California BanCorp (NASDAQ:BCAL) Receives Consensus Rating of “Buy” from Brokerages

Shares of California BanCorp (NASDAQ:BCAL) have received a consensus recommendation of “Buy” from the five brokerages that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $20.6667.

Several brokerages have weighed in on BCAL. DA Davidson increased their price objective on California BanCorp from $21.50 to $22.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Zacks Research raised shares of California BanCorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th.

California BanCorp Stock Down 1.4%

Shares of NASDAQ BCAL opened at $18.68 on Friday. The stock’s 50 day moving average price is $18.20 and its 200-day moving average price is $18.64. California BanCorp has a twelve month low of $14.07 and a twelve month high of $20.47. The company has a market capitalization of $600.94 million, a PE ratio of 10.21 and a beta of 1.01.

California BanCorp (NASDAQ:BCAL) last announced its quarterly earnings data on Friday, May 8th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.01. California BanCorp had a return on equity of 10.59% and a net margin of 25.68%.The business had revenue of $44.22 million during the quarter. As a group, research analysts expect that California BanCorp will post 1.68 EPS for the current fiscal year.

California BanCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 24th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, March 24th. This represents a $0.40 dividend on an annualized basis and a yield of 2.1%. California BanCorp’s payout ratio is presently 21.86%.

Insiders Place Their Bets

In other California BanCorp news, CFO Jean Carandang sold 8,000 shares of the business’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $17.90, for a total transaction of $143,200.00. Following the sale, the chief financial officer owned 37,174 shares of the company’s stock, valued at $665,414.60. The trade was a 17.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Richard Hernandez sold 17,000 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $19.12, for a total transaction of $325,040.00. Following the sale, the president directly owned 72,935 shares in the company, valued at $1,394,517.20. The trade was a 18.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 8.14% of the company’s stock.

Institutional Investors Weigh In On California BanCorp

A number of hedge funds and other institutional investors have recently bought and sold shares of BCAL. Wellington Management Group LLP raised its holdings in California BanCorp by 199.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,079,886 shares of the company’s stock valued at $34,692,000 after acquiring an additional 1,385,202 shares during the period. Kennedy Capital Management LLC grew its position in California BanCorp by 77.1% during the third quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company’s stock worth $6,066,000 after buying an additional 158,270 shares in the last quarter. Dimensional Fund Advisors LP grew its position in California BanCorp by 49.5% during the first quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company’s stock worth $8,331,000 after buying an additional 155,744 shares in the last quarter. Jane Street Group LLC increased its stake in California BanCorp by 277.7% in the 4th quarter. Jane Street Group LLC now owns 205,513 shares of the company’s stock worth $3,837,000 after acquiring an additional 151,104 shares during the last quarter. Finally, Mendon Capital Advisors Corp increased its stake in California BanCorp by 58.7% in the 1st quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company’s stock worth $7,165,000 after acquiring an additional 149,491 shares during the last quarter. 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.