California BanCorp (NASDAQ:BCAL) Posts Earnings Results, Beats Estimates By $0.01 EPS

California BanCorp (NASDAQ:BCAL) posted its quarterly earnings data on Friday. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01, Zacks reports. California BanCorp had a net margin of 26.60% and a return on equity of 11.36%. The business had revenue of $44.22 million for the quarter.

California BanCorp Stock Performance

California BanCorp stock opened at $19.25 on Friday. The firm has a market cap of $618.93 million, a price-to-earnings ratio of 10.52 and a beta of 1.01. California BanCorp has a 1 year low of $14.07 and a 1 year high of $20.47. The firm’s 50 day moving average price is $18.14 and its two-hundred day moving average price is $18.55.

California BanCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 24th were given a $0.10 dividend. The ex-dividend date was Tuesday, March 24th. This represents a $0.40 annualized dividend and a yield of 2.1%. California BanCorp’s payout ratio is 21.86%.

Insider Transactions at California BanCorp

In other California BanCorp news, CFO Jean Carandang sold 8,000 shares of California BanCorp stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $17.90, for a total value of $143,200.00. Following the transaction, the chief financial officer owned 37,174 shares in the company, valued at approximately $665,414.60. The trade was a 17.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 8.14% of the company’s stock.

Hedge Funds Weigh In On California BanCorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its position in California BanCorp by 26,512.5% during 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. grew its position in California BanCorp by 508.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock worth $37,000 after purchasing an additional 1,862 shares in the last quarter. BNP Paribas Financial Markets grew its position in California BanCorp by 12.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock worth $82,000 after purchasing an additional 545 shares in the last quarter. State of Wyoming grew its position in California BanCorp by 83.8% during the 4th quarter. State of Wyoming now owns 7,007 shares of the company’s stock worth $131,000 after purchasing an additional 3,195 shares in the last quarter. Finally, Empowered Funds LLC grew its position in California BanCorp by 6.2% during the 1st quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock worth $172,000 after purchasing an additional 704 shares in the last quarter. 55.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on BCAL. DA Davidson raised their price objective on shares of California BanCorp from $21.50 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Zacks Research upgraded shares of California BanCorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, California BanCorp has a consensus rating of “Buy” and a consensus target price of $20.67.

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.