Published on 24 Feb 2023 on Zacks via Yahoo Finance
BayCom (BCML) Rewards Shareholders, Hikes Dividend by 100%
BayCom Corp BCML announced a hike in the quarterly dividend. The company declared a quarterly cash dividend of 10 cents per share, marking an increase of 100% from the prior payout. The dividend will be paid out on Apr 14 to shareholders of record on Mar 10.Considering the last day’s closing price of $19.62, BayCom Corp.’s dividend yield currently stands at 2.04%, which is almost on par with the industry average of 2.15%. Not only is the yield attractive for income investors, but it also represents a steady income stream. BayCom Corp. pays dividends regularly. Apart from this, the company has a share repurchase program in place announced on October 2022 authorizing the company to buy back up to 645,000 shares. As of Dec 31, 2022, it had 480,773 shares remaining under the share repurchase program. We believe such disbursements highlight the company’s operational strength and commitment to enhancing shareholder wealth.BayCom Corp. has a solid balance sheet position. As of Dec 31, 2022, the company had total debt (comprising of junior subordinated deferrable interest debentures and subordinated debt) of $72.2 million, and cash and cash equivalents of $176.8 million. The company had earnings growth of 7.7% over the past five years. Given a robust liquidity position and decent earnings strength, the bank is expected to continue with efficient capital deployment activities.BayCom Corp. has been growing through acquisitions as well. In February 2022, it completed the acquisition of Pacific Enterprise Bancorp and expects to expand its operations in California. In 2019, the company closed its acquisition of TIG Bancorp and Uniti Financial Corporation. Also, in 2018, it acquired Bethlehem Financial Corporation. Expanded geographical footprint and product and balance-sheet diversification stemming from such buyouts will likely support the company’s financials.Over the past six months, shares of BayCom Corp. have gained 1% against a decline of 15.2% of the industry it belongs to.
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