California BanCorp (NASDAQ:BCAL) Receives $24.50 Average PT from Analysts

California BanCorp (NASDAQ:BCAL) has been given an average recommendation of “Moderate Buy” by the six brokerages that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $24.50.

Several equities analysts have recently issued reports on BCAL shares. Stephens upped their target price on 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 lifted their price target on California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Raymond James Financial started coverage on California BanCorp in a research report on Thursday, August 20th. They issued an “outperform” rating and a $25.00 price objective on the stock. Finally, Zacks Research lowered California BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 24th.

California BanCorp Stock Performance

California BanCorp stock opened at $21.27 on Friday. California BanCorp has a fifty-two week low of $15.85 and a fifty-two week high of $22.00. The stock has a market cap of $683.83 million, a PE ratio of 11.56 and a beta of 0.92. The firm’s 50-day simple moving average is $21.11 and its 200 day simple moving average is $19.46.

California BanCorp (NASDAQ:BCAL) last issued its quarterly earnings data on Monday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.04. The business had revenue of $44.08 million during the quarter, compared to the consensus estimate of $45.07 million. California BanCorp had a net margin of 26.01% and a return on equity of 10.44%. As a group, analysts predict that California BanCorp will post 1.75 EPS for the current fiscal year.

California BanCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Monday, September 21st will be given a dividend of $0.12 per share. The ex-dividend date is Monday, September 21st. This is an increase from California BanCorp’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a yield of 2.3%. California BanCorp’s dividend payout ratio (DPR) is currently 21.74%.

Insider Transactions at California BanCorp

In other California BanCorp news, Director Lester Machado sold 7,500 shares of California BanCorp stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $21.19, for a total value of $158,925.00. Following the sale, the director owned 22,391 shares of the company’s stock, valued at approximately $474,465.29. The trade was a 25.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 8.14% of the company’s stock.

Institutional Investors Weigh In On California BanCorp

A number of hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets lifted its position in shares of California BanCorp by 12.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock valued at $82,000 after buying an additional 545 shares during the last quarter. Invesco Ltd. increased its holdings in California BanCorp by 4.4% in the 4th quarter. Invesco Ltd. now owns 16,154 shares of the company’s stock worth $302,000 after acquiring an additional 680 shares during the last quarter. Empowered Funds LLC raised its stake in California BanCorp by 6.2% in the 1st quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock valued at $172,000 after acquiring an additional 704 shares during the period. Goldman Sachs Group Inc. raised its stake 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 acquiring an additional 846 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in California BanCorp by 8.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,988 shares of the company’s stock valued at $243,000 after purchasing an additional 978 shares during the last quarter. Institutional investors own 55.40% of the company’s stock.

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.