California BanCorp (NASDAQ:BCAL) Stock Has Consensus Price Target of $24.50 According to Analysts

California BanCorp (NASDAQ:BCAL) has earned a consensus recommendation of “Moderate Buy” from the six research firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $24.50.

Several research analysts recently weighed in on the stock. Zacks Research cut shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 24th. DA Davidson lifted their target price on shares of California BanCorp from $23.50 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Raymond James Financial initiated coverage on shares of California BanCorp in a research note on Thursday, August 20th. They issued an “outperform” rating and a $25.00 price target for the company. Keefe, Bruyette & Woods boosted their price target on shares of California BanCorp from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of California BanCorp in a report on Monday, September 21st.

Institutional Trading of California BanCorp

Hedge funds have recently made changes to their positions in the stock. First Trust Advisors LP grew its position in California BanCorp by 52.8% in the third quarter. First Trust Advisors LP now owns 129,869 shares of the company’s stock worth $2,773,000 after acquiring an additional 44,873 shares in the last quarter. Whittier Trust Co. purchased a new stake in California BanCorp during the third quarter valued at about $120,000. Ieq Capital LLC purchased a new stake in California BanCorp during the third quarter valued at about $245,000. Parallel Advisors LLC raised its position in California BanCorp by 25.1% during the third quarter. Parallel Advisors LLC now owns 13,211 shares of the company’s stock valued at $282,000 after purchasing an additional 2,648 shares in the last quarter. Finally, Rosenthal Henry Capital Advisors Inc. bought a new stake in California BanCorp during the third quarter worth about $1,347,000. 55.40% of the stock is owned by institutional investors.

California BanCorp Stock Up 0.3%

California BanCorp stock opened at $22.05 on Friday. California BanCorp has a 52 week low of $16.87 and a 52 week high of $22.59. The business has a 50-day simple moving average of $21.71 and a 200 day simple moving average of $20.02. The stock has a market cap of $702.29 million, a price-to-earnings ratio of 12.28 and a beta of 0.90.

California BanCorp (NASDAQ:BCAL) last announced its earnings results on Wednesday, October 28th. The company reported $0.43 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.43. California BanCorp had a return on equity of 10.08% and a net margin of 25.47%. The business had revenue of $46.05 million for the quarter, compared to analyst estimates of $46.12 million. On average, research analysts anticipate that California BanCorp will post 1.74 earnings per share for the current year.

About California BanCorp

California BanCorp is a bank holding company and the parent of California Bank of Commerce. Through its banking subsidiary, it provides commercial banking services to businesses, professionals and individuals in California. The bank offers business deposit accounts, commercial lending and services that help clients manage payments and cash flow. Its lending includes financing for business operations and commercial real estate, alongside other banking products for local and regional customers. California Bank of Commerce was established to serve businesses in California and has expanded its presence across the state.