DA Davidson Has Lowered Expectations for California BanCorp (NASDAQ:BCAL) Stock Price

California BanCorp (NASDAQ:BCAL) had its price objective reduced by DA Davidson from $22.50 to $21.50 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. DA Davidson’s price target would suggest a potential upside of 19.51% from the company’s previous close.

A number of other research firms have also weighed in on BCAL. Weiss Ratings reiterated a “buy (b-)” rating on shares of California BanCorp in a research report on Monday, December 29th. Zacks Research cut shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Wall Street Zen downgraded shares of California BanCorp from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. Finally, Keefe, Bruyette & Woods upped their price target on shares of California BanCorp from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, California BanCorp has a consensus rating of “Buy” and a consensus target price of $20.50.

California BanCorp Stock Performance

California BanCorp stock opened at $17.99 on Thursday. The firm has a market cap of $581.44 million, a price-to-earnings ratio of 9.32 and a beta of 1.19. California BanCorp has a 1 year low of $11.87 and a 1 year high of $20.47. The firm’s 50 day moving average price is $19.02 and its two-hundred day moving average price is $17.66.

California BanCorp (NASDAQ:BCAL) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.06. The company had revenue of $45.90 million during the quarter, compared to the consensus estimate of $45.03 million. California BanCorp had a return on equity of 11.51% and a net margin of 26.60%. As a group, equities analysts predict that California BanCorp will post 1.81 EPS for the current fiscal year.

Hedge Funds Weigh In On California BanCorp

Several institutional investors and hedge funds have recently modified their holdings of the stock. Pinnacle Associates Ltd. purchased a new stake in shares of California BanCorp during the second quarter worth $781,000. Kennedy Capital Management LLC increased its position in California BanCorp by 107.5% in the 2nd quarter. Kennedy Capital Management LLC now owns 205,394 shares of the company’s stock worth $3,237,000 after purchasing an additional 106,405 shares during the last quarter. HoldCo Asset Management LP acquired a new position in California BanCorp in the 2nd quarter worth about $639,000. FJ Capital Management LLC raised its stake in shares of California BanCorp by 20.2% during the 2nd quarter. FJ Capital Management LLC now owns 1,271,636 shares of the company’s stock worth $20,041,000 after purchasing an additional 213,711 shares in the last quarter. Finally, Woodward Diversified Capital LLC acquired a new stake in shares of California BanCorp during the 2nd quarter valued at about $213,000. 55.40% of the stock is currently owned by hedge funds and other 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.