The Manufacturers Life Insurance Company Purchases 34,945 Shares of California BanCorp $BCAL

The Manufacturers Life Insurance Company lifted its holdings in California BanCorp (NASDAQ:BCAL) by 4.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 795,309 shares of the company’s stock after purchasing an additional 34,945 shares during the period. The Manufacturers Life Insurance Company’s holdings in California BanCorp were worth $14,093,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its position 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 acquiring an additional 2,121 shares during the period. Cullen Frost Bankers Inc. bought a new stake in shares of California BanCorp during the 4th quarter valued at $36,000. Russell Investments Group Ltd. grew its position in shares of California BanCorp by 508.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock valued at $37,000 after acquiring an additional 1,862 shares during the period. BNP Paribas Financial Markets increased its stake in shares of California BanCorp by 12.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock worth $82,000 after purchasing an additional 545 shares in the last quarter. Finally, Daytona Street Capital LLC purchased a new stake in shares of California BanCorp in the 4th quarter worth $90,000. 55.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Zacks Research raised California BanCorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Weiss Ratings reissued a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th. Stephens upped their price target on California BanCorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, DA Davidson raised their price objective on California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $23.33.

California BanCorp Stock Performance

BCAL stock opened at $21.30 on Monday. The company’s fifty day moving average price is $20.28 and its 200-day moving average price is $19.07. California BanCorp has a one year low of $14.56 and a one year high of $22.00. The company has a market capitalization of $685.22 million, a PE ratio of 11.58 and a beta of 0.92.

California BanCorp (NASDAQ:BCAL) last posted its earnings results on Monday, July 27th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.04. The company had revenue of $44.91 million during the quarter, compared to analysts’ expectations of $45.07 million. California BanCorp had a net margin of 26.01% and a return on equity of 10.51%. On average, research analysts predict that California BanCorp will post 1.75 EPS for the current fiscal year.

California BanCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Monday, September 21st will be given a dividend of $0.12 per share. The ex-dividend date is Monday, September 21st. This is a positive change from California BanCorp’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.3%. California BanCorp’s dividend payout ratio (DPR) is 21.74%.

Insider Buying and Selling at California BanCorp

In other news, President Richard Hernandez sold 17,000 shares of California BanCorp stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $19.12, for a total value of $325,040.00. Following the sale, the president directly owned 72,935 shares of the company’s stock, valued at approximately $1,394,517.20. The trade was a 18.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.14% of the stock is currently owned by insiders.

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.