California BanCorp (NASDAQ:BCAL) Receives $20.50 Consensus Price Target from Brokerages

California BanCorp (NASDAQ:BCAL) has received a consensus rating of “Moderate Buy” from the five analysts that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $20.50.

Several brokerages have weighed in on BCAL. Weiss Ratings reiterated a “buy (b-)” rating on shares of California BanCorp in a research report on Monday, December 29th. Keefe, Bruyette & Woods lifted their target price on shares of California BanCorp from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Wall Street Zen lowered shares of California BanCorp from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. Zacks Research cut shares of California BanCorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Finally, DA Davidson cut their price target on shares of California BanCorp from $22.50 to $21.50 and set a “buy” rating on the stock in a report on Thursday, January 29th.

Insider Transactions at California BanCorp

In other California BanCorp news, Director David J. Volk sold 2,346,104 shares of the company’s stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $18.95, for a total transaction of $44,458,670.80. Following the completion of the transaction, the director owned 3,729 shares of the company’s stock, valued at $70,664.55. This represents a 99.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 14.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On California BanCorp

A number of large investors have recently made changes to their positions in BCAL. Cullen Frost Bankers Inc. bought a new position in shares of California BanCorp during the fourth quarter valued at approximately $36,000. EverSource Wealth Advisors LLC boosted its holdings in California BanCorp by 26,512.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock valued at $34,000 after acquiring an additional 2,121 shares in the last quarter. Russell Investments Group Ltd. increased its position in California BanCorp by 508.7% during the 3rd 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 period. CWM LLC raised its holdings 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. Finally, State of Wyoming purchased a new stake in shares of California BanCorp in the 3rd quarter worth about $64,000. 55.40% of the stock is currently owned by institutional investors.

California BanCorp Stock Up 1.6%

NASDAQ BCAL opened at $19.16 on Wednesday. The company has a 50-day simple moving average of $18.96 and a two-hundred day simple moving average of $17.75. California BanCorp has a 12-month low of $11.87 and a 12-month high of $20.47. The firm has a market cap of $619.25 million, a price-to-earnings ratio of 9.93 and a beta of 1.19.

California BanCorp (NASDAQ:BCAL) last released its earnings results on Wednesday, January 28th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.06. The company had revenue of $45.90 million during the quarter, compared to analyst estimates of $45.03 million. California BanCorp had a return on equity of 11.51% and a net margin of 26.60%. Equities analysts expect that California BanCorp will post 1.81 earnings per share for the current fiscal year.

California BanCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 24th were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, December 24th. This represents a $0.40 annualized dividend and a dividend yield of 2.1%. California BanCorp’s dividend payout ratio (DPR) is presently 20.73%.

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.