California BanCorp (NASDAQ:BCAL) CFO Jean Carandang Sells 8,000 Shares of Stock

California BanCorp (NASDAQ:BCAL) CFO Jean Carandang sold 8,000 shares of the firm’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $17.90, for a total transaction of $143,200.00. Following the transaction, the chief financial officer directly owned 37,174 shares of the company’s stock, valued at $665,414.60. The trade was a 17.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

California BanCorp Stock Performance

Shares of California BanCorp stock opened at $17.84 on Tuesday. The firm has a market cap of $576.59 million, a P/E ratio of 9.24 and a beta of 1.17. The firm’s 50-day simple moving average is $18.60 and its 200-day simple moving average is $18.20. California BanCorp has a twelve month low of $11.87 and a twelve month high of $20.47.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on BCAL shares. Weiss Ratings reissued a “buy (b-)” rating on shares of California BanCorp in a report on Monday, December 29th. Wall Street Zen lowered California BanCorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Zacks Research lowered California BanCorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Finally, DA Davidson cut their price objective on California BanCorp from $22.50 to $21.50 and set a “buy” rating for the company in a report on Thursday, January 29th. 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 presently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted 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 worth $34,000 after acquiring an additional 2,121 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new stake in California BanCorp during the 4th quarter valued at $36,000. Russell Investments Group Ltd. raised its position in California BanCorp by 508.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock valued at $37,000 after purchasing an additional 1,862 shares during the last quarter. CWM LLC raised its position in 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 purchasing an additional 1,335 shares during the last quarter. Finally, State of Wyoming acquired a new position in California BanCorp in the third quarter worth $64,000. Institutional investors own 55.40% of the company’s stock.

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.