California BanCorp (NASDAQ:BCAL) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Analyst consensus: Five analysts give BCAL an average rating of "Moderate Buy" (1 sell, 3 buy, 1 strong buy) with a 12-month average price target of $20.50.
• Quarterly results & dividend: BCAL beat expectations with Q earnings of $0.50 vs $0.44 expected and revenue of $46.21M vs $45.03M expected, and announced a quarterly dividend of $0.10 (annualized yield 2.3%, payout ratio 20.73%).
• Insider selling: Large insider dispositions were reported, notably Director David J. Volk's sale of 2,346,104 shares (a 99.84% reduction) and CFO Jean Carandang selling 8,000 shares; insiders now own 14.84% of the stock.

Shares of California BanCorp (NASDAQ:BCAL - Get Free Report) have earned an average rating of "Moderate Buy" from the five analysts that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $20.50.

Several brokerages have weighed in on BCAL. Zacks Research cut California BanCorp from a "hold" rating to a "strong sell" rating in a report on Friday, January 30th. Weiss Ratings reissued a "buy (b-)" rating on shares of California BanCorp in a report on Monday, December 29th. Finally, DA Davidson decreased their price target on California BanCorp from $22.50 to $21.50 and set a "buy" rating on the stock in a research report on Thursday, January 29th.

California BanCorp Stock Up 0.3%

Shares of NASDAQ:BCAL opened at $17.55 on Thursday. California BanCorp has a 12-month low of $11.87 and a 12-month high of $20.47. The company's 50 day moving average price is $18.35 and its two-hundred day moving average price is $18.25. The firm has a market cap of $567.39 million, a PE ratio of 9.09 and a beta of 1.17.

California BanCorp (NASDAQ:BCAL - Get Free Report) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.06. The business had revenue of $46.21 million during the quarter, compared to analysts' expectations of $45.03 million. California BanCorp had a return on equity of 11.36% and a net margin of 26.60%. On average, research analysts expect that California BanCorp will post 1.81 EPS for the current year.

California BanCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 24th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Tuesday, March 24th. California BanCorp's dividend payout ratio is presently 20.73%.

Insider Activity at California BanCorp

In other news, CFO Jean Carandang sold 8,000 shares of the company's stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $17.90, for a total transaction of $143,200.00. Following the completion of the sale, the chief financial officer owned 37,174 shares of the company's stock, valued at approximately $665,414.60. This represents a 17.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David J. Volk sold 2,346,104 shares of the stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $18.95, for a total transaction of $44,458,670.80. Following the sale, the director owned 3,729 shares in the company, valued at $70,664.55. This represents a 99.84% decrease in their position. The disclosure for this sale is available in the SEC filing. 14.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On California BanCorp

Hedge funds and other institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its holdings in shares of California BanCorp by 26,512.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company's stock worth $34,000 after buying an additional 2,121 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new stake in California BanCorp in the fourth quarter valued at about $36,000. Russell Investments Group Ltd. grew its position in California BanCorp by 508.7% in the third quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company's stock valued at $37,000 after acquiring an additional 1,862 shares during the last quarter. CWM LLC raised its stake in California BanCorp by 143.9% during the third quarter. CWM LLC now owns 2,263 shares of the company's stock worth $38,000 after acquiring an additional 1,335 shares in the last quarter. Finally, State of Wyoming acquired a new position in California BanCorp during the third quarter worth about $64,000. 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.

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