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

Shares of California BanCorp (NASDAQ:BCAL) have received a consensus rating of “Buy” from the five brokerages that are currently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among analysts that have covered the stock in the last year is $20.6667.

A number of research analysts have weighed in on BCAL shares. Weiss Ratings reissued a “buy (b)” rating on shares of California BanCorp in a research note on Wednesday, June 24th. DA Davidson raised their price target on California BanCorp from $21.50 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Finally, Zacks Research upgraded shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th.

California BanCorp Trading Down 1.6%

NASDAQ BCAL opened at $20.27 on Friday. The stock has a market capitalization of $652.09 million, a price-to-earnings ratio of 11.08 and a beta of 0.93. The stock has a 50-day moving average of $19.51 and a 200 day moving average of $18.79. California BanCorp has a twelve month low of $14.56 and a twelve month high of $21.50.

California BanCorp (NASDAQ:BCAL) last announced its earnings results on Friday, May 8th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. California BanCorp had a return on equity of 10.59% and a net margin of 25.68%.The firm had revenue of $44.22 million for the quarter. Equities analysts predict that California BanCorp will post 1.7 EPS for the current fiscal year.

California BanCorp Announces Dividend

The company 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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Tuesday, June 23rd. California BanCorp’s dividend payout ratio is presently 21.86%.

Insider Transactions at California BanCorp

In related news, President Richard Hernandez sold 17,000 shares of California BanCorp stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $19.12, for a total value of $325,040.00. Following the completion of the transaction, the president owned 72,935 shares in the company, valued at $1,394,517.20. The trade was a 18.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.14% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On California BanCorp

Several institutional investors have recently modified their holdings of BCAL. EverSource Wealth Advisors LLC lifted its holdings in California BanCorp by 26,512.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock worth $34,000 after buying an additional 2,121 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of California BanCorp in the 4th quarter valued at about $36,000. Royal Bank of Canada raised its position in shares of California BanCorp by 215.4% during the 1st quarter. Royal Bank of Canada now owns 2,094 shares of the company’s stock worth $37,000 after acquiring an additional 1,430 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of California BanCorp by 508.7% during the 3rd 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 in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in California BanCorp by 12.4% during the third quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock worth $82,000 after purchasing an additional 545 shares during the last quarter. 55.40% of the stock is 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.