California BanCorp (NASDAQ:BCAL) Stock Now Rated “Moderate Buy” by Wall Street Brokerages

Shares of California BanCorp (NASDAQ:BCAL) have received a consensus rating of “Moderate Buy” from the six research firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $24.50.

BCAL has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods upped their price target on shares of California BanCorp from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Weiss Ratings restated a “buy (b)” rating on shares of California BanCorp in a research report on Monday, September 21st. Raymond James Financial began coverage on shares of California BanCorp in a research note on Thursday, August 20th. They set an “outperform” rating and a $25.00 target price on the stock. Zacks Research cut shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. Finally, DA Davidson upped their target price on shares of California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th.

California BanCorp Stock Performance

NASDAQ:BCAL opened at $21.76 on Monday. The stock has a 50-day simple moving average of $21.56 and a two-hundred day simple moving average of $20.30. The firm has a market capitalization of $699.58 million, a PE ratio of 11.80 and a beta of 0.91. California BanCorp has a 52-week low of $15.98 and a 52-week high of $22.41.

California BanCorp (NASDAQ:BCAL) last posted its quarterly earnings data on Monday, July 27th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.40 by $0.04. California BanCorp had a return on equity of 10.44% and a net margin of 26.01%. The firm had revenue of $44.08 million for the quarter, compared to the consensus estimate of $45.07 million. Equities analysts forecast that California BanCorp will post 1.74 earnings per share for the current fiscal year.

California BanCorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Monday, September 21st were issued a dividend of $0.12 per share. This is a boost from California BanCorp’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Monday, September 21st. California BanCorp’s payout ratio is 26.09%.

Insider Activity at California BanCorp

In other news, Director Lester Machado sold 7,500 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $21.19, for a total value of $158,925.00. Following the transaction, the director directly owned 22,391 shares in the company, valued at $474,465.29. The trade was 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 this hyperlink. 8.14% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its stake in 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 acquiring an additional 1,430 shares in the last quarter. Parallel Advisors LLC boosted its stake in California BanCorp by 17.1% during the first quarter. Parallel Advisors LLC now owns 11,820 shares of the company’s stock valued at $209,000 after buying an additional 1,723 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in California BanCorp during the second quarter valued at approximately $51,000. Rockefeller Capital Management L.P. boosted its stake in California BanCorp by 30.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 10,838 shares of the company’s stock valued at $202,000 after buying an additional 2,504 shares during the last quarter. Finally, Legal & General Group Plc purchased a new position in California BanCorp during the 2nd quarter valued at approximately $53,000. 55.40% of the stock is currently owned by institutional investors.

California BanCorp Company Profile

California BanCorp is a bank holding company headquartered in California and the parent company of California Bank of Commerce. Through its banking subsidiary, the company provides relationship-based financial services primarily to businesses, professional practices, nonprofit organizations and individuals.

California Bank of Commerce offers commercial and business banking products, including deposit accounts, commercial real estate and business loans, lines of credit, equipment financing, treasury management and cash-management services.