California BanCorp (NASDAQ:BCAL) Issues Quarterly Earnings Results

California BanCorp (NASDAQ:BCAL) announced its earnings results on Friday. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.01, Zacks reports. The firm had revenue of $44.22 million for the quarter. California BanCorp had a return on equity of 11.36% and a net margin of 26.60%.

California BanCorp Trading Up 0.9%

BCAL stock traded up $0.18 on Friday, hitting $19.25. 141,449 shares of the company’s stock traded hands, compared to its average volume of 170,889. The stock has a market cap of $618.89 million, a price-to-earnings ratio of 9.97 and a beta of 1.01. California BanCorp has a 1-year low of $14.07 and a 1-year high of $20.47. The stock has a fifty day moving average of $18.14 and a 200-day moving average of $18.55.

California BanCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 24th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, March 24th. This represents a $0.40 annualized dividend and a yield of 2.1%. California BanCorp’s dividend payout ratio is currently 20.73%.

Insider Transactions at California BanCorp

In other California BanCorp news, CFO Jean Carandang sold 8,000 shares of the company’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $17.90, for a total value of $143,200.00. Following the transaction, the chief financial officer owned 37,174 shares of the company’s stock, valued at approximately $665,414.60. This represents a 17.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.14% of the company’s stock.

Hedge Funds Weigh In On California BanCorp

A number of hedge funds and other institutional investors have recently modified their holdings of BCAL. EverSource Wealth Advisors LLC boosted its holdings in shares of California BanCorp by 26,512.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock worth $34,000 after buying an additional 2,121 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of California BanCorp by 508.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock valued at $37,000 after buying an additional 1,862 shares during the period. BNP Paribas Financial Markets grew its stake in California BanCorp by 12.4% in the third quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock valued at $82,000 after purchasing an additional 545 shares in the last quarter. State of Wyoming grew its stake in shares of California BanCorp by 83.8% in the 4th quarter. State of Wyoming now owns 7,007 shares of the company’s stock valued at $131,000 after buying an additional 3,195 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in California BanCorp in the fourth quarter valued at approximately $204,000. Institutional investors and hedge funds own 55.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on BCAL shares. Zacks Research raised California BanCorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. DA Davidson lifted their target price on California BanCorp from $21.50 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $20.67.

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.