Insider Selling: California BanCorp (NASDAQ:BCAL) CFO Sells 8,000 Shares of Stock

California BanCorp (NASDAQ:BCAL) CFO Jean Carandang sold 8,000 shares of California BanCorp stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $17.90, for a total transaction of $143,200.00. Following the completion of the sale, the chief financial officer directly owned 37,174 shares of the company’s stock, valued at $665,414.60. The trade was a 17.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

California BanCorp Trading Down 0.7%

Shares of California BanCorp stock traded down $0.12 during trading hours on Monday, reaching $17.84. 159,672 shares of the company’s stock were exchanged, compared to its average volume of 239,639. California BanCorp has a 52-week low of $11.87 and a 52-week high of $20.47. The company has a fifty day moving average of $18.60 and a 200-day moving average of $18.20. The firm has a market capitalization of $576.59 million, a price-to-earnings ratio of 9.24 and a beta of 1.17.

California BanCorp (NASDAQ:BCAL) last released its earnings results on Wednesday, January 28th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.06. The firm had revenue of $45.90 million for the quarter, compared to the consensus estimate of $45.03 million. California BanCorp had a return on equity of 11.51% and a net margin of 26.60%. On average, equities research analysts anticipate that California BanCorp will post 1.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On California BanCorp

Several large investors have recently modified their holdings of BCAL. EverSource Wealth Advisors LLC increased its holdings 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. Cullen Frost Bankers Inc. bought a new position in California BanCorp during the 4th quarter worth approximately $36,000. Russell Investments Group Ltd. grew 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 worth $37,000 after acquiring an additional 1,862 shares in the last quarter. CWM LLC increased its holdings in shares of California BanCorp by 143.9% in the 3rd quarter. CWM LLC now owns 2,263 shares of the company’s stock valued at $38,000 after acquiring an additional 1,335 shares during the last quarter. Finally, State of Wyoming acquired a new stake in shares of California BanCorp during the 3rd quarter valued at approximately $64,000. Institutional investors own 55.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BCAL. DA Davidson lowered their price target on California BanCorp from $22.50 to $21.50 and set a “buy” rating for the company in a research report on Thursday, January 29th. Zacks Research lowered shares of California BanCorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of California BanCorp in a research report on Monday, December 29th. Finally, Wall Street Zen lowered shares of California BanCorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $20.50.

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.