California BanCorp (BCAL) to Post Quarterly Earnings on Monday

California BanCorp (NASDAQ:BCAL) is projected to announce its results before the market opens on Monday, July 27th. Analysts expect California BanCorp to post earnings of $0.41 per share and revenue of $45.07 million for the quarter.

California BanCorp (NASDAQ:BCAL) last released its earnings results on Friday, May 8th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.01. The firm had revenue of $44.22 million during the quarter. California BanCorp had a return on equity of 10.59% and a net margin of 25.68%. On average, analysts expect California BanCorp to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

California BanCorp Stock Performance

Shares of NASDAQ BCAL opened at $21.23 on Monday. The company has a market cap of $682.97 million, a P/E ratio of 11.60 and a beta of 0.93. The firm’s fifty day moving average is $19.80 and its two-hundred day moving average is $18.89. California BanCorp has a 52-week low of $14.56 and a 52-week high of $21.70.

California BanCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 23rd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.9%. The ex-dividend date was Tuesday, June 23rd. California BanCorp’s payout ratio is currently 21.86%.

Insiders Place Their Bets

In other news, President Richard Hernandez sold 17,000 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $19.12, for a total transaction of $325,040.00. Following the transaction, the president directly owned 72,935 shares in the company, valued at $1,394,517.20. The trade was a 18.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.14% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. raised its holdings in shares of California BanCorp by 1.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock valued at $998,000 after buying an additional 846 shares during the period. Empowered Funds LLC lifted its position in shares of California BanCorp by 6.2% during the 1st quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock worth $172,000 after buying an additional 704 shares during the last quarter. Jane Street Group LLC acquired a new position in California BanCorp during the first quarter worth approximately $357,000. Creative Planning acquired a new stake in shares of California BanCorp during the second quarter worth about $335,000. Finally, American Century Companies Inc. increased its stake in California BanCorp by 15.1% in the 2nd quarter. American Century Companies Inc. now owns 48,045 shares of the company’s stock valued at $757,000 after buying an additional 6,298 shares during the period. Hedge funds and other institutional investors own 55.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BCAL. Zacks Research upgraded California BanCorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 30th. Weiss Ratings restated a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th. Finally, DA Davidson increased their price target on California BanCorp from $21.50 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to MarketBeat, California BanCorp presently has a consensus rating of “Buy” and an average price target of $20.67.

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.