California BanCorp (NASDAQ:BCAL) Announces Earnings Results, Beats Expectations By $0.03 EPS

California BanCorp (NASDAQ:BCAL) posted its quarterly earnings results on Monday. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.41 by $0.03, Zacks reports. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%.

California BanCorp Trading Up 1.5%

NASDAQ BCAL opened at $21.33 on Monday. California BanCorp has a 52 week low of $14.56 and a 52 week high of $21.70. The company has a 50-day moving average price of $20.04 and a two-hundred day moving average price of $18.97. The stock has a market cap of $686.19 million, a price-to-earnings ratio of 11.66 and a beta of 0.93.

California BanCorp Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on BCAL shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of California BanCorp in a research report on Wednesday, June 24th. DA Davidson increased their price objective on shares of California BanCorp from $21.50 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Finally, Zacks Research upgraded shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $20.67.

Insiders Place Their Bets

In other California BanCorp news, President Richard Hernandez sold 17,000 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $19.12, for a total value of $325,040.00. Following the transaction, the president owned 72,935 shares in the company, 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 document filed with the SEC, which is available through the SEC website. Corporate insiders own 8.14% of the company’s stock.

Hedge Funds Weigh In On California BanCorp

Institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC lifted its holdings in California BanCorp by 26,512.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock worth $34,000 after purchasing an additional 2,121 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of 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 acquiring an additional 1,862 shares in the last quarter. BNP Paribas Financial Markets increased its stake in California BanCorp by 12.4% in the third quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock valued at $82,000 after acquiring an additional 545 shares during the period. State of Wyoming raised its position in California BanCorp by 83.8% in the fourth quarter. State of Wyoming now owns 7,007 shares of the company’s stock worth $131,000 after purchasing an additional 3,195 shares in the last quarter. Finally, Jump Financial LLC acquired a new position in shares of California BanCorp in the 4th quarter worth approximately $204,000. 55.40% of the stock is currently owned by institutional investors.

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.