California BanCorp (NASDAQ:BCAL) Upgraded by Zacks Research to “Hold” Rating

Zacks Research upgraded shares of California BanCorp (NASDAQ:BCAL) from a strong sell rating to a hold rating in a research note published on Monday,Zacks.com reports.

Several other brokerages also recently commented on BCAL. Weiss Ratings reiterated a “buy (b-)” rating on shares of California BanCorp in a research note on Monday, December 29th. DA Davidson decreased their price target 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. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $20.50.

California BanCorp Stock Performance

Shares of California BanCorp stock opened at $17.72 on Monday. The company has a 50-day simple moving average of $18.27 and a two-hundred day simple moving average of $18.27. The stock has a market capitalization of $572.89 million, a PE ratio of 9.18 and a beta of 1.17. California BanCorp has a 52-week low of $11.87 and a 52-week high of $20.47.

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

California BanCorp Dividend Announcement

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

Insider Buying and Selling

In related news, Director David J. Volk sold 2,346,104 shares of the firm’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $18.95, for a total value of $44,458,670.80. Following the sale, the director owned 3,729 shares in the company, valued at approximately $70,664.55. This trade represents a 99.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Jean Carandang sold 8,000 shares of California BanCorp stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $17.90, for a total transaction of $143,200.00. Following the completion of the sale, the chief financial officer directly owned 37,174 shares of the company’s stock, valued at approximately $665,414.60. This trade represents a 17.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 14.84% of the stock is owned by corporate insiders.

Institutional Trading of California BanCorp

A number of hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its holdings in California BanCorp by 26,512.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock valued at $34,000 after acquiring an additional 2,121 shares during the period. Cullen Frost Bankers Inc. bought a new stake in shares of California BanCorp during the 4th quarter valued at about $36,000. Russell Investments Group Ltd. increased its position in shares of California BanCorp by 508.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock valued at $37,000 after purchasing an additional 1,862 shares during the last quarter. CWM LLC increased its position in shares of California BanCorp by 143.9% during the 3rd quarter. CWM LLC now owns 2,263 shares of the company’s stock valued at $38,000 after purchasing an additional 1,335 shares during the last quarter. Finally, State of Wyoming bought a new position in shares of California BanCorp in the 3rd quarter worth approximately $64,000. Hedge funds and other 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.