California BanCorp (NASDAQ:BCAL) Price Target Raised to $24.00

California BanCorp (NASDAQ:BCAL) had its target price boosted by Keefe, Bruyette & Woods from $23.00 to $24.00 in a report released on Tuesday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the stock.

Other equities research analysts also recently issued research reports about the company. Zacks Research upgraded California BanCorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Weiss Ratings restated a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th. Stephens lifted their target price on California BanCorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Finally, DA Davidson boosted their price target on shares of California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $24.33.

California BanCorp Stock Performance

California BanCorp stock opened at $21.37 on Tuesday. The company has a market capitalization of $687.47 million, a PE ratio of 11.61 and a beta of 0.92. California BanCorp has a fifty-two week low of $15.05 and a fifty-two week high of $22.00. The firm has a 50 day moving average price of $20.47 and a 200 day moving average price of $19.15.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings results on Monday, July 27th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.04. California BanCorp had a return on equity of 10.51% and a net margin of 26.01%.The company had revenue of $44.91 million for the quarter, compared to analysts’ expectations of $45.07 million. As a group, equities research analysts forecast that California BanCorp will post 1.75 earnings per share for the current year.

California BanCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Monday, September 21st will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.2%. This is a positive change from California BanCorp’s previous quarterly dividend of $0.10. The ex-dividend date is Monday, September 21st. California BanCorp’s payout ratio is presently 21.74%.

Insider Buying and Selling at California BanCorp

In other news, Director Lester Machado sold 7,500 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $21.19, for a total value of $158,925.00. Following the sale, the director directly owned 22,391 shares in the company, valued at approximately $474,465.29. This trade represents 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 accessible through the SEC website. Corporate insiders own 8.14% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP grew its position in shares of California BanCorp by 199.4% during the third quarter. Wellington Management Group LLP now owns 2,079,886 shares of the company’s stock worth $34,692,000 after buying an additional 1,385,202 shares in the last quarter. Kennedy Capital Management LLC raised its holdings in California BanCorp by 77.1% in the third 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. Dimensional Fund Advisors LP raised its holdings in California BanCorp by 49.5% in the first quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company’s stock valued at $8,331,000 after acquiring an additional 155,744 shares in the last quarter. Jane Street Group LLC lifted its stake in California BanCorp by 277.7% in the fourth quarter. Jane Street Group LLC now owns 205,513 shares of the company’s stock worth $3,837,000 after acquiring an additional 151,104 shares during the last quarter. Finally, Mendon Capital Advisors Corp lifted its stake in California BanCorp by 58.7% in the first quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company’s stock worth $7,165,000 after acquiring an additional 149,491 shares during the last quarter. 55.40% of the stock is owned by institutional investors and hedge funds.

California BanCorp Company Profile

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.