ratio of 13.38 and a beta of 0.72.
Bank of Commerce (NASDAQ:BOCH) last posted its earnings results on Thursday, January 21st. The financial services provider reported $0.30 earnings per share for the quarter, beating analysts' consensus estimates of $0.28 by $0.02. Bank of Commerce had a net margin of 21.22% and a return on equity of 8.53%. On average, research analysts predict that Bank of Commerce will post 0.88 earnings per share for the current fiscal year.
In related news, Director Lyle L. Tullis purchased 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 26th. The shares were bought at an average price of $10.57 per share, for a total transaction of $158,550.00. Following the acquisition, the director now owns 325,365 shares of the company's stock, valued at approximately $3,439,108.05. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 5.88% of the company's stock.
Large investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company raised its position in Bank of Commerce by 12.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 485,196 shares of the financial services provider's stock worth $4,803,000 after purchasing an additional 54,836 shares during the period. Sittner & Nelson LLC purchased a new position in Bank of Commerce during the 4th quarter valued at $525,000. BlackRock Inc. grew its position in Bank of Commerce by 5.0% in the 4th quarter. BlackRock Inc. now owns 1,063,094 shares of the financial services provider's stock valued at $10,524,000 after acquiring an additional 50,957 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Bank of Commerce by 91.4% in the fourth quarter. JPMorgan Chase & Co. now owns 65,329 shares of the financial services provider's stock worth $648,000 after purchasing an additional 31,195 shares during the period. Finally, Marshall Wace LLP lifted its position in shares of Bank of Commerce by 443.1% during the first quarter. Marshall Wace LLP now owns 24,639 shares of the financial services provider's stock worth $260,000 after purchasing an additional 20,102 shares during the last quarter. Institutional investors own 52.66% of the company's stock.
Bank of Commerce Company Profile
Bank of Commerce Holdings operates as the bank holding company for Merchants Bank of Commerce that provides a range of financial services and products for small to medium-sized businesses, and retail customers in California. The company accepts various deposit products, such as checking, interest bearing checking, money market, and savings accounts, as well as certificates of deposit.
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