California BanCorp (NASDAQ:BCAL) Issues Earnings Results, Hits Expectations

California BanCorp (NASDAQ:BCAL) announced its quarterly earnings results on Wednesday. The company reported $0.43 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.43, Zacks reports.

California BanCorp Stock Performance

NASDAQ BCAL traded down $0.51 during trading hours on Wednesday, reaching $21.44. 24,757 shares of the company’s stock were exchanged, compared to its average volume of 215,185. The company has a market capitalization of $689.45 million, a price-to-earnings ratio of 11.64 and a beta of 0.91. California BanCorp has a one year low of $16.87 and a one year high of $22.41. The company’s 50-day moving average is $21.60 and its two-hundred day moving average is $19.82.

Insider Activity

In related news, Director Lester Machado sold 7,500 shares of California BanCorp stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $21.19, for a total value of $158,925.00. Following the sale, the director owned 22,391 shares of the company’s stock, valued at approximately $474,465.29. This trade represents a 25.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.14% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Keefe, Bruyette & Woods boosted their price target on California BanCorp from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Stephens raised their price target on shares of California BanCorp from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Raymond James Financial assumed coverage on California BanCorp in a research note on Thursday, August 20th. They set an “outperform” rating and a $25.00 price target on the stock. DA Davidson boosted their price target on shares of California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Finally, Zacks Research cut shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 24th. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.50.

California BanCorp Company Profile

California BanCorp (NASDAQ: BCAL) is a bank holding company headquartered in California. Through its principal subsidiary, California Bank of Commerce, the company provides commercial banking products and services to businesses, professionals, and individuals.

California Bank of Commerce offers business and personal deposit accounts, commercial and industrial lending, commercial real estate financing, construction loans, lines of credit, treasury management, online banking, and other cash-management services.