California BanCorp (NASDAQ:BCAL) Receives $24.50 Average PT from Brokerages

California BanCorp (NASDAQ:BCAL) has earned a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price target among analysts that have covered the stock in the last year is $24.50.

BCAL has been the subject of a number of analyst reports. Zacks Research downgraded shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. Raymond James Financial initiated coverage on California BanCorp in a research report on Thursday, August 20th. They issued an “outperform” rating and a $25.00 price target on the stock. Stephens raised their price objective on California BanCorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods lifted their price objective on California BanCorp from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Finally, DA Davidson boosted their target price on California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th.

Insider Buying and Selling

In related news, Director Lester Machado sold 7,500 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $474,465.29. This represents a 25.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 8.14% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Royal Bank of Canada increased 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 valued at $37,000 after acquiring an additional 1,430 shares in the last quarter. Parallel Advisors LLC lifted its position in California BanCorp by 17.1% in the 1st quarter. Parallel Advisors LLC now owns 11,820 shares of the company’s stock valued at $209,000 after acquiring an additional 1,723 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new stake in California BanCorp during the 4th quarter valued at $36,000. Integrated Wealth Concepts LLC purchased a new stake in California BanCorp during the 2nd quarter valued at $51,000. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of California BanCorp by 30.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 10,838 shares of the company’s stock worth $202,000 after purchasing an additional 2,504 shares in the last quarter. 55.40% of the stock is owned by hedge funds and other institutional investors.

California BanCorp Trading Up 0.1%

BCAL opened at $21.52 on Thursday. The company has a market cap of $691.87 million, a price-to-earnings ratio of 11.70 and a beta of 0.92. The stock has a fifty day simple moving average of $21.47 and a two-hundred day simple moving average of $19.84. California BanCorp has a 12-month low of $15.85 and a 12-month high of $22.41.

California BanCorp (NASDAQ:BCAL) last released its earnings results on Monday, July 27th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.04. California BanCorp had a net margin of 26.01% and a return on equity of 10.44%. The firm had revenue of $44.08 million for the quarter, compared to the consensus estimate of $45.07 million. On average, analysts predict that California BanCorp will post 1.75 EPS for the current year.

California BanCorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Monday, September 21st will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Monday, September 21st. This is a positive change from California BanCorp’s previous quarterly dividend of $0.10. California BanCorp’s dividend payout ratio (DPR) is presently 26.09%.

California BanCorp Company Profile

California BanCorp (NASDAQ: BCAL) is a bank holding company for California Bank of Commerce, a full-service commercial bank focused on serving businesses, professionals, nonprofit organizations and individuals. The bank provides relationship-based banking and financial services through its California operations.

Its products and services include commercial and industrial lending, commercial real estate loans, construction financing, Small Business Administration lending, business and personal deposit accounts, treasury management and cash-management services.