California BanCorp (NASDAQ:BCAL) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of California BanCorp (NASDAQ:BCAL) from a hold rating to a buy rating in a research report sent to investors on Saturday morning.

Several other equities research analysts have also recently commented on BCAL. DA Davidson set a $21.00 price target on California BanCorp in a report on Wednesday, October 29th. Stephens raised California BanCorp from a “hold” rating to a “strong-buy” rating and set a $19.00 target price for the company in a research note on Monday, August 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of California BanCorp in a report on Wednesday, October 8th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $20.33.

California BanCorp Stock Performance

Shares of NASDAQ:BCAL traded down $0.05 during midday trading on Friday, hitting $18.84. The company’s stock had a trading volume of 191,839 shares, compared to its average volume of 168,025. The company has a market cap of $612.68 million, a P/E ratio of 9.71 and a beta of 1.20. California BanCorp has a 12-month low of $11.87 and a 12-month high of $19.39. The business’s 50 day simple moving average is $17.21 and its 200 day simple moving average is $16.01.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings data on Tuesday, October 28th. The company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.09. California BanCorp had a net margin of 26.26% and a return on equity of 12.04%. The company had revenue of $45.11 million during the quarter, compared to the consensus estimate of $44.02 million. On average, sell-side analysts predict that California BanCorp will post 1.81 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised its stake in shares of California BanCorp by 6.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,998 shares of the company’s stock valued at $244,000 after acquiring an additional 1,045 shares during the period. Pacific Ridge Capital Partners LLC boosted its position in shares of California BanCorp by 16.3% during the 1st quarter. Pacific Ridge Capital Partners LLC now owns 54,349 shares of the company’s stock worth $779,000 after purchasing an additional 7,631 shares during the period. Deutsche Bank AG increased its holdings in California BanCorp by 20.6% in the 1st quarter. Deutsche Bank AG now owns 16,642 shares of the company’s stock valued at $238,000 after purchasing an additional 2,840 shares during the last quarter. Nuveen LLC purchased a new stake in California BanCorp in the first quarter valued at approximately $436,000. Finally, American Century Companies Inc. raised its position in California BanCorp by 6.8% in the first quarter. American Century Companies Inc. now owns 41,747 shares of the company’s stock valued at $598,000 after purchasing an additional 2,665 shares during the period. Hedge funds and other institutional investors own 55.40% of the company’s stock.

About California BanCorp

Southern California Bancorp operates as the holding company for Bank of Southern California, N.A. that provides various financial products to individuals, professionals, and small-to medium-sized businesses. The company offers checking, personal and business savings, and money market accounts, as well as certificates of deposit.