Man Group plc Buys Shares of 65,675 California BanCorp $BCAL

Man Group plc purchased a new stake in shares of California BanCorp (NASDAQ:BCAL) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 65,675 shares of the company’s stock, valued at approximately $1,369,000. Man Group plc owned about 0.20% of California BanCorp as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in BCAL. Legal & General Group Plc purchased a new position in shares of California BanCorp during the second quarter valued at approximately $53,000. The Manufacturers Life Insurance Company purchased a new stake in California BanCorp in the second quarter worth approximately $16,501,000. Algert Global LLC boosted its holdings in California BanCorp by 25.7% in the second quarter. Algert Global LLC now owns 223,529 shares of the company’s stock worth $4,658,000 after purchasing an additional 45,669 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in California BanCorp in the 2nd quarter worth approximately $547,000. Finally, Algebris UK Ltd. purchased a new stake in California BanCorp during the 2nd quarter valued at $8,360,000. 55.40% of the stock is currently owned by institutional investors.

Insider Activity at California BanCorp

In other news, Director Lester Machado sold 7,500 shares of California BanCorp stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $21.19, for a total transaction of $158,925.00. Following the transaction, the director directly owned 22,391 shares of the company’s stock, valued at $474,465.29. The trade was a 25.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.14% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

BCAL has been the topic of a number of research reports. Stephens raised their price target on California BanCorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods upped their price objective on California BanCorp from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. DA Davidson increased their target price on California BanCorp from $23.50 to $25.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Raymond James Financial began coverage on California BanCorp in a research report on Thursday, August 20th. They issued an “outperform” rating and a $25.00 target price on the stock. Finally, Zacks Research downgraded California BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, California BanCorp has an average rating of “Moderate Buy” and an average price target of $24.50.

California BanCorp Price Performance

Shares of BCAL stock opened at $21.53 on Thursday. California BanCorp has a 1 year low of $15.85 and a 1 year high of $22.00. The firm has a fifty day moving average price of $21.18 and a 200-day moving average price of $19.52. The company has a market cap of $692.21 million, a price-to-earnings ratio of 11.70 and a beta of 0.92.

California BanCorp (NASDAQ:BCAL) last announced its earnings results on Monday, July 27th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.04. The company had revenue of $44.08 million for the quarter, compared to analysts’ expectations of $45.07 million. California BanCorp had a return on equity of 10.44% and a net margin of 26.01%. Equities research analysts expect 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 given 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 (DPR) is currently 26.09%.

California BanCorp 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.