California BanCorp (NASDAQ:BCAL) Downgraded by Zacks Research to “Hold”

Zacks Research lowered shares of California BanCorp (NASDAQ:BCAL) from a strong-buy rating to a hold rating in a research report report published on Monday,Zacks.com reports.

Several other equities research analysts have also issued reports on the company. Stephens raised their target price on California BanCorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Weiss Ratings restated a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th. Keefe, Bruyette & Woods boosted their target price on shares of California BanCorp from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. DA Davidson increased their target price on shares of California BanCorp from $23.50 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, Raymond James Financial assumed coverage on shares of California BanCorp in a research note on Thursday, August 20th. They set an “outperform” rating and a $25.00 price target for the company. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.50.

California BanCorp Stock Down 0.5%

Shares of NASDAQ BCAL opened at $21.37 on Monday. The company has a market capitalization of $687.05 million, a PE ratio of 11.61 and a beta of 0.92. The stock’s 50 day moving average price is $21.01 and its 200-day moving average price is $19.42. California BanCorp has a twelve month low of $15.85 and a twelve month high of $22.00.

California BanCorp (NASDAQ:BCAL) last issued its quarterly earnings results on Monday, July 27th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.04. California BanCorp had a return on equity of 10.44% and a net margin of 26.01%.The company had revenue of $44.08 million during the quarter, compared to the consensus estimate of $45.07 million. As a group, research analysts expect that California BanCorp will post 1.75 EPS for the current fiscal year.

California BanCorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Monday, September 21st will be given a dividend of $0.12 per share. This is a boost from California BanCorp’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Monday, September 21st. California BanCorp’s dividend payout ratio (DPR) is 21.74%.

Insider Activity

In related news, Director Lester Machado sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $21.19, for a total transaction of $158,925.00. Following the sale, the director directly owned 22,391 shares in the company, valued at approximately $474,465.29. This represents a 25.09% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 8.14% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On California BanCorp

A number of hedge funds and other institutional investors have recently bought and sold shares of BCAL. BNP Paribas Financial Markets increased its stake in California BanCorp by 12.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock worth $82,000 after acquiring an additional 545 shares during the last quarter. Invesco Ltd. boosted its position in shares of California BanCorp by 4.4% during the 4th quarter. Invesco Ltd. now owns 16,154 shares of the company’s stock valued at $302,000 after acquiring an additional 680 shares during the last quarter. Empowered Funds LLC boosted its position in shares of California BanCorp by 6.2% during the 1st quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock valued at $172,000 after acquiring an additional 704 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of California BanCorp by 1.2% during the first quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock worth $998,000 after purchasing an additional 846 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of California BanCorp by 8.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,988 shares of the company’s stock worth $243,000 after purchasing an additional 978 shares in the last quarter. Institutional investors own 55.40% of the company’s stock.

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.