California BanCorp (NASDAQ:BCAL) Director David Volk Acquires 27,000 Shares of Stock

California BanCorp (NASDAQ:BCAL) Director David Volk bought 27,000 shares of the stock in a transaction on Tuesday, February 3rd. The stock was purchased at an average cost of $18.64 per share, for a total transaction of $503,280.00. Following the acquisition, the director owned 28,195 shares of the company’s stock, valued at $525,554.80. This trade represents a 2,259.41% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

California BanCorp Stock Up 0.9%

California BanCorp stock opened at $19.19 on Friday. California BanCorp has a 52-week low of $11.87 and a 52-week high of $20.47. The company has a market cap of $620.06 million, a P/E ratio of 9.93 and a beta of 1.19. The business has a 50-day simple moving average of $18.97 and a two-hundred day simple moving average of $17.73.

California BanCorp (NASDAQ:BCAL) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.06. The company had revenue of $45.90 million for the quarter, compared to the consensus estimate of $45.03 million. California BanCorp had a net margin of 26.60% and a return on equity of 11.51%. Research analysts anticipate that California BanCorp will post 1.81 EPS for the current fiscal year.

California BanCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 24th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Wednesday, December 24th. California BanCorp’s dividend payout ratio (DPR) is currently 20.73%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods raised their target price on California BanCorp from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Friday, October 31st. Zacks Research cut California BanCorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Wall Street Zen downgraded California BanCorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. DA Davidson cut their price objective on California BanCorp from $22.50 to $21.50 and set a “buy” rating for the company in a research note on Thursday, January 29th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of California BanCorp in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, California BanCorp currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Institutional Trading of California BanCorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in BCAL. EverSource Wealth Advisors LLC lifted its holdings in California BanCorp by 26,512.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock worth $34,000 after purchasing an additional 2,121 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of California BanCorp by 508.7% in the third quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock worth $37,000 after buying an additional 1,862 shares in the last quarter. CWM LLC lifted its holdings in shares of California BanCorp by 143.9% in the third quarter. CWM LLC now owns 2,263 shares of the company’s stock worth $38,000 after buying an additional 1,335 shares in the last quarter. State of Wyoming bought a new position in shares of California BanCorp during the third quarter worth $64,000. Finally, New York State Common Retirement Fund grew its stake in California BanCorp by 124.0% during the third quarter. New York State Common Retirement Fund now owns 4,104 shares of the company’s stock valued at $68,000 after acquiring an additional 2,272 shares in the last quarter. Institutional investors own 55.40% of the company’s stock.

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.