David Volk Sells 2,346,104 Shares of California BanCorp (NASDAQ:BCAL) Stock

California BanCorp (NASDAQ:BCAL) Director David Volk sold 2,346,104 shares of the business’s stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $18.95, for a total transaction of $44,458,670.80. Following the completion of the sale, the director owned 3,729 shares in the company, valued at approximately $70,664.55. This trade represents a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

California BanCorp Trading Up 1.6%

BCAL opened at $19.16 on Friday. The stock has a 50-day moving average of $18.96 and a 200 day moving average of $17.75. California BanCorp has a 12 month low of $11.87 and a 12 month high of $20.47. The firm has a market cap of $619.25 million, a P/E ratio of 9.93 and a beta of 1.19.

California BanCorp (NASDAQ:BCAL) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.06. The business had revenue of $45.90 million during the quarter, compared to analyst estimates of $45.03 million. California BanCorp had a return on equity of 11.51% and a net margin of 26.60%. On average, research analysts forecast that California BanCorp will post 1.81 earnings per share for the current fiscal year.

California BanCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 24th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Wednesday, December 24th. California BanCorp’s payout ratio is 20.73%.

Hedge Funds Weigh In On California BanCorp

Hedge funds and other institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its holdings in shares of California BanCorp by 26,512.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock valued at $34,000 after acquiring an additional 2,121 shares during the period. Cullen Frost Bankers Inc. purchased a new position in California BanCorp in the fourth quarter valued at about $36,000. Russell Investments Group Ltd. raised its holdings in California BanCorp by 508.7% in the third quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock worth $37,000 after purchasing an additional 1,862 shares in the last quarter. CWM LLC lifted its position in shares of California BanCorp by 143.9% during the third quarter. CWM LLC now owns 2,263 shares of the company’s stock valued at $38,000 after buying an additional 1,335 shares during the last quarter. Finally, State of Wyoming bought a new stake in shares of California BanCorp in the 3rd quarter valued at about $64,000. 55.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Wall Street Zen cut California BanCorp from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. Keefe, Bruyette & Woods boosted their target price on shares of California BanCorp from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. DA Davidson cut their price target on shares of California BanCorp from $22.50 to $21.50 and set a “buy” rating on the stock in a report on Thursday, January 29th. Weiss Ratings reiterated a “buy (b-)” rating on shares of California BanCorp in a report on Monday, December 29th. Finally, Zacks Research downgraded shares of California BanCorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $20.50.

About California BanCorp

California BanCorp (NASDAQ:BCAL) is a bank holding company headquartered in California. Founded to address the diverse financial needs of businesses and individuals across the state, the company focuses on community-oriented banking solutions and operates under a locally based decision-making model.

Through its wholly owned banking subsidiary, California BanCorp offers a suite of deposit products including checking, savings, money market and certificate of deposit accounts. Its lending portfolio encompasses commercial and industrial loans, real estate and construction financing, as well as consumer lending products such as personal loans and home equity lines of credit.

In addition to core deposit and lending services, the company provides treasury and cash management services, online and mobile banking platforms, and merchant payment solutions designed to streamline operations for small to mid-sized enterprises.