Insider Selling: California BanCorp (NASDAQ:BCAL) CFO Sells $143,200.00 in Stock

California BanCorp (NASDAQ:BCAL) CFO Jean Carandang sold 8,000 shares of the business’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $17.90, for a total value of $143,200.00. Following the sale, the chief financial officer owned 37,174 shares in the company, valued at $665,414.60. This represents a 17.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

California BanCorp Trading Down 1.4%

California BanCorp stock opened at $17.44 on Thursday. The stock has a 50-day moving average price of $18.55 and a two-hundred day moving average price of $18.20. California BanCorp has a 12 month low of $11.87 and a 12 month high of $20.47. The company has a market capitalization of $563.66 million, a PE ratio of 9.04 and a beta of 1.17.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings results on Wednesday, January 28th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.06. California BanCorp had a return on equity of 11.51% and a net margin of 26.60%.The company had revenue of $45.90 million for the quarter, compared to analysts’ expectations of $45.03 million. As a group, analysts predict that California BanCorp will post 1.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On California BanCorp

Several institutional investors and hedge funds have recently made changes to their positions in BCAL. Wellington Management Group LLP increased its holdings in California BanCorp by 199.4% in the third quarter. Wellington Management Group LLP now owns 2,079,886 shares of the company’s stock worth $34,692,000 after purchasing an additional 1,385,202 shares in the last quarter. FJ Capital Management LLC grew its position in shares of California BanCorp by 20.2% during the 2nd quarter. FJ Capital Management LLC now owns 1,271,636 shares of the company’s stock worth $20,041,000 after buying an additional 213,711 shares during the period. Kennedy Capital Management LLC increased its stake in shares of California BanCorp by 77.1% in the 3rd quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company’s stock valued at $6,066,000 after acquiring an additional 158,270 shares in the last quarter. Jane Street Group LLC increased its stake in shares of California BanCorp by 277.7% in the 4th quarter. Jane Street Group LLC now owns 205,513 shares of the company’s stock valued at $3,837,000 after acquiring an additional 151,104 shares in the last quarter. Finally, Elizabeth Park Capital Advisors Ltd. acquired a new position in shares of California BanCorp during the 4th quarter valued at $2,663,000. Institutional investors own 55.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on BCAL shares. DA Davidson reduced their target price on shares of California BanCorp from $22.50 to $21.50 and set a “buy” rating on the stock in a report on Thursday, January 29th. Wall Street Zen downgraded shares of California BanCorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Zacks Research lowered shares of California BanCorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of California BanCorp in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $20.50.

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.