California BanCorp (NASDAQ:BCAL) Receives $20.50 Consensus PT from Analysts

California BanCorp (NASDAQ:BCAL) has received an average recommendation of “Buy” from the five analysts that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $20.50.

A number of research analysts recently commented on the company. DA Davidson lowered their price target on California BanCorp from $22.50 to $21.50 and set a “buy” rating on the stock in a report on Thursday, January 29th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of California BanCorp in a report on Monday, December 29th. Finally, Zacks Research upgraded shares of California BanCorp from a “strong sell” rating to a “hold” rating in a research report on Monday.

Insiders Place Their Bets

In other California BanCorp news, CFO Jean Carandang sold 8,000 shares of the stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $17.90, for a total transaction of $143,200.00. Following the completion of the transaction, the chief financial officer owned 37,174 shares of the company’s stock, valued at $665,414.60. This represents a 17.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David J. Volk acquired 27,000 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were purchased at an average price of $18.64 per share, with a total value of $503,280.00. Following the transaction, the director owned 28,195 shares of the company’s stock, valued at approximately $525,554.80. This represents a 2,259.41% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 14.84% of the company’s stock.

Institutional Investors Weigh In On California BanCorp

Large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its stake in California BanCorp by 26,512.5% during 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 stake in California BanCorp in the 4th quarter worth approximately $36,000. Russell Investments Group Ltd. increased its stake in 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 during the last quarter. CWM LLC raised its holdings in shares of California BanCorp by 143.9% during the 3rd quarter. CWM LLC now owns 2,263 shares of the company’s stock worth $38,000 after acquiring an additional 1,335 shares in the last quarter. Finally, State of Wyoming purchased a new stake in shares of California BanCorp during the 3rd quarter worth approximately $64,000. 55.40% of the stock is owned by institutional investors.

California BanCorp Stock Performance

Shares of BCAL stock opened at $17.84 on Thursday. The stock has a fifty day simple moving average of $18.25 and a two-hundred day simple moving average of $18.26. The firm has a market capitalization of $576.77 million, a PE ratio of 9.24 and a beta of 1.11. California BanCorp has a 52-week low of $11.87 and a 52-week high of $20.47.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings data on Wednesday, January 28th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.06. California BanCorp had a return on equity of 11.36% and a net margin of 26.60%.The firm had revenue of $46.21 million during the quarter, compared to analyst estimates of $45.03 million. On average, sell-side analysts forecast that California BanCorp will post 1.81 EPS for the current fiscal year.

California BanCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 24th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, March 24th. California BanCorp’s dividend payout ratio (DPR) is presently 20.73%.

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.