California BanCorp (NASDAQ:BCAL) Receives Average Recommendation of “Buy” from Analysts

Shares of California BanCorp (NASDAQ:BCAL) have received an average rating of “Buy” from the five research firms that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $20.6667.

A number of brokerages have commented on BCAL. Zacks Research raised California BanCorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Weiss Ratings restated a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th. Finally, DA Davidson lifted their target price on California BanCorp from $21.50 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th.

Insiders Place Their Bets

In other California BanCorp news, President Richard Hernandez sold 17,000 shares of California BanCorp 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 transaction, the president directly owned 72,935 shares of the company’s stock, valued at $1,394,517.20. The trade was a 18.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.14% of the company’s stock.

Institutional Trading of California BanCorp

Several institutional investors and hedge funds have recently made changes to their positions in BCAL. Wellington Management Group LLP lifted its position in shares of California BanCorp by 38.6% during the fourth quarter. Wellington Management Group LLP now owns 2,882,833 shares of the company’s stock valued at $53,822,000 after purchasing an additional 802,947 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in California BanCorp by 4.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 795,309 shares of the company’s stock worth $14,093,000 after purchasing an additional 34,945 shares in the last quarter. Dimensional Fund Advisors LP grew its position in California BanCorp by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company’s stock worth $8,331,000 after purchasing an additional 155,744 shares in the last quarter. Mendon Capital Advisors Corp increased its stake in California BanCorp by 58.7% in the 1st quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company’s stock valued at $7,165,000 after buying an additional 149,491 shares during the last quarter. Finally, Kennedy Capital Management LLC increased its stake in 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 buying an additional 158,270 shares during the last quarter. Hedge funds and other institutional investors own 55.40% of the company’s stock.

California BanCorp Stock Performance

California BanCorp stock opened at $20.86 on Friday. The firm has a market capitalization of $671.07 million, a price-to-earnings ratio of 11.40 and a beta of 0.93. The firm’s fifty day moving average price is $19.40 and its two-hundred day moving average price is $18.78. California BanCorp has a 1-year low of $14.56 and a 1-year high of $21.50.

California BanCorp (NASDAQ:BCAL) last posted its earnings results on Friday, May 8th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.41 by $0.01. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%. The company had revenue of $44.22 million during the quarter. On average, research analysts forecast that California BanCorp will post 1.7 EPS for the current year.

California BanCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 23rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, June 23rd. California BanCorp’s dividend payout ratio is presently 21.86%.

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.