California BanCorp (NASDAQ:BCAL) Receives Average Rating of “Buy” from Brokerages

Shares of California BanCorp (NASDAQ:BCAL) have been assigned a consensus rating of “Buy” from the six research firms that are currently covering the firm, MarketBeat reports. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $24.50.

Several equities analysts have recently issued reports on the stock. Raymond James Financial started coverage on shares of California BanCorp in a report on Thursday. They set an “outperform” rating and a $25.00 target price for the company. Keefe, Bruyette & Woods raised their price objective on California BanCorp from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. Zacks Research upgraded California BanCorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 30th. Stephens boosted their target price on California BanCorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Finally, DA Davidson increased their target price on California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th.

Insider Buying and Selling at California BanCorp

In related news, Director Lester Machado sold 7,500 shares of the firm’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 completion of the sale, the director owned 22,391 shares of the company’s stock, valued at $474,465.29. This trade represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.14% of the stock is owned by company insiders.

Institutional Trading of California BanCorp

Institutional investors have recently added to or reduced their stakes in the business. Cullen Frost Bankers Inc. bought a new stake in shares of California BanCorp in the 4th quarter worth $36,000. Royal Bank of Canada lifted its holdings 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 purchasing an additional 1,430 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of California BanCorp by 26,512.5% during the second 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 last quarter. Russell Investments Group Ltd. boosted its position in shares of California BanCorp by 508.7% during the third quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock valued at $37,000 after buying an additional 1,862 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in California BanCorp in the 2nd quarter worth about $53,000. 55.40% of the stock is currently owned by hedge funds and other institutional investors.

California BanCorp Price Performance

Shares of NASDAQ BCAL opened at $21.36 on Friday. California BanCorp has a 1 year low of $15.85 and a 1 year high of $22.00. The firm has a 50-day moving average of $20.94 and a 200 day moving average of $19.38. The stock has a market cap of $686.72 million, a P/E ratio of 11.61 and a beta of 0.92.

California BanCorp (NASDAQ:BCAL) last announced its quarterly earnings data 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 business had revenue of $44.08 million for the quarter, compared to analysts’ expectations of $45.07 million. Research analysts expect that California BanCorp will post 1.75 earnings per share for the current fiscal year.

California BanCorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Monday, September 21st will be issued a dividend of $0.12 per share. The ex-dividend date is Monday, September 21st. This is a positive change from California BanCorp’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.2%. California BanCorp’s dividend payout ratio is currently 21.74%.

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.