WALNUT CREEK, Calif. - BayCom Corp (NASDAQ:BCML), the holding company for United Business Bank, has announced a significant increase in its quarterly cash dividend. The company's Board of Directors declared a dividend of $0.15 per share on its outstanding common stock, marking a 50% hike from the previous $0.10 per share.
This enhanced dividend is slated for distribution on January 10, 2025, to shareholders who are recorded by the close of business on December 12, 2024. The increase reflects BayCom's commitment to delivering value to its shareholders and is a positive indicator of its financial performance.
BayCom Corp, through United Business Bank, provides a variety of loan and deposit products to businesses across several states including California, Nevada, Washington, New Mexico, and Colorado. The bank is recognized as an Equal Housing Lender and is a member of the Federal Deposit Insurance Corporation (FDIC).
The company's common stock is publicly traded on the NASDAQ market, allowing investors to participate in its financial journey. While the declaration of the increased dividend is a forward-looking statement, BayCom has cautioned that future dividend payments are subject to various factors and cannot be assured. These factors include the company's ongoing financial health and broader economic conditions, which could impact future financial results and performance.
Investors are reminded that forward-looking statements involve risks and uncertainties, and actual results may differ materially from those projected. BayCom Corp has directed interested parties to its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2023, for a more comprehensive understanding of such risks.
The information contained in this article is based on a press release statement from BayCom Corp.
In other recent news, BayCom Corp has been making significant strides in its financial performance. The company has exceeded analyst expectations, particularly in terms of spread income and earnings per share. This strong showing has prompted DA Davidson to raise its price target for BayCom's shares from $25.00 to $27.00, while maintaining a Buy rating.
The company has also been lauded for its strategy of low or no-premium mergers and acquisitions, alongside its share repurchase practices. These recent developments have further solidified investor confidence in BayCom Corp.
On the administrative front, BayCom Corp has announced the immediate retirement of director James S. Camp. The company confirmed that this decision was based on personal reasons and was not the result of any disagreements or conflicts with the management or operations of BayCom Corp or United Business Bank.
Further, BayCom's shareholders have approved a new incentive plan and ratified Moss Adams LLP as the independent registered public accounting firm. The board also agreed to adopt annual votes on executive compensation until the next required vote. All eight director nominees were elected for a one-year term, indicating a stable leadership structure moving forward.
InvestingPro Insights
BayCom Corp's recent decision to increase its quarterly cash dividend by 50% aligns with its strong financial performance. According to InvestingPro data, the company has a market capitalization of $297.48 million and a P/E ratio of 12.83, indicating a relatively attractive valuation compared to its earnings.
InvestingPro Tips highlight that BayCom has been profitable over the last twelve months and analysts predict the company will remain profitable this year. This financial stability likely contributes to the company's ability to boost its dividend payout. Additionally, BayCom has shown a strong return over the last three months, with InvestingPro data revealing a 25.34% price total return in that period.
The company's stock has also demonstrated significant momentum, with a large price uptick over the last six months. InvestingPro data shows a 35.24% price total return over this period, suggesting growing investor confidence in BayCom's prospects.
It's worth noting that InvestingPro offers 6 additional tips for BayCom Corp, providing investors with a more comprehensive analysis of the company's financial health and market position. These insights can be valuable for shareholders assessing the sustainability of the increased dividend and the company's overall investment potential.
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