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

California BanCorp (NASDAQ:BCAL) Director David Volk sold 2,346,104 shares of California BanCorp stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $70,664.55. The trade was a 99.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

California BanCorp Stock Performance

California BanCorp stock opened at $18.85 on Friday. California BanCorp has a one year low of $11.87 and a one year high of $20.47. The firm has a market capitalization of $609.23 million, a P/E ratio of 9.77 and a beta of 1.19. The company has a 50-day simple moving average of $18.97 and a 200-day simple moving average of $17.73.

California BanCorp (NASDAQ:BCAL) last announced its earnings results on Wednesday, January 28th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.06. California BanCorp had a return on equity of 11.51% and a net margin of 26.60%.The firm had revenue of $45.90 million for the quarter, compared to the consensus estimate of $45.03 million. As a group, sell-side analysts forecast that California BanCorp will post 1.81 earnings per share for the current year.

California BanCorp Dividend Announcement

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pinnacle Wealth Management Advisory Group LLC acquired a new position in shares of California BanCorp in the fourth quarter valued at about $343,000. Strs Ohio bought a new position in shares of California BanCorp during the fourth quarter valued at $569,000. Daytona Street Capital LLC bought a new stake in California BanCorp in the fourth quarter valued at approximately $90,000. SG Americas Securities LLC bought a new stake in California BanCorp during the fourth quarter valued at $113,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of California BanCorp by 79.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 19,077 shares of the company’s stock worth $318,000 after buying an additional 8,417 shares in the last quarter. Institutional investors and hedge funds own 55.40% of the company’s stock.

Wall Street Analysts Forecast Growth

BCAL has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of California BanCorp in a research report on Monday, December 29th. DA Davidson cut their price target on California BanCorp from $22.50 to $21.50 and set a “buy” rating for the company in a report on Thursday, January 29th. Zacks Research cut California BanCorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Keefe, Bruyette & Woods increased their target price on California BanCorp from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Friday, October 31st. Finally, Wall Street Zen lowered California BanCorp from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

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.