California BanCorp (NASDAQ:BCAL) Given Consensus Recommendation of “Buy” by Brokerages

California BanCorp (NASDAQ:BCAL) has been assigned an average recommendation of “Buy” from the five ratings firms that are covering the stock, MarketBeat reports. Three analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $20.6667.

A number of equities analysts recently weighed in on BCAL shares. Zacks Research raised shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. DA Davidson increased their price target on California BanCorp from $21.50 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of California BanCorp in a research report on Wednesday, June 24th.

Insiders Place Their Bets

In other California BanCorp news, President Richard Hernandez sold 17,000 shares of California BanCorp stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $19.12, for a total value of $325,040.00. Following the completion of the sale, the president directly owned 72,935 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Insiders own 8.14% of the company’s stock.

Institutional Trading of California BanCorp

Several hedge funds have recently modified their holdings of BCAL. Parallel Advisors LLC boosted its holdings in California BanCorp by 17.1% in the first quarter. Parallel Advisors LLC now owns 11,820 shares of the company’s stock worth $209,000 after acquiring an additional 1,723 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of California BanCorp by 26.6% during the first quarter. Bank of America Corp DE now owns 89,566 shares of the company’s stock valued at $1,587,000 after acquiring an additional 18,839 shares in the last quarter. Royal Bank of Canada raised its position in shares of California BanCorp by 215.4% during the first quarter. Royal Bank of Canada now owns 2,094 shares of the company’s stock worth $37,000 after purchasing an additional 1,430 shares during the period. Empowered Funds LLC raised its position in shares of California BanCorp by 26.1% during the first quarter. Empowered Funds LLC now owns 140,127 shares of the company’s stock worth $2,483,000 after purchasing an additional 29,003 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of California BanCorp by 4.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 795,309 shares of the company’s stock worth $14,093,000 after purchasing an additional 34,945 shares in the last quarter. Institutional investors own 55.40% of the company’s stock.

California BanCorp Stock Performance

California BanCorp stock opened at $20.86 on Friday. California BanCorp has a 52-week low of $14.56 and a 52-week high of $21.50. The firm has a 50 day moving average price of $19.40 and a two-hundred day moving average price of $18.78. The firm has a market cap of $671.07 million, a price-to-earnings ratio of 11.40 and a beta of 0.93.

California BanCorp (NASDAQ:BCAL) last issued its quarterly 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. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%. The firm had revenue of $44.22 million for the quarter. As a group, equities research analysts predict that California BanCorp will post 1.7 EPS for the current fiscal year.

California BanCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 23rd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is 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%.

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.