Zacks Research Upgrades California BanCorp (NASDAQ:BCAL) to Strong-Buy

California BanCorp (NASDAQ:BCAL) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other brokerages have also recently commented on BCAL. DA Davidson raised their price objective on California BanCorp from $21.50 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Weiss Ratings reissued a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th. Two analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $20.67.

California BanCorp Stock Performance

Shares of NASDAQ:BCAL opened at $21.17 on Tuesday. The firm has a market cap of $681.04 million, a price-to-earnings ratio of 11.57 and a beta of 0.93. The business has a 50-day simple moving average of $19.30 and a two-hundred day simple moving average of $18.75. California BanCorp has a fifty-two week low of $14.56 and a fifty-two week high of $21.20.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings results on Friday, May 8th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. The firm had revenue of $44.22 million for the quarter. California BanCorp had a return on equity of 10.59% and a net margin of 25.68%. As a group, research analysts predict that California BanCorp will post 1.7 earnings per share for the current year.

Insider Buying and Selling

In related news, President Richard Hernandez sold 17,000 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $19.12, for a total value of $325,040.00. Following the transaction, the president directly owned 72,935 shares of the company’s stock, valued at approximately $1,394,517.20. The trade was a 18.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.14% of the company’s stock.

Hedge Funds Weigh In On California BanCorp

Several hedge funds have recently modified their holdings of BCAL. Goldman Sachs Group Inc. grew its stake in California BanCorp by 1.2% during the first quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock valued at $998,000 after acquiring an additional 846 shares in the last quarter. Empowered Funds LLC lifted its stake in California BanCorp by 6.2% in 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. Jane Street Group LLC purchased a new stake in California BanCorp in the 1st quarter worth $357,000. Creative Planning bought a new position in shares of California BanCorp during the 2nd quarter valued at about $335,000. Finally, American Century Companies Inc. grew its position in shares of California BanCorp by 15.1% during the second quarter. American Century Companies Inc. now owns 48,045 shares of the company’s stock valued at $757,000 after purchasing an additional 6,298 shares in the last quarter. 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.