Lester Machado Sells 7,500 Shares of California BanCorp (NASDAQ:BCAL) Stock

California BanCorp (NASDAQ:BCAL) Director Lester Machado sold 7,500 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $21.19, for a total value of $158,925.00. Following the completion of the transaction, the director directly owned 22,391 shares in the company, valued at approximately $474,465.29. This trade represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

California BanCorp Stock Performance

California BanCorp stock opened at $21.41 on Thursday. The stock has a market capitalization of $688.76 million, a price-to-earnings ratio of 11.64 and a beta of 0.92. California BanCorp has a 52-week low of $15.01 and a 52-week high of $22.00. The stock’s 50 day moving average price is $20.43 and its two-hundred day moving average price is $19.13.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings data on Monday, July 27th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.04. California BanCorp had a net margin of 26.01% and a return on equity of 10.51%. The company had revenue of $44.91 million during the quarter, compared to analyst estimates of $45.07 million. On average, equities research analysts forecast that California BanCorp will post 1.75 EPS for the current year.

California BanCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Monday, September 21st will be issued a $0.12 dividend. The ex-dividend date is Monday, September 21st. This is a positive change from California BanCorp’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a yield of 2.2%. California BanCorp’s dividend payout ratio is 21.74%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on BCAL shares. Stephens upped their price objective on shares of California BanCorp from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of California BanCorp in a research report on Wednesday, June 24th. DA Davidson upped their price target on California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Zacks Research upgraded California BanCorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Finally, Keefe, Bruyette & Woods upped their target price on California BanCorp from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to MarketBeat, California BanCorp currently has a consensus rating of “Buy” and a consensus target price of $24.33.

Institutional Trading of California BanCorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC lifted 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 valued at $34,000 after purchasing an additional 2,121 shares in the last quarter. Cullen Frost Bankers Inc. bought a new position in California BanCorp during the 4th quarter valued at $36,000. Royal Bank of Canada lifted its stake in California BanCorp by 215.4% during the 1st quarter. Royal Bank of Canada now owns 2,094 shares of the company’s stock valued at $37,000 after acquiring an additional 1,430 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in California BanCorp by 508.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock worth $37,000 after acquiring an additional 1,862 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its stake in shares of California BanCorp by 12.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock worth $82,000 after acquiring an additional 545 shares in the last quarter. 55.40% of the stock is owned by 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.