California BanCorp (NASDAQ:BCAL) Price Target Raised to $19.00

California BanCorp (NASDAQ:BCAL) had its price target increased by Stephens from $18.00 to $19.00 in a report released on Tuesday,Benzinga reports. They currently have an equal weight rating on the stock.

California BanCorp Stock Performance

Shares of NASDAQ:BCAL opened at $14.99 on Tuesday. The business’s 50-day simple moving average is $15.47 and its 200 day simple moving average is $15.01. The company has a market cap of $485.83 million, a P/E ratio of 17.23 and a beta of 1.21. California BanCorp has a one year low of $11.87 and a one year high of $18.49.

California BanCorp announced that its board has authorized a share buyback plan on Thursday, May 1st that permits the company to buyback 1,600,000 shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On California BanCorp

Institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its position in shares of California BanCorp by 265.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,848 shares of the company’s stock worth $47,000 after acquiring an additional 2,068 shares during the last quarter. GAMMA Investing LLC grew its stake in California BanCorp by 1,581.0% during the 1st quarter. GAMMA Investing LLC now owns 3,883 shares of the company’s stock valued at $56,000 after purchasing an additional 3,652 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in California BanCorp during the 4th quarter worth approximately $102,000. Parallel Advisors LLC raised its position in shares of California BanCorp by 12.9% in the 2nd quarter. Parallel Advisors LLC now owns 10,097 shares of the company’s stock valued at $159,000 after purchasing an additional 1,157 shares in the last quarter. Finally, Davidson Kahn Capital Management LLC purchased a new position in shares of California BanCorp during the 4th quarter valued at approximately $172,000. Institutional investors and hedge funds own 55.40% of the company’s stock.

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.