Insider Selling: California BanCorp (NASDAQ:BCAL) CFO Sells 8,000 Shares of Stock

California BanCorp (NASDAQ:BCAL) CFO Jean Carandang sold 8,000 shares of the business’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $17.90, for a total transaction of $143,200.00. Following the sale, the chief financial officer owned 37,174 shares in the company, valued at $665,414.60. The trade was a 17.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

California BanCorp Stock Down 0.7%

Shares of NASDAQ BCAL traded down $0.12 during midday trading on Monday, hitting $17.84. The company had a trading volume of 159,672 shares, compared to its average volume of 239,639. The firm has a market capitalization of $576.59 million, a price-to-earnings ratio of 9.24 and a beta of 1.17. California BanCorp has a twelve month low of $11.87 and a twelve month high of $20.47. The business has a 50-day simple moving average of $18.60 and a two-hundred day simple moving average of $18.20.

California BanCorp (NASDAQ:BCAL) last issued its earnings results on Wednesday, January 28th. The company reported $0.50 earnings per share for the quarter, topping 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 company had revenue of $45.90 million for the quarter, compared to analyst estimates of $45.03 million. On average, equities analysts forecast that California BanCorp will post 1.81 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on BCAL. Zacks Research cut California BanCorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. DA Davidson dropped their price target on California BanCorp from $22.50 to $21.50 and set a “buy” rating for the company in a research report on Thursday, January 29th. Wall Street Zen lowered shares of California BanCorp from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of California BanCorp in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Hedge Funds Weigh In On California BanCorp

A number of institutional investors have recently made changes to their positions in BCAL. EverSource Wealth Advisors LLC lifted its position in shares of 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. Cullen Frost Bankers Inc. acquired a new position in California BanCorp in the 4th quarter valued at about $36,000. Russell Investments Group Ltd. lifted its holdings in California BanCorp by 508.7% in 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 in the last quarter. CWM LLC boosted its stake in shares of California BanCorp by 143.9% during 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 during the last quarter. Finally, State of Wyoming purchased a new stake in shares of California BanCorp during the third quarter worth about $64,000. 55.40% of the stock is owned by institutional investors and hedge funds.

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.