California BanCorp (NASDAQ:BCAL) Releases Earnings Results

California BanCorp (NASDAQ:BCAL) posted its quarterly earnings results on Wednesday. The company reported $0.43 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.43, Zacks reports. California BanCorp had a net margin of 26.01% and a return on equity of 10.44%. The company had revenue of $46.05 million for the quarter, compared to the consensus estimate of $46.12 million.

California BanCorp Stock Down 1.9%

BCAL stock opened at $21.54 on Thursday. California BanCorp has a fifty-two week low of $16.87 and a fifty-two week high of $22.41. The firm’s 50-day simple moving average is $21.59 and its 200 day simple moving average is $19.84. The stock has a market cap of $692.53 million, a PE ratio of 11.71 and a beta of 0.91.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. DA Davidson increased their price objective on shares of California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Weiss Ratings restated a “buy (b)” rating on shares of California BanCorp in a research note on Monday, September 21st. Keefe, Bruyette & Woods lifted their target price on California BanCorp from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Zacks Research lowered California BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, August 24th. Finally, Raymond James Financial started coverage on California BanCorp in a research report on Thursday, August 20th. They set an “outperform” rating and a $25.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.50.

Insiders Place Their Bets

In other California BanCorp news, Director Lester Machado sold 7,500 shares of the business’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $21.19, for a total transaction of $158,925.00. Following the completion of the transaction, the director directly owned 22,391 shares of the company’s stock, valued at $474,465.29. The trade was a 25.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.14% of the stock is currently owned by corporate insiders.

California BanCorp Company Profile

California BanCorp (NASDAQ: BCAL) is a bank holding company headquartered in California. Through its principal subsidiary, California Bank of Commerce, the company provides commercial banking products and services to businesses, professionals, and individuals.

California Bank of Commerce offers business and personal deposit accounts, commercial and industrial lending, commercial real estate financing, construction loans, lines of credit, treasury management, online banking, and other cash-management services.