California BanCorp (NASDAQ:BCAL) Downgraded by Zacks Research to Hold

Zacks Research lowered shares of California BanCorp (NASDAQ:BCAL) from a strong-buy rating to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.

BCAL has been the subject of several other research reports. Wall Street Zen cut shares of California BanCorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. DA Davidson set a $21.00 target price on California BanCorp in a research note on Wednesday, October 29th. Keefe, Bruyette & Woods boosted their price target on shares of California BanCorp from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Friday, October 31st. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of California BanCorp in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $20.33.

California BanCorp Trading Up 0.9%

BCAL stock opened at $18.89 on Monday. California BanCorp has a 12-month low of $11.87 and a 12-month high of $20.47. The business’s 50-day moving average is $18.94 and its 200 day moving average is $17.22. The stock has a market cap of $610.52 million, a price-to-earnings ratio of 9.74 and a beta of 1.18.

California BanCorp (NASDAQ:BCAL) last announced its earnings results on Tuesday, October 28th. The company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.09. The business had revenue of $45.18 million during the quarter, compared to analysts’ expectations of $44.02 million. California BanCorp had a return on equity of 11.85% and a net margin of 26.26%. As a group, equities analysts forecast that California BanCorp will post 1.81 EPS for the current fiscal year.

California BanCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 24th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, December 24th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.1%. California BanCorp’s dividend payout ratio (DPR) is presently 20.62%.

Institutional Investors Weigh In On California BanCorp

Several institutional investors and hedge funds have recently modified their holdings of BCAL. EverSource Wealth Advisors LLC increased its stake in California BanCorp by 26,512.5% during 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 during the period. Russell Investments Group Ltd. grew its holdings in shares of 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 purchasing an additional 1,862 shares in the last quarter. CWM LLC increased its stake in California BanCorp by 143.9% during the 3rd quarter. CWM LLC now owns 2,263 shares of the company’s stock worth $38,000 after buying an additional 1,335 shares during the period. State of Wyoming acquired a new stake in California BanCorp during the 3rd quarter worth approximately $64,000. Finally, New York State Common Retirement Fund boosted its position in California BanCorp by 124.0% in the 3rd quarter. New York State Common Retirement Fund now owns 4,104 shares of the company’s stock valued at $68,000 after buying an additional 2,272 shares during the period. Hedge funds and other 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.