California BanCorp (NASDAQ:BCAL) Receives $20.67 Consensus Price Target from Analysts

Shares of California BanCorp (NASDAQ:BCAL) have received a consensus recommendation of “Buy” from the five brokerages that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $20.6667.

A number of research analysts recently issued reports on the company. Zacks Research raised California BanCorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. DA Davidson lifted their target price on California BanCorp from $21.50 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th.

Insider Transactions at California BanCorp

In related news, President Richard Hernandez sold 17,000 shares of California BanCorp stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $19.12, for a total transaction of $325,040.00. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.14% of the stock is currently owned by insiders.

Hedge Funds Weigh In On California BanCorp

A number of hedge funds and other institutional investors have recently modified their holdings of BCAL. EverSource Wealth Advisors LLC boosted its position in shares of California BanCorp by 26,512.5% in 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 period. Cullen Frost Bankers Inc. acquired a new position in shares of California BanCorp in the 4th quarter valued at $36,000. Royal Bank of Canada boosted its position in shares of California BanCorp by 215.4% in the 1st quarter. Royal Bank of Canada now owns 2,094 shares of the company’s stock valued at $37,000 after purchasing an additional 1,430 shares during the period. Russell Investments Group Ltd. boosted its position in shares of 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 during the period. Finally, State of Wyoming acquired a new position in shares of California BanCorp in the 3rd quarter valued at $64,000. Institutional investors and hedge funds own 55.40% of the company’s stock.

California BanCorp Stock Down 1.3%

NASDAQ:BCAL opened at $19.51 on Tuesday. The business’s 50-day moving average price is $18.83 and its 200 day moving average price is $18.70. The firm has a market cap of $627.64 million, a P/E ratio of 10.66 and a beta of 0.99. California BanCorp has a 52-week low of $14.07 and a 52-week high of $20.47.

California BanCorp (NASDAQ:BCAL) last released its 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. The firm had revenue of $44.22 million for the quarter. California BanCorp had a return on equity of 10.59% and a net margin of 25.68%. Sell-side analysts expect that California BanCorp will post 1.68 EPS for the current year.

California BanCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 23rd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, June 23rd. California BanCorp’s payout ratio is presently 21.86%.

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.