BayCom Corp (NASDAQ:BCML) Experiences 10.6% Rise in Short Interest for November

BayCom Corp (NASDAQ:BCML) experienced a notable increase in short interest during the month of November. As reported on November 30th, the total short interest reached 48,200 shares, marking an increase of 10.6% from the 43,600 shares reported on November 15th. Currently, 0.5% of the company's outstanding shares are sold short. Given the average daily trading volume of 22,800 shares, the short-interest ratio stands at 2.1 days.

BayCom Stock Performance

As of Friday, BayCom stock opened at $28.87. The company has recorded a 52-week low of $18.54 and a 52-week high of $30.13. The financial metrics indicate a debt-to-equity ratio of 0.22, a quick ratio of 1.04, and a current ratio of 1.04. The company's stock has a 50-day simple moving average of $26.51 and a 200-day simple moving average of $23.40. In terms of market valuation, BayCom has a market capitalization of $321.06 million, a price-to-earnings (PE) ratio of 13.75, and a beta of 0.79, indicating lower volatility relative to the market.

On October 17th, BayCom announced its quarterly earnings, reporting an earnings per share (EPS) of $0.54, exceeding the consensus estimate of $0.47 by $0.07. The company achieved a net margin of 17.22% and a return on equity of 7.56%. The reported revenue for the quarter stood at $25.61 million, surpassing the anticipated $23.70 million.

BayCom's Dividend Update

The corporation has also announced an increase in its quarterly dividend, which will be distributed on January 10th to shareholders on record as of December 12th. The declared dividend is $0.15 per share, which translates to an annualized dividend of $0.60 and a yield of 2.08%. This increase comes from the previous quarterly dividend of $0.10. The ex-dividend date for this payout is set for December 12th, with a current dividend payout ratio of 28.57%.

Institutional Investment Activity

Recent activities by institutional investors have shown that some have increased or reduced their stakes in BayCom. For instance, Panagora Asset Management Inc. entered a new investment position in the second quarter valued at $211,000. During the third quarter, Martingale Asset Management L P raised its stake by 20.1%, now owning 23,341 shares worth $554,000 after acquiring an additional 3,900 shares. Similarly, Captrust Financial Advisors increased its holding by 4.4%, now owning 23,361 shares valued at $554,000. Barclays PLC also enhanced its position by a noteworthy 61.3%, currently having 27,486 shares valued at $651,000 after purchasing an additional 10,442 shares. Lastly, Empowered Funds LLC increased its stake by 5.2%, owning 32,795 shares worth $778,000. Overall, institutional investors hold approximately 66.16% of BayCom's shares.

Analyst Price Targets

On a related note, Hovde Group adjusted its price target for BayCom from $26.00 to $28.00, maintaining an "outperform" rating as of October 18th.

About BayCom

BayCom Corp serves as the bank holding company for United Business Bank, offering a variety of financial services tailored for small and mid-sized businesses, service professionals, and individual clients. Their service portfolio includes demand deposits, savings accounts, money market accounts, commercial and multifamily real estate loans, equipment loans, small business administration loans, construction loans, agriculture loans, and various consumer loans.

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