California BanCorp (NASDAQ:BCAL) Receives $21.67 Consensus Target Price from Brokerages

Shares of California BanCorp (NASDAQ:BCAL) have earned an average rating of “Buy” from the five ratings firms that are presently covering the company, Marketbeat reports. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $24.3333.

A number of equities analysts recently commented on BCAL shares. Stephens lifted their price objective on California BanCorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Weiss Ratings reissued a “buy (b)” rating on shares of California BanCorp in a research report on Wednesday, June 24th. DA Davidson raised their price target on shares of California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Keefe, Bruyette & Woods raised their price target on shares of California BanCorp from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Zacks Research upgraded shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 30th.

California BanCorp Stock Up 0.6%

Shares of NASDAQ:BCAL opened at $21.57 on Wednesday. The firm has a market cap of $693.91 million, a P/E ratio of 11.72 and a beta of 0.92. California BanCorp has a 12-month low of $14.76 and a 12-month high of $22.00. The business has a fifty day simple moving average of $20.38 and a 200 day simple moving average of $19.11.

California BanCorp (NASDAQ:BCAL) last announced its earnings results on Monday, July 27th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.40 by $0.04. The firm had revenue of $44.91 million for the quarter, compared to the consensus estimate of $45.07 million. California BanCorp had a return on equity of 10.51% and a net margin of 26.01%. As a group, equities research analysts expect that California BanCorp will post 1.75 EPS for the current year.

California BanCorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Monday, September 21st will be paid 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 of this dividend is Monday, September 21st. California BanCorp’s payout ratio is 21.74%.

Insider Buying and Selling at California BanCorp

In related news, Director Lester Machado sold 7,500 shares of the business’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $21.19, for a total value of $158,925.00. Following the transaction, the director owned 22,391 shares in the company, valued at $474,465.29. The trade was a 25.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Richard Hernandez sold 17,000 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $19.12, for a total transaction of $325,040.00. Following the sale, the president directly owned 72,935 shares in the company, valued at $1,394,517.20. This trade represents a 18.90% decrease in their position. The SEC filing for this sale provides additional information. 8.14% of the stock is owned by insiders.

Institutional Investors Weigh In On California BanCorp

Hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its stake in shares of California BanCorp by 26,512.5% in the 2nd 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 period. Cullen Frost Bankers Inc. acquired a new position in California BanCorp during the 4th quarter worth approximately $36,000. Royal Bank of Canada raised its stake in California BanCorp by 215.4% during the 1st quarter. Royal Bank of Canada now owns 2,094 shares of the company’s stock worth $37,000 after buying an additional 1,430 shares during the period. Russell Investments Group Ltd. boosted its holdings in California BanCorp by 508.7% in the third 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 in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in California BanCorp by 12.4% in the third quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock worth $82,000 after acquiring an additional 545 shares in the last quarter. 55.40% of the stock is currently owned by institutional investors.

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.