California BanCorp (NASDAQ:BCAL) Releases Quarterly Earnings Results, Hits Estimates

California BanCorp (NASDAQ:BCAL) released its earnings results on Wednesday. The company reported $0.43 EPS for the quarter, hitting the consensus estimate of $0.43, Zacks reports. The firm had revenue of $46.05 million for the quarter, compared to the consensus estimate of $46.12 million. California BanCorp had a net margin of 25.47% and a return on equity of 10.09%.

California BanCorp Stock Down 0.5%

California BanCorp stock opened at $21.44 on Friday. The company has a market cap of $689.30 million, a price-to-earnings ratio of 12.03 and a beta of 0.91. The firm’s fifty day moving average is $21.60 and its 200 day moving average is $19.85. California BanCorp has a 52-week low of $16.87 and a 52-week high of $22.41.

Wall Street Analysts Forecast Growth

BCAL has been the topic of several research analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of California BanCorp in a research note on Monday, September 21st. Zacks Research lowered California BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 24th. Keefe, Bruyette & Woods lifted their target price on California BanCorp from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Stephens lifted 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, 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 target price on the stock. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $24.50.

California BanCorp Company Profile

California BanCorp (NASDAQ: BCAL) is a bank holding company headquartered in California. Through its principal subsidiary, California Bank of Commerce, the company provides commercial banking products and services to businesses, professionals, and individuals.

California Bank of Commerce offers business and personal deposit accounts, commercial and industrial lending, commercial real estate financing, construction loans, lines of credit, treasury management, online banking, and other cash-management services.