California BanCorp (NASDAQ:BCAL) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of California BanCorp (NASDAQ:BCAL) have been assigned a consensus rating of “Moderate Buy” from the five brokerages that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $20.50.

A number of brokerages have issued reports on BCAL. Zacks Research cut California BanCorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Weiss Ratings reissued a “buy (b-)” rating on shares of California BanCorp in a research note on Monday, December 29th. Finally, DA Davidson reduced their price target on California BanCorp from $22.50 to $21.50 and set a “buy” rating on the stock in a report on Thursday, January 29th.

California BanCorp Price Performance

Shares of California BanCorp stock opened at $17.55 on Thursday. The company’s 50 day moving average price is $18.35 and its two-hundred day moving average price is $18.25. The firm has a market capitalization of $567.39 million, a P/E ratio of 9.09 and a beta of 1.17. 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 announced its quarterly earnings results on Wednesday, January 28th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.06. California BanCorp had a return on equity of 11.36% and a net margin of 26.60%.The company had revenue of $46.21 million during the quarter, compared to analysts’ expectations of $45.03 million. On average, analysts expect that California BanCorp will post 1.81 earnings per share for the current year.

California BanCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 24th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, March 24th. California BanCorp’s payout ratio is presently 20.73%.

Insider Activity at California BanCorp

In other news, Director David J. Volk sold 2,346,104 shares of California BanCorp stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $18.95, for a total transaction of $44,458,670.80. Following the transaction, the director owned 3,729 shares in the company, valued at approximately $70,664.55. The trade was a 99.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jean Carandang sold 8,000 shares of the business’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $17.90, for a total transaction of $143,200.00. Following the completion of the sale, the chief financial officer directly owned 37,174 shares in the company, valued at approximately $665,414.60. This represents a 17.71% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 14.84% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BCAL. EverSource Wealth Advisors LLC grew its position in shares of 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 buying an additional 2,121 shares during the last quarter. Cullen Frost Bankers Inc. bought a new position in shares of California BanCorp during the fourth quarter worth about $36,000. Russell Investments Group Ltd. raised its position in shares of California BanCorp by 508.7% during the third quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock worth $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 third quarter. CWM LLC now owns 2,263 shares of the company’s stock worth $38,000 after acquiring an additional 1,335 shares during the period. Finally, State of Wyoming acquired a new position in shares of California BanCorp in the third quarter worth approximately $64,000. 55.40% of the stock is owned by institutional investors and hedge funds.

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.