California BanCorp (NASDAQ:BCAL) Receives $20.33 Consensus Price Target from Analysts

Shares of California BanCorp (NASDAQ:BCAL) have received a consensus recommendation of “Buy” from the five brokerages that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $20.3333.

BCAL has been the subject of a number of analyst reports. DA Davidson set a $21.00 price target on shares of California BanCorp in a research note on Wednesday, October 29th. Zacks Research cut California BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Keefe, Bruyette & Woods lifted their price target on shares of California BanCorp from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Wall Street Zen cut shares of California BanCorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of California BanCorp in a research note on Monday, December 29th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC increased its position in California BanCorp by 12.9% in the second quarter. Parallel Advisors LLC now owns 10,097 shares of the company’s stock worth $159,000 after purchasing an additional 1,157 shares during the period. Pinnacle Associates Ltd. bought a new stake in shares of California BanCorp during the second quarter worth approximately $781,000. Kennedy Capital Management LLC lifted its holdings in California BanCorp by 107.5% in the second quarter. Kennedy Capital Management LLC now owns 205,394 shares of the company’s stock valued at $3,237,000 after buying an additional 106,405 shares during the period. Goldman Sachs Group Inc. boosted its stake in California BanCorp by 1.2% in the first quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock valued at $998,000 after acquiring an additional 846 shares during the last quarter. Finally, HoldCo Asset Management LP acquired a new stake in California BanCorp during the 2nd quarter worth $639,000. 55.40% of the stock is currently owned by institutional investors.

California BanCorp Stock Down 0.3%

California BanCorp stock opened at $18.20 on Friday. The business has a 50 day moving average price of $19.09 and a two-hundred day moving average price of $17.46. California BanCorp has a 12 month low of $11.87 and a 12 month high of $20.47. The stock has a market cap of $588.22 million, a price-to-earnings ratio of 9.38 and a beta of 1.19.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings data on Tuesday, October 28th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.09. The business had revenue of $45.18 million for 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%. On average, analysts expect that California BanCorp will post 1.81 earnings per share for the current fiscal year.

California BanCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 24th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Wednesday, December 24th. California BanCorp’s dividend payout ratio is presently 20.62%.

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.