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

Shares of California BanCorp (NASDAQ:BCAL) have been assigned a consensus rating of “Buy” from the five research firms that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $20.6667.

A number of analysts have recently weighed in on the stock. DA Davidson upped their price target on shares of California BanCorp from $21.50 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Zacks Research raised shares of California BanCorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th.

Insider Buying and Selling

In related news, President Richard Hernandez sold 17,000 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $19.12, for a total transaction of $325,040.00. Following the completion of the sale, the president directly owned 72,935 shares of the company’s stock, valued at $1,394,517.20. This represents a 18.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 8.14% of the stock is currently owned by corporate insiders.

Institutional Trading of California BanCorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its stake in California BanCorp by 26,512.5% during the second 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. Cullen Frost Bankers Inc. acquired a new stake in California BanCorp during the fourth quarter valued at approximately $36,000. Royal Bank of Canada lifted its stake in California BanCorp by 215.4% during the first quarter. Royal Bank of Canada now owns 2,094 shares of the company’s stock valued at $37,000 after purchasing an additional 1,430 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in California BanCorp by 508.7% during the third quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock valued at $37,000 after purchasing an additional 1,862 shares during the last quarter. Finally, State of Wyoming acquired a new stake in California BanCorp during the third quarter valued at approximately $64,000. 55.40% of the stock is owned by institutional investors and hedge funds.

California BanCorp Trading Up 0.7%

Shares of NASDAQ:BCAL opened at $19.39 on Tuesday. The company has a 50 day moving average of $18.63 and a 200-day moving average of $18.67. The firm has a market cap of $623.78 million, a P/E ratio of 10.60 and a beta of 0.99. California BanCorp has a twelve month low of $14.07 and a twelve month high of $20.47.

California BanCorp (NASDAQ:BCAL) last issued its quarterly earnings results on Friday, May 8th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. The company had revenue of $44.22 million during the quarter. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%. Equities research analysts forecast that California BanCorp will post 1.68 EPS for the current year.

California BanCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 23rd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, June 23rd. This represents a $0.40 annualized dividend and a yield of 2.1%. California BanCorp’s dividend payout ratio is currently 21.86%.

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.