California BanCorp (NASDAQ:BCAL) Upgraded at Zacks Research

California BanCorp (NASDAQ:BCAL) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Other research analysts also recently issued reports about the company. Weiss Ratings restated a “buy (b-)” rating on shares of California BanCorp in a research note on Monday, December 29th. DA Davidson reduced their price objective on shares of California BanCorp from $22.50 to $21.50 and set a “buy” rating on the stock in a research report on Thursday, January 29th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $20.50.

California BanCorp Stock Up 1.4%

NASDAQ:BCAL opened at $17.72 on Monday. The business’s 50-day simple moving average is $18.27 and its two-hundred day simple moving average is $18.27. 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 $572.89 million, a PE ratio of 9.18 and a beta of 1.17.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings data on Wednesday, January 28th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.06. California BanCorp had a return on equity of 11.36% and a net margin of 26.60%.The firm had revenue of $46.21 million during the quarter, compared to analyst estimates of $45.03 million. Sell-side analysts anticipate that California BanCorp will post 1.81 earnings per share for the current fiscal year.

Insider Transactions at California BanCorp

In other news, CFO Jean Carandang sold 8,000 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $17.90, for a total transaction of $143,200.00. Following the sale, the chief financial officer directly owned 37,174 shares in the company, valued at approximately $665,414.60. This represents a 17.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David J. Volk purchased 27,000 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was acquired at an average cost of $18.64 per share, with a total value of $503,280.00. Following the acquisition, the director owned 28,195 shares in the company, valued at $525,554.80. The trade was a 2,259.41% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 14.84% of the company’s stock.

Institutional Investors Weigh In On California BanCorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BCAL. Cullen Frost Bankers Inc. purchased a new position in shares of California BanCorp in the 4th quarter worth approximately $36,000. EverSource Wealth Advisors LLC increased its position in shares of California BanCorp by 26,512.5% during 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 last quarter. Russell Investments Group Ltd. raised its holdings 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 buying an additional 1,862 shares during the period. CWM LLC raised its holdings in California BanCorp by 143.9% during the 3rd quarter. CWM LLC now owns 2,263 shares of the company’s stock valued at $38,000 after buying an additional 1,335 shares during the period. Finally, State of Wyoming bought a new stake in California BanCorp in the third quarter worth $64,000. 55.40% of the stock is currently owned by hedge funds and other institutional investors.

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.