California BanCorp (NASDAQ:BCAL) Given Average Rating of “Buy” by Analysts

California BanCorp (NASDAQ:BCAL) has been given an average recommendation of “Buy” by the five analysts that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $20.3333.

BCAL has been the topic of several recent analyst reports. Keefe, Bruyette & Woods raised their target price on shares of California BanCorp from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Zacks Research downgraded shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Weiss Ratings restated a “buy (b-)” rating on shares of California BanCorp in a research note on Monday, December 29th. Wall Street Zen downgraded California BanCorp from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. Finally, DA Davidson set a $21.00 price target on California BanCorp in a report on Wednesday, October 29th.

California BanCorp Price Performance

Shares of NASDAQ BCAL opened at $18.25 on Friday. The business has a fifty day moving average price of $19.10 and a two-hundred day moving average price of $17.41. The stock has a market capitalization of $589.84 million, a PE ratio of 9.41 and a beta of 1.19. California BanCorp has a fifty-two week low of $11.87 and a fifty-two week high of $20.47.

California BanCorp (NASDAQ:BCAL) last issued its quarterly earnings results on Tuesday, October 28th. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.09. The company had revenue of $45.18 million for the quarter, compared to analysts’ expectations of $44.02 million. California BanCorp had a return on equity of 11.85% and a net margin of 26.26%. On average, equities analysts expect that California BanCorp will post 1.81 EPS for the current year.

California BanCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 24th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, December 24th. This represents a $0.40 annualized dividend and a yield of 2.2%. California BanCorp’s payout ratio is presently 20.62%.

Hedge Funds Weigh In On California BanCorp

A number of institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC lifted its stake in 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. Russell Investments Group Ltd. lifted its stake 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 acquiring an additional 1,862 shares during the last quarter. CWM LLC lifted its stake 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 acquiring an additional 1,335 shares during the last quarter. State of Wyoming acquired a new stake in shares of California BanCorp during the 3rd quarter valued at $64,000. Finally, New York State Common Retirement Fund grew its position in California BanCorp by 124.0% during the 3rd quarter. New York State Common Retirement Fund now owns 4,104 shares of the company’s stock worth $68,000 after acquiring an additional 2,272 shares during the last quarter. 55.40% of the stock is currently owned by institutional investors and hedge funds.

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.