California BanCorp (NASDAQ:BCAL) Downgraded to Hold Rating by Wall Street Zen

Key Points

• California BanCorp was downgraded from a "buy" rating to a "hold" rating by Wall Street Zen, while Stephens upgraded it to a "strong-buy" rating with a $19.00 price target.
• The company has approved a stock buyback program allowing it to repurchase 1.6 million shares, indicating management believes its stock is undervalued.
• Institutional ownership in California BanCorp stands at 55.40%, with multiple firms increasing their positions during the recent quarters.

California BanCorp (NASDAQ:BCAL - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Friday.

Separately, Stephens raised shares of California BanCorp from a "hold" rating to a "strong-buy" rating and set a $19.00 price target on the stock in a report on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Strong Buy" and a consensus target price of $19.50.

California BanCorp Trading Up 3.6%

NASDAQ BCAL opened at $16.86 on Friday. The firm's fifty day simple moving average is $15.77 and its two-hundred day simple moving average is $15.04. California BanCorp has a 12-month low of $11.87 and a 12-month high of $18.49. The firm has a market capitalization of $548.29 million, a P/E ratio of 19.38 and a beta of 1.20.

California BanCorp announced that its board has approved a stock buyback program on Thursday, May 1st that authorizes the company to buyback 1,600,000 shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

Institutional Investors Weigh In On California BanCorp

Several institutional investors and hedge funds have recently made changes to their positions in BCAL. Empowered Funds LLC lifted its position in California BanCorp by 6.2% during the first quarter. Empowered Funds LLC now owns 11,969 shares of the company's stock valued at $172,000 after purchasing an additional 704 shares during the period. Goldman Sachs Group Inc. lifted its position 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 purchasing an additional 846 shares during the period. Allspring Global Investments Holdings LLC lifted its position in California BanCorp by 6.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 16,998 shares of the company's stock valued at $244,000 after purchasing an additional 1,045 shares during the period. Parallel Advisors LLC lifted its position in California BanCorp by 12.9% during the second quarter. Parallel Advisors LLC now owns 10,097 shares of the company's stock valued at $159,000 after purchasing an additional 1,157 shares during the period. Finally, First Trust Advisors LP lifted its position in California BanCorp by 7.1% during the second quarter. First Trust Advisors LP now owns 20,685 shares of the company's stock valued at $326,000 after purchasing an additional 1,377 shares during the period. 55.40% of the stock is currently owned by institutional investors and hedge funds.

California BanCorp Company Profile

Southern California Bancorp operates as the holding company for Bank of Southern California, N.A. that provides various financial products to individuals, professionals, and small-to medium-sized businesses. The company offers checking, personal and business savings, and money market accounts, as well as certificates of deposit.

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