ValuEngine Lowers Bank of Commerce (BOCH) to Sell
Bank of Commerce (NASDAQ:BOCH) was downgraded by equities researchers at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
Other analysts have also recently issued reports about the company. Zacks Investment Research cut Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Monday, September 24th. DA Davidson dropped their target price on Bank of Commerce from $14.00 to $13.50 and set a “neutral” rating for the company in a report on Tuesday, October 9th.
Shares of NASDAQ:BOCH opened at $10.73 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $181.30 million, a price-to-earnings ratio of 16.77, a P/E/G ratio of 1.74 and a beta of 0.41. Bank of Commerce has a 52-week low of $8.40 and a 52-week high of $13.20.
In other Bank of Commerce news, CFO James A. Sundquist purchased 10,000 shares of the stock in a transaction dated Wednesday, October 24th. The stock was acquired at an average cost of $11.49 per share, for a total transaction of $114,900.00. Following the acquisition, the chief financial officer now owns 116,999 shares in the company, valued at approximately $1,344,318.51. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joseph Gibson purchased 2,500 shares of the stock in a transaction dated Tuesday, October 23rd. The shares were acquired at an average price of $11.50 per share, with a total value of $28,750.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 13,500 shares of company stock valued at $155,120. Company insiders own 6.41% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BOCH. LPL Financial LLC purchased a new position in shares of Bank of Commerce during the 3rd quarter worth $122,000. JPMorgan Chase & Co. grew its holdings in shares of Bank of Commerce by 672.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 23,694 shares of the financial services provider’s stock worth $289,000 after purchasing an additional 20,627 shares during the period. Bailard Inc. purchased a new position in shares of Bank of Commerce during the 3rd quarter worth $310,000. Martingale Asset Management L P grew its holdings in shares of Bank of Commerce by 28.3% during the 3rd quarter. Martingale Asset Management L P now owns 39,015 shares of the financial services provider’s stock worth $476,000 after purchasing an additional 8,605 shares during the period. Finally, Bank of America Corp DE grew its holdings in shares of Bank of Commerce by 2,671.9% during the 2nd quarter. Bank of America Corp DE now owns 42,632 shares of the financial services provider’s stock worth $544,000 after purchasing an additional 41,094 shares during the period. Institutional investors and hedge funds own 55.90% of the company’s stock.
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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