California BanCorp (NASDAQ:BCAL) President Sells $325,040.00 in Stock

California BanCorp (NASDAQ:BCAL) President Richard Hernandez sold 17,000 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $19.12, for a total value of $325,040.00. Following the completion of the sale, the president owned 72,935 shares in the company, valued at approximately $1,394,517.20. The trade was a 18.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

California BanCorp Price Performance

Shares of NASDAQ BCAL traded up $0.11 during mid-day trading on Tuesday, hitting $18.71. The company had a trading volume of 179,901 shares, compared to its average volume of 221,307. The company has a market capitalization of $601.53 million, a PE ratio of 10.22 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 business’s 50-day simple moving average is $18.15 and its 200 day simple moving average is $18.58.

California BanCorp (NASDAQ:BCAL) last posted its earnings results on Friday, May 8th. The company reported $0.42 EPS for the quarter, beating the consensus estimate 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 10.66% and a net margin of 25.68%. On average, analysts expect that California BanCorp will post 1.68 EPS for the current year.

California BanCorp Dividend Announcement

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

Wall Street Analyst Weigh In

BCAL has been the topic of several recent analyst reports. DA Davidson increased their target price on California BanCorp from $21.50 to $22.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Zacks Research raised California BanCorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $20.67.

Hedge Funds Weigh In On California BanCorp

Several hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets grew its holdings in shares of California BanCorp by 12.4% during the third quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock worth $82,000 after purchasing an additional 545 shares during the last quarter. Invesco Ltd. grew its holdings in shares of California BanCorp by 4.4% during the fourth quarter. Invesco Ltd. now owns 16,154 shares of the company’s stock worth $302,000 after purchasing an additional 680 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of California BanCorp by 6.2% during the first quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock worth $172,000 after purchasing an additional 704 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of California BanCorp by 1.2% during the first quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock worth $998,000 after purchasing an additional 846 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of 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 worth $243,000 after purchasing an additional 978 shares during the last quarter. Hedge funds and other institutional investors own 55.40% of the company’s stock.

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.