California BanCorp (NASDAQ:BCAL) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of California BanCorp (NASDAQ:BCAL) from a hold rating to a strong-buy rating in a research report released on Tuesday morning,Zacks.com reports.

A number of other brokerages have also issued reports on BCAL. DA Davidson raised their price target on California BanCorp from $21.50 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $20.67.

California BanCorp Stock Up 1.6%

NASDAQ BCAL opened at $21.17 on Tuesday. California BanCorp has a fifty-two week low of $14.56 and a fifty-two week high of $21.20. The business has a fifty day moving average of $19.30 and a 200-day moving average of $18.75. The stock has a market cap of $681.04 million, a price-to-earnings ratio of 11.57 and a beta of 0.93.

California BanCorp (NASDAQ:BCAL) last issued its quarterly earnings results on Friday, May 8th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. The business had revenue of $44.22 million during the quarter. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%. As a group, analysts anticipate that California BanCorp will post 1.7 EPS for the current year.

California BanCorp Dividend Announcement

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

Insider Activity

In related news, President Richard Hernandez sold 17,000 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $19.12, for a total value of $325,040.00. Following the sale, the president directly owned 72,935 shares of the company’s stock, valued at $1,394,517.20. This represents a 18.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 8.14% of the stock is currently owned by insiders.

Institutional Trading of California BanCorp

Institutional investors have recently added to or reduced their stakes in the business. Strs Ohio bought a new stake in shares of California BanCorp during the fourth quarter valued at approximately $569,000. Elizabeth Park Capital Advisors Ltd. bought a new position in California BanCorp in the 4th quarter worth approximately $2,663,000. Pinnacle Wealth Management Advisory Group LLC acquired a new stake in California BanCorp in the 4th quarter valued at approximately $343,000. SG Americas Securities LLC bought a new stake in California BanCorp during the 4th quarter valued at $113,000. Finally, JPMorgan Chase & Co. boosted its position in California BanCorp by 79.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 19,077 shares of the company’s stock worth $318,000 after acquiring an additional 8,417 shares during the period. Institutional investors 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.