California BanCorp (NASDAQ:BCAL) Receives Average Recommendation of “Buy” from Analysts

California BanCorp (NASDAQ:BCAL) has been assigned a consensus recommendation of “Buy” from the five ratings firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $20.6667.

Several research analysts have weighed in on BCAL shares. 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. Zacks Research upgraded California BanCorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th.

California BanCorp Stock Up 0.1%

NASDAQ:BCAL opened at $19.00 on Friday. The stock’s 50 day moving average price is $18.25 and its 200 day moving average price is $18.65. The company has a market capitalization of $611.14 million, a PE ratio of 10.38 and a beta of 1.01. California BanCorp has a 52-week low of $14.07 and a 52-week high of $20.47.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings results on Friday, May 8th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. The firm had revenue of $44.22 million for the quarter. California BanCorp had a return on equity of 10.59% and a net margin of 25.68%. As a group, sell-side analysts anticipate that California BanCorp will post 1.68 EPS for the current fiscal year.

California BanCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 24th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Tuesday, March 24th. California BanCorp’s dividend payout ratio (DPR) is 21.86%.

Insider Activity at California BanCorp

In other California BanCorp news, President Richard Hernandez sold 17,000 shares of California BanCorp stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $19.12, for a total value of $325,040.00. Following the transaction, the president directly owned 72,935 shares in the company, valued at approximately $1,394,517.20. This trade represents a 18.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Jean Carandang sold 8,000 shares of California BanCorp stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $17.90, for a total value of $143,200.00. Following the completion of the transaction, the chief financial officer owned 37,174 shares in the company, valued at $665,414.60. This trade represents a 17.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 8.14% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its stake in shares of California BanCorp by 26,512.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock valued at $34,000 after purchasing an additional 2,121 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in shares of California BanCorp in the 4th quarter valued at approximately $36,000. Royal Bank of Canada lifted its holdings in shares of California BanCorp by 215.4% in the 1st quarter. Royal Bank of Canada now owns 2,094 shares of the company’s stock valued at $37,000 after buying an additional 1,430 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of California BanCorp by 508.7% in 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. Finally, CWM LLC lifted its holdings in shares of California BanCorp by 143.9% in the 3rd quarter. CWM LLC now owns 2,263 shares of the company’s stock valued at $38,000 after buying an additional 1,335 shares during the period. 55.40% of the stock is currently owned by hedge funds and other institutional investors.

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.