Wellington Management Group LLP Sells 240,206 Shares of California BanCorp $BCAL

Wellington Management Group LLP decreased its position in California BanCorp (NASDAQ:BCAL) by 8.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,447,278 shares of the company’s stock after selling 240,206 shares during the quarter. Wellington Management Group LLP owned approximately 0.08% of California BanCorp worth $51,001,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of California BanCorp in the second quarter worth about $40,129,000. Algebris UK Ltd. bought a new stake in shares of California BanCorp in the 2nd quarter worth approximately $8,360,000. Y Intercept Hong Kong Ltd purchased a new position in shares of California BanCorp during the first quarter valued at approximately $997,000. The Manufacturers Life Insurance Company raised its holdings in shares of California BanCorp by 4.6% during the first quarter. The Manufacturers Life Insurance Company now owns 795,309 shares of the company’s stock valued at $14,093,000 after acquiring an additional 34,945 shares in the last quarter. Finally, Mendon Capital Advisors Corp lifted its stake in California BanCorp by 58.7% in the first quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company’s stock worth $7,165,000 after acquiring an additional 149,491 shares during the period. 55.40% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other California BanCorp news, Director Lester Machado sold 7,500 shares of California BanCorp stock in a transaction on Friday, July 31st. The stock was sold at an average price of $21.19, for a total transaction of $158,925.00. Following the completion of the transaction, the director owned 22,391 shares in the company, valued at approximately $474,465.29. The trade was a 25.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.14% of the stock is currently owned by company insiders.

California BanCorp Price Performance

Shares of NASDAQ BCAL opened at $21.67 on Friday. California BanCorp has a 1 year low of $15.85 and a 1 year high of $22.00. The firm has a 50-day moving average of $21.20 and a 200 day moving average of $19.54. The stock has a market cap of $696.69 million, a P/E ratio of 11.78 and a beta of 0.92.

California BanCorp (NASDAQ:BCAL) last announced its earnings results on Monday, July 27th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.04. California BanCorp had a net margin of 26.01% and a return on equity of 10.44%. The business had revenue of $44.08 million during the quarter, compared to the consensus estimate of $45.07 million. Research analysts expect that California BanCorp will post 1.75 earnings per share for the current fiscal year.

California BanCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Monday, September 21st will be given a dividend of $0.12 per share. This is a boost from California BanCorp’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Monday, September 21st. This represents a $0.48 dividend on an annualized basis and a yield of 2.2%. California BanCorp’s dividend payout ratio is 21.74%.

Analyst Upgrades and Downgrades

BCAL has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods boosted their price objective on shares of California BanCorp from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. Zacks Research downgraded shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of California BanCorp in a research report on Wednesday, June 24th. Raymond James Financial started coverage on California BanCorp in a report on Thursday, August 20th. They set an “outperform” rating and a $25.00 target price on the stock. Finally, DA Davidson raised their target price on California BanCorp from $23.50 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.50.

California BanCorp 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.