Analysts Set California BanCorp (NASDAQ:BCAL) PT at $20.50

California BanCorp (NASDAQ:BCAL) has received a consensus rating of “Moderate Buy” from the five ratings firms that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $20.50.

A number of research firms have issued reports on BCAL. Weiss Ratings reissued a “buy (b-)” rating on shares of California BanCorp in a research report on Monday, December 29th. Zacks Research downgraded California BanCorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Finally, DA Davidson decreased their price objective on California BanCorp from $22.50 to $21.50 and set a “buy” rating for the company in a report on Thursday, January 29th.

Insider Transactions at California BanCorp

In other news, CFO Jean Carandang sold 8,000 shares of the company’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $17.90, for a total transaction of $143,200.00. Following the sale, the chief financial officer directly owned 37,174 shares in the company, valued at $665,414.60. This represents a 17.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director David J. Volk purchased 27,000 shares of the stock in a transaction dated 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 completion of the acquisition, the director owned 28,195 shares of the company’s stock, valued at approximately $525,554.80. This represents a 2,259.41% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 14.84% of the company’s stock.

Hedge Funds Weigh In On California BanCorp

A number of large investors have recently modified their holdings of BCAL. Goldman Sachs Group Inc. increased its holdings in California BanCorp by 1.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock worth $998,000 after acquiring an additional 846 shares during the period. Empowered Funds LLC boosted its holdings in California BanCorp by 6.2% in the 1st quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock valued at $172,000 after purchasing an additional 704 shares during the period. Jane Street Group LLC purchased a new position in shares of California BanCorp during the 1st quarter valued at $357,000. Creative Planning purchased a new position in shares of California BanCorp during the 2nd quarter valued at $335,000. Finally, American Century Companies Inc. increased its holdings in shares of California BanCorp by 15.1% in the second quarter. American Century Companies Inc. now owns 48,045 shares of the company’s stock worth $757,000 after purchasing an additional 6,298 shares during the period. 55.40% of the stock is currently owned by institutional investors.

California BanCorp Stock Performance

Shares of NASDAQ:BCAL opened at $17.48 on Thursday. The company has a market capitalization of $565.13 million, a P/E ratio of 9.06 and a beta of 1.17. The company’s 50-day moving average is $18.28 and its 200 day moving average is $18.26. California BanCorp has a fifty-two week low of $11.87 and a fifty-two week high of $20.47.

California BanCorp (NASDAQ:BCAL) last released its earnings results on Wednesday, January 28th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.06. California BanCorp had a net margin of 26.60% and a return on equity of 11.36%. The firm had revenue of $46.21 million during the quarter, compared to the consensus estimate of $45.03 million. As a group, research analysts predict that California BanCorp will post 1.81 earnings per share for the current year.

California BanCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 24th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Tuesday, March 24th. California BanCorp’s payout ratio is presently 20.73%.

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.