California BanCorp (NASDAQ:BCAL) Stock Rating Lowered by Zacks Research

California BanCorp (NASDAQ:BCAL) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

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

California BanCorp Trading Up 0.9%

Shares of NASDAQ:BCAL opened at $18.89 on Monday. California BanCorp has a 1 year low of $11.87 and a 1 year high of $20.47. The business has a fifty day simple moving average of $18.94 and a 200 day simple moving average of $17.22. The firm 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 issued 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. California BanCorp had a return on equity of 11.85% and a net margin of 26.26%.The firm had revenue of $45.18 million for the quarter, compared to the consensus estimate of $44.02 million. On average, sell-side analysts forecast that California BanCorp will post 1.81 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Nuveen LLC bought a new stake in California BanCorp during the first quarter valued at about $436,000. American Century Companies Inc. lifted its position in shares of California BanCorp by 6.8% during the 1st quarter. American Century Companies Inc. now owns 41,747 shares of the company’s stock worth $598,000 after purchasing an additional 2,665 shares during the last quarter. Jump Financial LLC bought a new stake in California BanCorp during the 1st quarter valued at approximately $228,000. PDT Partners LLC grew its holdings in California BanCorp by 15.2% in the 1st quarter. PDT Partners LLC now owns 16,660 shares of the company’s stock valued at $239,000 after buying an additional 2,200 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in California BanCorp by 1.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock valued at $998,000 after buying an additional 846 shares during the last quarter. Institutional investors and hedge funds 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.