Brokerages Set California BanCorp (NASDAQ:BCAL) PT at $20.67

California BanCorp (NASDAQ:BCAL) has been given a consensus recommendation of “Buy” by the five brokerages that are currently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $20.6667.

Several research firms recently weighed in on BCAL. DA Davidson boosted their target price on California BanCorp from $21.50 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Zacks Research upgraded shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 30th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th.

California BanCorp Trading Up 0.9%

NASDAQ:BCAL traded up $0.18 during trading hours on Friday, hitting $20.66. The company’s stock had a trading volume of 145,410 shares, compared to its average volume of 248,802. California BanCorp has a 52-week low of $14.56 and a 52-week high of $21.50. The stock has a market capitalization of $664.63 million, a P/E ratio of 11.29 and a beta of 0.93. The stock has a fifty day moving average of $19.59 and a 200-day moving average of $18.81.

California BanCorp (NASDAQ:BCAL) last announced its quarterly earnings results on Friday, May 8th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. California BanCorp had a return on equity of 10.59% and a net margin of 25.68%.The company had revenue of $44.22 million during the quarter. On average, sell-side analysts forecast that California BanCorp will post 1.7 earnings per share for the current year.

California BanCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 23rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, June 23rd. California BanCorp’s dividend payout ratio (DPR) is 21.86%.

Insider Buying and Selling

In related news, President Richard Hernandez sold 17,000 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $19.12, for a total value of $325,040.00. Following the completion of the sale, the president directly owned 72,935 shares of the company’s stock, valued at $1,394,517.20. The trade was a 18.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.14% of the stock is owned by corporate insiders.

Institutional Trading of California BanCorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Cullen Frost Bankers Inc. acquired a new stake in shares of California BanCorp in the 4th quarter valued at about $36,000. Royal Bank of Canada increased its position in California BanCorp by 215.4% during the first quarter. Royal Bank of Canada now owns 2,094 shares of the company’s stock worth $37,000 after buying an additional 1,430 shares during the period. EverSource Wealth Advisors LLC lifted its stake 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 buying an additional 2,121 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in California BanCorp by 508.7% in the third 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 last quarter. Finally, Daytona Street Capital LLC acquired a new stake in shares of California BanCorp in the fourth quarter valued at approximately $90,000. Institutional investors and hedge funds own 55.40% of the company’s stock.

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.