Brokerages Set California BanCorp (NASDAQ:BCAL) Price Target at $20.33

Shares of California BanCorp (NASDAQ:BCAL) have been given an average recommendation of “Buy” by the five brokerages that are presently covering the stock, MarketBeat.com 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 12 month price target among brokers that have issued a report on the stock in the last year is $20.3333.

A number of research analysts recently weighed in on BCAL shares. Keefe, Bruyette & Woods boosted their target price on California BanCorp from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Friday, October 31st. Weiss Ratings reiterated a “buy (b-)” rating on shares of California BanCorp in a report on Monday, December 15th. Wall Street Zen lowered shares of California BanCorp from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. DA Davidson set a $21.00 target price on shares of California BanCorp in a report on Wednesday, October 29th. Finally, Zacks Research raised shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 19th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BCAL. EverSource Wealth Advisors LLC increased its position 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 period. Russell Investments Group Ltd. increased its position in 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 period. CWM LLC raised its stake in California BanCorp by 143.9% in the 3rd quarter. CWM LLC now owns 2,263 shares of the company’s stock worth $38,000 after purchasing an additional 1,335 shares in the last quarter. State of Wyoming bought a new stake in California BanCorp in the 3rd quarter valued at about $64,000. Finally, New York State Common Retirement Fund grew its position in shares of California BanCorp by 124.0% during the 3rd quarter. New York State Common Retirement Fund now owns 4,104 shares of the company’s stock worth $68,000 after purchasing an additional 2,272 shares in the last quarter. 55.40% of the stock is owned by institutional investors and hedge funds.

California BanCorp Stock Performance

Shares of BCAL stock opened at $19.07 on Tuesday. California BanCorp has a 52-week low of $11.87 and a 52-week high of $20.47. The stock has a market cap of $616.34 million, a price-to-earnings ratio of 9.83 and a beta of 1.17. The firm’s 50-day moving average is $18.65 and its 200-day moving average is $17.05.

California BanCorp (NASDAQ:BCAL) last posted its quarterly earnings results on Tuesday, October 28th. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.09. The business had revenue of $45.18 million during the quarter, compared to analysts’ expectations of $44.02 million. California BanCorp had a return on equity of 11.85% and a net margin of 26.26%. Sell-side analysts predict that California BanCorp will post 1.81 EPS for the current fiscal year.

California BanCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 24th will be paid a dividend of $0.10 per share. The ex-dividend date is Wednesday, December 24th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.1%.

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.