DA Davidson Lowers California BanCorp (NASDAQ:BCAL) Price Target to $21.50

California BanCorp (NASDAQ:BCAL) had its price target dropped by DA Davidson from $22.50 to $21.50 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. DA Davidson’s price objective suggests a potential upside of 19.46% from the company’s previous close.

BCAL has been the topic of several other research reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of California BanCorp in a research report on Monday, December 29th. Keefe, Bruyette & Woods lifted their target price on California BanCorp from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Friday, October 31st. Zacks Research lowered California BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Finally, Wall Street Zen downgraded shares of California BanCorp from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, California BanCorp has a consensus rating of “Buy” and a consensus price target of $20.50.

California BanCorp Trading Down 2.0%

NASDAQ BCAL traded down $0.37 during mid-day trading on Thursday, reaching $18.00. 238,876 shares of the company’s stock traded hands, compared to its average volume of 283,912. California BanCorp has a 1-year low of $11.87 and a 1-year high of $20.47. The company has a fifty day simple moving average of $19.04 and a 200-day simple moving average of $17.65. The company has a market cap of $581.75 million, a price-to-earnings ratio of 9.28 and a beta of 1.19.

California BanCorp (NASDAQ:BCAL) last released its earnings results on Wednesday, February 4th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.44 by $0.06. The company had revenue of $45.90 million during the quarter. California BanCorp had a return on equity of 11.85% and a net margin of 26.26%. Equities research analysts forecast that California BanCorp will post 1.81 earnings per share for the current fiscal year.

Institutional Trading of California BanCorp

Large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its position 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 acquiring an additional 2,121 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of California BanCorp by 508.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock valued at $37,000 after purchasing an additional 1,862 shares in the last quarter. CWM LLC raised its holdings in California BanCorp by 143.9% during the third quarter. CWM LLC now owns 2,263 shares of the company’s stock valued at $38,000 after buying an additional 1,335 shares in the last quarter. State of Wyoming bought a new position in shares of California BanCorp in the 3rd quarter valued at approximately $64,000. Finally, New York State Common Retirement Fund lifted its stake in shares of California BanCorp by 124.0% in the third quarter. New York State Common Retirement Fund now owns 4,104 shares of the company’s stock worth $68,000 after buying an additional 2,272 shares during the last quarter. 55.40% of the stock is currently owned by institutional investors.

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.