DA Davidson downgraded BayCom (NASDAQ:BCML) to Neutral from Buy on Monday, maintaining a price target of $34.00. The stock trades at $31.01, implying about 9% upside.
The downgrade follows a ~10% rebound after an initial 13.5% sell-off triggered by management changes in early April.
The firm noted that most investors viewed BayCom as a potential acquisition target, but the environment and company footprint were not conducive to offers meeting the board's view of franchise value.
The new management team is expected to focus on accelerating growth and building scale within the existing footprint.
In other news, BayCom declared a quarterly dividend of $0.30 per share, payable July 9. The company also appointed a new president and CEO, executive vice chairman, and CFO.
