California BanCorp (NASDAQ:BCAL) Upgraded at Zacks Research

Zacks Research upgraded shares of California BanCorp (NASDAQ:BCAL) from a strong sell rating to a hold rating in a report issued on Monday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. DA Davidson reduced their price objective on California BanCorp from $22.50 to $21.50 and set a “buy” rating for the company in a research note on Thursday, January 29th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of California BanCorp in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $20.50.

California BanCorp Stock Performance

NASDAQ BCAL opened at $17.84 on Monday. The firm’s 50 day moving average price is $18.25 and its two-hundred day moving average price is $18.26. California BanCorp has a twelve month low of $11.87 and a twelve month high of $20.47. The stock has a market cap of $576.77 million, a price-to-earnings ratio of 9.24 and a beta of 1.11.

California BanCorp (NASDAQ:BCAL) last released its earnings results on Wednesday, January 28th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.06. The company had revenue of $46.21 million during the quarter, compared to analyst estimates of $45.03 million. California BanCorp had a return on equity of 11.36% and a net margin of 26.60%. On average, research analysts forecast that California BanCorp will post 1.81 EPS for the current fiscal year.

California BanCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 24th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, March 24th. California BanCorp’s payout ratio is currently 20.73%.

Insiders Place Their Bets

In related news, CFO Jean Carandang sold 8,000 shares of California BanCorp stock in a transaction on Friday, March 6th. The stock was sold at an average price of $17.90, for a total transaction of $143,200.00. Following the completion of the sale, the chief financial officer owned 37,174 shares of the company’s stock, valued at approximately $665,414.60. This trade represents a 17.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David J. Volk sold 2,346,104 shares of the business’s stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $18.95, for a total value of $44,458,670.80. Following the completion of the transaction, the director owned 3,729 shares in the company, valued at $70,664.55. This trade represents a 99.84% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 14.84% of the company’s stock.

Institutional Investors Weigh In On California BanCorp

A number of hedge funds and other institutional investors have recently made changes to their positions in BCAL. Goldman Sachs Group Inc. raised its stake in shares of California BanCorp by 1.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock worth $998,000 after purchasing an additional 846 shares in the last quarter. Empowered Funds LLC grew its stake in shares of California BanCorp by 6.2% in the 1st quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock valued at $172,000 after buying an additional 704 shares in the last quarter. Jane Street Group LLC acquired a new position in California BanCorp in the first quarter worth approximately $357,000. Creative Planning acquired a new position in California BanCorp in the second quarter worth approximately $335,000. Finally, American Century Companies Inc. raised its position in California BanCorp by 15.1% during the second quarter. American Century Companies Inc. now owns 48,045 shares of the company’s stock valued at $757,000 after acquiring an additional 6,298 shares in the last quarter. 55.40% of the stock is owned by hedge funds and other institutional investors.

California BanCorp Company Profile

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.