Zacks Investment Research Upgrades Bank of Commerce (NASDAQ:BOCH) to “Hold”

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Zacks Investment Research upgraded shares of Bank of Commerce (NASDAQ:BOCH) from a sell rating to a hold rating in a research note published on Monday morning, Zacks.com reports.

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. “

Several other analysts also recently issued reports on BOCH. TheStreet downgraded shares of Bank of Commerce from a b rating to a f rating in a research report on Monday, July 22nd. Raymond James reduced their price target on shares of Bank of Commerce from $12.00 to $11.50 and set an outperform rating for the company in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The company has an average rating of Hold and an average price target of $13.00.

Shares of BOCH stock opened at $11.13 on Monday. The company has a market cap of $201.63 million, a price-to-earnings ratio of 12.79, a price-to-earnings-growth ratio of 1.92 and a beta of 0.64. Bank of Commerce has a 52 week low of $8.40 and a 52 week high of $12.85. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. The firm has a 50 day moving average of $10.28 and a 200-day moving average of $10.58.

Bank of Commerce (NASDAQ:BOCH) last announced its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03). Bank of Commerce had a return on equity of 10.16% and a net margin of 24.31%. The company had revenue of $14.60 million for the quarter, compared to analyst estimates of $15.09 million. Analysts anticipate that Bank of Commerce will post 0.82 earnings per share for the current year.

In other Bank of Commerce news, Director Karl L. Silberstein purchased 4,000 shares of Bank of Commerce stock in a transaction that occurred on Tuesday, July 23rd. The stock was acquired at an average price of $10.60 per share, with a total value of $42,400.00. Following the transaction, the director now owns 11,795 shares in the company, valued at approximately $125,027. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Gibson purchased 5,000 shares of Bank of Commerce stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost of $10.15 per share, with a total value of $50,750.00. The disclosure for this purchase can be found here. In the last three months, insiders purchased 13,000 shares of company stock valued at $133,150. 5.67% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Morgan Stanley boosted its holdings in Bank of Commerce by 2.9% during the 2nd quarter. Morgan Stanley now owns 44,068 shares of the financial services provider’s stock worth $471,000 after acquiring an additional 1,241 shares during the last quarter. Bank of America Corp DE boosted its holdings in Bank of Commerce by 1.2% during the 2nd quarter. Bank of America Corp DE now owns 161,068 shares of the financial services provider’s stock worth $1,722,000 after acquiring an additional 1,977 shares during the last quarter. BNP Paribas Arbitrage SA boosted its holdings in Bank of Commerce by 539.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,266 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 2,755 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Bank of Commerce by 3.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 81,816 shares of the financial services provider’s stock worth $875,000 after acquiring an additional 3,064 shares during the last quarter. Finally, LPL Financial LLC boosted its holdings in Bank of Commerce by 17.3% during the 2nd quarter. LPL Financial LLC now owns 21,686 shares of the financial services provider’s stock worth $232,000 after acquiring an additional 3,191 shares during the last quarter. 49.56% of the stock is currently owned by hedge funds and other 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. Its deposit products include checking, interest-bearing checking, money market, and savings accounts, as well as certificates of deposit.

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