Allspring Global Investments Holdings LLC Has $244,000 Position in California BanCorp (NASDAQ:BCAL)

Allspring Global Investments Holdings LLC grew its stake in California BanCorp (NASDAQ:BCAL) by 6.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,998 shares of the company’s stock after purchasing an additional 1,045 shares during the period. Allspring Global Investments Holdings LLC owned about 0.05% of California BanCorp worth $244,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Citadel Advisors LLC acquired a new stake in shares of California BanCorp in the 4th quarter valued at approximately $986,000. Bank of America Corp DE boosted its position in California BanCorp by 156.2% during the 4th quarter. Bank of America Corp DE now owns 55,089 shares of the company’s stock worth $911,000 after buying an additional 33,590 shares during the period. Raymond James Financial Inc. acquired a new stake in California BanCorp during the 4th quarter worth approximately $641,000. GAMMA Investing LLC boosted its position in California BanCorp by 1,581.0% during the 1st quarter. GAMMA Investing LLC now owns 3,883 shares of the company’s stock worth $56,000 after buying an additional 3,652 shares during the period. Finally, Deutsche Bank AG boosted its position in California BanCorp by 48.9% during the 4th quarter. Deutsche Bank AG now owns 13,802 shares of the company’s stock worth $228,000 after buying an additional 4,530 shares during the period. 55.40% of the stock is currently owned by institutional investors and hedge funds.

California BanCorp Price Performance

NASDAQ:BCAL opened at $16.20 on Friday. The firm’s 50 day simple moving average is $15.15 and its 200 day simple moving average is $15.01. California BanCorp has a one year low of $11.87 and a one year high of $18.49. The company has a market cap of $525.04 million, a PE ratio of 36.00 and a beta of 1.21.

California BanCorp (NASDAQ:BCAL) last posted its earnings results on Thursday, April 24th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.38 by $0.14. California BanCorp had a net margin of 8.21% and a return on equity of 9.54%. The business had revenue of $44.82 million for the quarter, compared to the consensus estimate of $44.86 million. Equities research analysts expect that California BanCorp will post 1.81 EPS for the current year.

California BanCorp announced that its board has approved a stock repurchase program on Thursday, May 1st that allows the company to buyback 1,600,000 outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

California BanCorp Company Profile

Southern California Bancorp operates as the holding company for Bank of Southern California, N.A. that provides various financial products to individuals, professionals, and small-to medium-sized businesses. The company offers checking, personal and business savings, and money market accounts, as well as certificates of deposit.