California BanCorp (NASDAQ:BCAL) Receives Consensus Rating of “Buy” from Analysts

California BanCorp (NASDAQ:BCAL) has been given a consensus recommendation of “Buy” by the five analysts that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $20.6667.

Several equities analysts have recently weighed in on BCAL shares. DA Davidson boosted their target price on California BanCorp from $21.50 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Zacks Research raised California BanCorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th.

California BanCorp Stock Up 0.2%

California BanCorp stock opened at $18.64 on Friday. The company’s 50-day moving average price is $18.17 and its 200-day moving average price is $18.61. California BanCorp has a twelve month low of $14.07 and a twelve month high of $20.47. The company has a market cap of $599.65 million, a PE ratio of 10.19 and a beta of 1.01.

California BanCorp (NASDAQ:BCAL) last posted its earnings results on Friday, May 8th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%. The firm had revenue of $44.22 million for the quarter. As a group, sell-side analysts expect that California BanCorp will post 1.68 earnings per share for the current fiscal year.

California BanCorp Dividend Announcement

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

Insider Activity

In related 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 transaction of $143,200.00. Following the transaction, the chief financial officer directly owned 37,174 shares in the company, valued at approximately $665,414.60. This represents a 17.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Richard Hernandez sold 17,000 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $19.12, for a total transaction of $325,040.00. Following the transaction, the president owned 72,935 shares in the company, valued at $1,394,517.20. The trade was a 18.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 8.14% of the company’s stock.

Hedge Funds Weigh In On California BanCorp

Several hedge funds have recently added to or reduced their stakes in BCAL. EverSource Wealth Advisors LLC grew its holdings 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 valued at $34,000 after purchasing an additional 2,121 shares during the last quarter. Cullen Frost Bankers Inc. bought a new position in California BanCorp in the 4th quarter valued at $36,000. Russell Investments Group Ltd. grew its position in 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 last quarter. CWM LLC grew its position in California BanCorp by 143.9% in the 3rd quarter. CWM LLC now owns 2,263 shares of the company’s stock valued at $38,000 after acquiring an additional 1,335 shares during the last quarter. Finally, State of Wyoming bought a new position in California BanCorp in the 3rd quarter valued at $64,000. 55.40% of the stock is currently owned by institutional investors.

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.