California BanCorp (BCAL) Expected to Announce Quarterly Earnings on Thursday

California BanCorp (NASDAQ:BCAL) is anticipated to announce its results before the market opens on Thursday, April 23rd. Analysts expect the company to announce earnings of $0.40 per share and revenue of $44.5650 million for the quarter.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings results on Wednesday, January 28th. The company reported $0.50 EPS for the quarter, topping 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 company had revenue of $46.21 million for the quarter, compared to the consensus estimate of $45.03 million. On average, analysts expect California BanCorp to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

California BanCorp Price Performance

NASDAQ BCAL opened at $18.76 on Tuesday. The company’s 50 day simple moving average is $18.17 and its 200 day simple moving average is $18.39. California BanCorp has a 12 month low of $12.37 and a 12 month high of $20.47. The company has a market capitalization of $603.13 million, a P/E ratio of 9.72 and a beta of 1.11.

California BanCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 24th were issued a dividend of $0.10 per share. The ex-dividend date was Tuesday, March 24th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.1%. California BanCorp’s payout ratio is currently 20.73%.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Zacks Research raised shares of California BanCorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Weiss Ratings reissued a “buy (b-)” rating on shares of California BanCorp in a research report on Monday, December 29th. Finally, DA Davidson decreased their target price on shares of California BanCorp from $22.50 to $21.50 and set a “buy” rating for the company in a research report on Thursday, January 29th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $20.50.

Insiders Place Their Bets

In other news, CFO Jean Carandang sold 8,000 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $17.90, for a total value of $143,200.00. Following the sale, the chief financial officer owned 37,174 shares of the company’s stock, valued at approximately $665,414.60. This represents a 17.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David J. Volk sold 2,346,104 shares of the stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $18.95, for a total transaction of $44,458,670.80. Following the sale, the director directly owned 3,729 shares in the company, valued at approximately $70,664.55. This represents a 99.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 14.84% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC boosted its stake in shares of California BanCorp by 26,512.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock valued at $34,000 after purchasing an additional 2,121 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of California BanCorp by 508.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock valued at $37,000 after acquiring an additional 1,862 shares during the period. BNP Paribas Financial Markets raised its position in shares of California BanCorp by 12.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock valued at $82,000 after acquiring an additional 545 shares during the period. State of Wyoming raised its position in shares of California BanCorp by 83.8% in the 4th quarter. State of Wyoming now owns 7,007 shares of the company’s stock valued at $131,000 after acquiring an additional 3,195 shares during the period. Finally, Jump Financial LLC acquired a new stake in shares of California BanCorp in the 4th quarter valued at approximately $204,000. Institutional investors own 55.40% of the company’s stock.

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.