California BanCorp (NASDAQ:BCAL) Stock Now Rated “Moderate Buy” by Wall Street Analysts

Shares of California BanCorp (NASDAQ:BCAL) have received a consensus recommendation of “Moderate Buy” from the six ratings firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $24.50.

BCAL has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of California BanCorp in a research note on Monday, September 21st. Keefe, Bruyette & Woods lifted their price objective on shares of California BanCorp from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. DA Davidson boosted their price objective on shares of California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Raymond James Financial assumed coverage on shares of California BanCorp in a report on Thursday, August 20th. They issued an “outperform” rating and a $25.00 target price on the stock. Finally, Zacks Research cut shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, August 24th.

California BanCorp Stock Performance

NASDAQ BCAL opened at $21.76 on Monday. The company has a market cap of $699.61 million, a PE ratio of 11.83 and a beta of 0.91. California BanCorp has a 12 month low of $15.98 and a 12 month high of $22.41. The stock has a 50 day moving average of $21.56 and a 200-day moving average of $20.32.

California BanCorp (NASDAQ:BCAL) last released its earnings results on Monday, July 27th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.04. The business had revenue of $44.08 million during the quarter, compared to analysts’ expectations of $45.07 million. California BanCorp had a net margin of 26.01% and a return on equity of 10.44%. As a group, sell-side analysts predict that California BanCorp will post 1.74 EPS for the current fiscal year.

California BanCorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Monday, September 21st were issued a dividend of $0.12 per share. The ex-dividend date was Monday, September 21st. This is an increase 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%. California BanCorp’s dividend payout ratio is 26.09%.

Insiders Place Their Bets

In other California BanCorp news, Director Lester Machado sold 7,500 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $21.19, for a total transaction of $158,925.00. Following the transaction, the director owned 22,391 shares of the company’s stock, valued at $474,465.29. The trade was a 25.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.14% of the stock is currently owned by company insiders.

Institutional Trading of California BanCorp

Hedge funds have recently made changes to their positions in the business. Royal Bank of Canada raised its stake in California BanCorp by 215.4% in the 1st 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 during the period. Integrated Wealth Concepts LLC bought a new position in California BanCorp during the second quarter worth $51,000. Legal & General Group Plc bought a new position in California BanCorp during the second quarter worth $53,000. SG Americas Securities LLC boosted its position in California BanCorp by 53.1% during the first quarter. SG Americas Securities LLC now owns 9,228 shares of the company’s stock worth $164,000 after purchasing an additional 3,202 shares during the period. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of California BanCorp by 30.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 10,838 shares of the company’s stock valued at $202,000 after purchasing an additional 2,504 shares during the last quarter. 55.40% of the stock is owned by institutional investors and hedge funds.

California BanCorp Company Profile

California BanCorp is a bank holding company headquartered in California and the parent company of California Bank of Commerce. Through its banking subsidiary, the company provides relationship-based financial services primarily to businesses, professional practices, nonprofit organizations and individuals.

California Bank of Commerce offers commercial and business banking products, including deposit accounts, commercial real estate and business loans, lines of credit, equipment financing, treasury management and cash-management services.