California BanCorp (NASDAQ:BCAL) Stock Rating Lowered by Zacks Research

California BanCorp (NASDAQ:BCAL) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other research firms have also weighed in on BCAL. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of California BanCorp in a report on Monday. DA Davidson set a $21.00 price objective on shares of California BanCorp in a research report on Wednesday, October 29th. Wall Street Zen lowered California BanCorp from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. Finally, Keefe, Bruyette & Woods increased their price target on California BanCorp from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, California BanCorp presently has an average rating of “Buy” and an average price target of $20.33.

California BanCorp Stock Performance

BCAL stock opened at $18.89 on Monday. The firm has a market cap of $610.52 million, a P/E ratio of 9.74 and a beta of 1.18. California BanCorp has a 1 year low of $11.87 and a 1 year high of $20.47. The stock has a 50-day simple moving average of $18.94 and a 200-day simple moving average of $17.22.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.09. California BanCorp had a return on equity of 11.85% and a net margin of 26.26%.The firm had revenue of $45.18 million during the quarter, compared to analysts’ expectations of $44.02 million. On average, equities research analysts predict that California BanCorp will post 1.81 EPS for the current year.

Institutional Trading of California BanCorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its holdings in California BanCorp by 12.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock worth $82,000 after buying an additional 545 shares during the last quarter. Empowered Funds LLC lifted its stake in California BanCorp by 6.2% during the first quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock worth $172,000 after purchasing an additional 704 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in California BanCorp by 1.2% in the first quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock worth $998,000 after purchasing an additional 846 shares during the period. Parallel Advisors LLC increased its stake in California BanCorp by 12.9% during the second quarter. Parallel Advisors LLC now owns 10,097 shares of the company’s stock valued at $159,000 after purchasing an additional 1,157 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of California BanCorp by 143.9% during the third quarter. CWM LLC now owns 2,263 shares of the company’s stock worth $38,000 after purchasing an additional 1,335 shares during the period. 55.40% of the stock is owned by institutional investors.

California BanCorp Company Profile

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.