Thrivent Financial for Lutherans Purchases New Position in California BanCorp $BCAL

Thrivent Financial for Lutherans acquired a new position in California BanCorp (NASDAQ:BCAL) during the 3rd quarter, HoldingsChannel reports. The fund acquired 26,693 shares of the company’s stock, valued at approximately $445,000.

Several other institutional investors have also recently made changes to their positions in BCAL. EverSource Wealth Advisors LLC lifted its stake in shares of California BanCorp by 26,512.5% in the 2nd 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 period. CWM LLC increased its holdings in California BanCorp by 143.9% in the third quarter. CWM LLC now owns 2,263 shares of the company’s stock valued at $38,000 after buying an additional 1,335 shares in the last quarter. New York State Common Retirement Fund raised its position in shares of California BanCorp by 124.0% in the third quarter. New York State Common Retirement Fund now owns 4,104 shares of the company’s stock worth $68,000 after acquiring an additional 2,272 shares during the period. Empowered Funds LLC boosted its stake 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 acquiring an additional 704 shares in the last quarter. Finally, Sei Investments Co. acquired a new stake in shares of California BanCorp during the 2nd quarter valued at about $254,000. 55.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other California BanCorp news, Director David J. Volk sold 2,346,104 shares of the company’s stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $18.95, for a total transaction of $44,458,670.80. Following the transaction, the director directly owned 3,729 shares in the company, valued at approximately $70,664.55. This represents a 99.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 14.84% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on BCAL shares. Keefe, Bruyette & Woods upped their price target on California BanCorp from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Friday, October 31st. DA Davidson reduced their target price on California BanCorp from $22.50 to $21.50 and set a “buy” rating for the company in a research note on Thursday, January 29th. Weiss Ratings reissued a “buy (b-)” rating on shares of California BanCorp in a research note on Monday, December 29th. Wall Street Zen lowered California BanCorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Finally, Zacks Research cut California BanCorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, California BanCorp currently has an average rating of “Moderate Buy” and an average price target of $20.50.

California BanCorp Price Performance

Shares of California BanCorp stock opened at $19.00 on Wednesday. California BanCorp has a 12 month low of $11.87 and a 12 month high of $20.47. The stock has a market capitalization of $614.08 million, a price-to-earnings ratio of 9.84 and a beta of 1.19. The firm’s fifty day simple moving average is $18.85 and its 200-day simple moving average is $17.93.

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

California BanCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 24th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Wednesday, December 24th. California BanCorp’s dividend payout ratio (DPR) is currently 20.73%.

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.