California BanCorp (NASDAQ:BCAL) Given New $21.50 Price Target at DA Davidson

California BanCorp (NASDAQ:BCAL) had its price objective lowered by DA Davidson from $22.50 to $21.50 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also recently commented on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of California BanCorp in a report on Monday, December 29th. Keefe, Bruyette & Woods raised their price objective on shares of California BanCorp from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Zacks Research cut shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Finally, Wall Street Zen lowered California BanCorp from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $20.50.

California BanCorp Stock Performance

California BanCorp stock opened at $18.08 on Thursday. The firm has a market cap of $584.35 million, a price-to-earnings ratio of 9.37 and a beta of 1.19. California BanCorp has a 1 year low of $11.87 and a 1 year high of $20.47. The firm’s 50 day moving average price is $19.03 and its two-hundred day moving average price is $17.65.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings data on Wednesday, January 28th. The company reported $0.50 earnings per share for the quarter, topping 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%. As a group, equities analysts predict that California BanCorp will post 1.81 EPS for the current fiscal year.

California BanCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 24th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, December 24th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.2%. California BanCorp’s dividend payout ratio (DPR) is 20.73%.

Institutional Trading of California BanCorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets grew its stake in California BanCorp by 12.4% in the third quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock valued at $82,000 after purchasing an additional 545 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of California BanCorp by 6.2% during 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 during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of California BanCorp by 1.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock valued at $998,000 after buying an additional 846 shares in the last quarter. CWM LLC grew its stake in shares of California BanCorp by 143.9% in the 3rd quarter. CWM LLC now owns 2,263 shares of the company’s stock valued at $38,000 after buying an additional 1,335 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in California BanCorp by 7.1% in the second quarter. First Trust Advisors LP now owns 20,685 shares of the company’s stock worth $326,000 after buying an additional 1,377 shares during the last quarter. 55.40% of the stock is currently owned by hedge funds and other institutional investors.

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.