California BanCorp (NASDAQ:BCAL) Announces Earnings Results

California BanCorp (NASDAQ:BCAL) posted its quarterly earnings results on Friday. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01, Zacks reports. California BanCorp had a net margin of 26.60% and a return on equity of 11.36%.

California BanCorp Stock Performance

California BanCorp stock traded up $0.18 during trading on Friday, reaching $19.25. The company had a trading volume of 141,449 shares, compared to its average volume of 170,889. The firm’s 50-day simple moving average is $18.14 and its 200 day simple moving average is $18.55. California BanCorp has a 1-year low of $14.07 and a 1-year high of $20.47. The firm has a market capitalization of $618.89 million, a PE ratio of 9.88 and a beta of 1.01.

California BanCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 24th were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, March 24th. This represents a $0.40 dividend on an annualized basis and a yield of 2.1%. California BanCorp’s dividend payout ratio (DPR) is currently 20.73%.

Wall Street Analyst Weigh In

BCAL has been the subject of a number of recent research reports. DA Davidson raised their price target on shares of California BanCorp from $21.50 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Zacks Research raised shares of California BanCorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $20.67.

Insider Transactions at California BanCorp

In related news, CFO Jean Carandang sold 8,000 shares of California BanCorp stock in a transaction on Friday, March 6th. The shares were 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 of the company’s stock, valued at approximately $665,414.60. This trade represents a 17.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.14% of the company’s stock.

Institutional Investors Weigh In On California BanCorp

A number of institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its stake in California BanCorp by 38.6% in the 4th quarter. Wellington Management Group LLP now owns 2,882,833 shares of the company’s stock valued at $53,822,000 after acquiring an additional 802,947 shares during the period. Kennedy Capital Management LLC boosted its stake in California BanCorp by 77.1% during the 3rd quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company’s stock worth $6,066,000 after purchasing an additional 158,270 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in California BanCorp by 43.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 314,448 shares of the company’s stock worth $5,871,000 after purchasing an additional 95,771 shares during the last quarter. Marshall Wace LLP boosted its stake in California BanCorp by 112.6% during the 4th quarter. Marshall Wace LLP now owns 219,196 shares of the company’s stock worth $4,092,000 after purchasing an additional 116,109 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in California BanCorp by 277.7% during the 4th quarter. Jane Street Group LLC now owns 205,513 shares of the company’s stock worth $3,837,000 after purchasing an additional 151,104 shares during the last quarter. Institutional investors and hedge funds own 55.40% of the company’s stock.

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.