Insider Selling: California BanCorp (NASDAQ:BCAL) President Sells $325,040.00 in Stock

California BanCorp (NASDAQ:BCAL) President Richard Hernandez sold 17,000 shares of California BanCorp stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $19.12, for a total transaction of $325,040.00. Following the completion of the sale, the president directly owned 72,935 shares of the company’s stock, valued at $1,394,517.20. The trade was a 18.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

California BanCorp Stock Performance

BCAL stock opened at $18.64 on Friday. The stock has a market capitalization of $599.65 million, a P/E ratio of 10.19 and a beta of 1.01. California BanCorp has a one year low of $14.07 and a one year high of $20.47. The company has a 50 day moving average price of $18.17 and a two-hundred day moving average price of $18.61.

California BanCorp (NASDAQ:BCAL) last released its earnings results on Friday, May 8th. The company reported $0.42 EPS for the quarter, topping the consensus estimate 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 during the quarter. Research analysts forecast that California BanCorp will post 1.68 earnings per share for the current fiscal year.

California BanCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 24th were paid 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%.

Analysts Set New Price Targets

Several analysts have recently issued reports on BCAL shares. Zacks Research raised shares of California BanCorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. DA Davidson boosted 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. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $20.67.

Hedge Funds Weigh In On California BanCorp

Several hedge funds and other institutional investors have recently made changes to their positions in BCAL. Wellington Management Group LLP lifted its holdings in shares of California BanCorp by 199.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,079,886 shares of the company’s stock valued at $34,692,000 after acquiring an additional 1,385,202 shares in the last quarter. Kennedy Capital Management LLC lifted its holdings in shares of California BanCorp by 77.1% during the 3rd quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company’s stock valued at $6,066,000 after acquiring an additional 158,270 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of California BanCorp by 49.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company’s stock valued at $8,331,000 after acquiring an additional 155,744 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of California BanCorp by 277.7% during the 4th quarter. Jane Street Group LLC now owns 205,513 shares of the company’s stock valued at $3,837,000 after acquiring an additional 151,104 shares in the last quarter. Finally, Elizabeth Park Capital Advisors Ltd. acquired a new position in shares of California BanCorp during the 4th quarter valued at $2,663,000. Institutional investors and hedge funds 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.