California BanCorp (NASDAQ:BCAL) Sees Large Increase in Short Interest

California BanCorp (NASDAQ:BCAL) was the target of a large increase in short interest in the month of March. As of March 13th, there was short interest totaling 416,873 shares, an increase of 21.6% from the February 26th total of 342,802 shares. Currently, 1.5% of the company’s stock are sold short. Based on an average daily trading volume, of 147,446 shares, the days-to-cover ratio is currently 2.8 days.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on BCAL shares. Zacks Research cut shares of California BanCorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. DA Davidson dropped their price target on shares of California BanCorp from $22.50 to $21.50 and set a “buy” rating on the stock in a research note on Thursday, January 29th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of California BanCorp in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Insider Activity

In related news, Director David J. Volk purchased 27,000 shares of California BanCorp stock in a transaction that occurred on Tuesday, February 3rd. The shares were purchased at an average cost of $18.64 per share, with a total value of $503,280.00. Following the transaction, the director owned 28,195 shares of the company’s stock, valued at approximately $525,554.80. The trade was a 2,259.41% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Jean Carandang sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $17.90, for a total value of $143,200.00. Following the completion of the transaction, the chief financial officer owned 37,174 shares of the company’s stock, valued at approximately $665,414.60. This represents a 17.71% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 14.84% of the company’s stock.

Institutional Investors Weigh In On California BanCorp

Several hedge funds and other institutional investors have recently modified their holdings of BCAL. Cullen Frost Bankers Inc. acquired a new stake in shares of California BanCorp in the 4th quarter valued at about $36,000. EverSource Wealth Advisors LLC grew its stake in California BanCorp by 26,512.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock worth $34,000 after purchasing an additional 2,121 shares in the last quarter. Russell Investments Group Ltd. increased 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 valued at $37,000 after buying an additional 1,862 shares during the last quarter. CWM LLC increased its holdings in California BanCorp by 143.9% in 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 acquired a new stake in California BanCorp during the third quarter valued at approximately $64,000. Institutional investors own 55.40% of the company’s stock.

California BanCorp Stock Down 0.2%

BCAL stock opened at $17.48 on Tuesday. The stock’s 50 day moving average is $18.28 and its two-hundred day moving average is $18.26. California BanCorp has a 52-week low of $11.87 and a 52-week high of $20.47. The company has a market capitalization of $565.13 million, a PE ratio of 9.06 and a beta of 1.17.

California BanCorp (NASDAQ:BCAL) last released its earnings results on Wednesday, January 28th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.44 by $0.06. The company had revenue of $46.21 million during the quarter, compared to analysts’ expectations of $45.03 million. California BanCorp had a return on equity of 11.36% and a net margin of 26.60%. As a group, sell-side analysts anticipate that California BanCorp will post 1.81 EPS for the current year.

California BanCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 24th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Tuesday, March 24th. California BanCorp’s dividend payout ratio is 20.73%.

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.