Zacks Investment Research Upgrades BayCom (BCML) to “Buy”

BayCom (NASDAQ:BCML) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports. The brokerage currently has a $25.00 price target on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 10.33% from the company’s current price.

According to Zacks, “BayCom Corp provides commercial banking products and services to businesses and individuals. The company offers deposit products, loans, online banking, cash management and banking services. BayCom Corp, formerly known as Bay Commercial Bank, is based in Walnut Creek, California. “

BCML has been the topic of several other research reports. B. Riley started coverage on shares of BayCom in a research note on Friday, March 15th. They issued a “buy” rating and a $28.00 target price on the stock. TheStreet upgraded shares of BayCom from a “c+” rating to a “b” rating in a research note on Monday, January 28th. ValuEngine upgraded shares of BayCom from a “sell” rating to a “hold” rating in a research note on Wednesday, January 2nd. Finally, Hovde Group started coverage on shares of BayCom in a research note on Monday, February 4th. They issued an “outperform” rating and a $24.50 target price on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. BayCom currently has a consensus rating of “Buy” and a consensus price target of $26.38.

Shares of NASDAQ BCML opened at $22.66 on Tuesday. The company has a market capitalization of $245.60 million, a PE ratio of 13.73, a PEG ratio of 1.04 and a beta of 0.35. BayCom has a 52-week low of $17.19 and a 52-week high of $26.94.

BayCom (NASDAQ:BCML) last issued its earnings results on Tuesday, January 29th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.03. The firm had revenue of $15.52 million during the quarter, compared to the consensus estimate of $15.90 million. On average, research analysts forecast that BayCom will post 2.17 EPS for the current year.

A number of institutional investors have recently modified their holdings of BCML. Metropolitan Life Insurance Co. NY lifted its position in BayCom by 356.5% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 3,771 shares of the company’s stock valued at $87,000 after purchasing an additional 2,945 shares during the period. Bank of Montreal Can lifted its position in BayCom by 25.4% during the fourth quarter. Bank of Montreal Can now owns 7,940 shares of the company’s stock valued at $183,000 after purchasing an additional 1,607 shares during the period. First Trust Advisors LP bought a new position in BayCom during the fourth quarter valued at approximately $264,000. Rhumbline Advisers lifted its position in BayCom by 47.0% during the fourth quarter. Rhumbline Advisers now owns 14,209 shares of the company’s stock valued at $328,000 after purchasing an additional 4,542 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in BayCom during the fourth quarter valued at approximately $390,000. Institutional investors own 63.71% of the company’s stock.

About BayCom

BayCom Corp operates as the bank holding company for United Business Bank that provides various financial services to businesses, business owners, and individuals. The company offers demand, savings, money market, and time deposit accounts. It also provides commercial and multi-family real estate loans, including owner-occupied and investor real estate loans; commercial and industrial loans, such as equipment loans and working capital lines of credit; small business administration loans; construction and land loans; agriculture-related loans; and consumer loans comprising installment loans, unsecured and secured personal lines of credit, and overdraft protection.

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