California BanCorp (NASDAQ:BCAL) Posts Earnings Results, Beats Expectations By $0.03 EPS

Key Points

• California BanCorp beat quarterly earnings expectations, reporting EPS of $0.44 versus the $0.41 analyst consensus. The company posted a 25.68% net margin and 10.59% return on equity.
• Shares opened at $21.33, near their 12-month high of $21.70, with a market capitalization of approximately $686 million. Analysts maintain a consensus “Buy” rating and an average price target of $20.67.
• The company declared a quarterly dividend of $0.10, equivalent to $0.40 annually and a 1.9% yield. Institutional investors own 55.40% of the stock, while an insider sale reduced President Richard Hernandez’s position by 18.90%.

California BanCorp (NASDAQ:BCAL - Get Free Report) announced its quarterly earnings results on Monday. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.03, Zacks reports. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%.

California BanCorp Price Performance

California BanCorp stock opened at $21.33 on Monday. The business has a 50 day simple moving average of $20.04 and a 200-day simple moving average of $18.97. California BanCorp has a 12 month low of $14.56 and a 12 month high of $21.70. The stock has a market capitalization of $686.19 million, a PE ratio of 11.66 and a beta of 0.93.

California BanCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 23rd were paid a $0.10 dividend. The ex-dividend date was Tuesday, June 23rd. This represents a $0.40 dividend on an annualized basis and a yield of 1.9%. California BanCorp's payout ratio is currently 21.86%.

Insider Buying and Selling

In other California BanCorp news, President Richard Hernandez sold 17,000 shares of the company's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $19.12, for a total transaction of $325,040.00. Following the completion of the transaction, the president owned 72,935 shares in the company, valued at approximately $1,394,517.20. This represents a 18.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.14% of the company's stock.

Institutional Investors Weigh In On California BanCorp

A number of hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its stake in shares of California BanCorp by 26,512.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company's stock valued at $34,000 after buying an additional 2,121 shares in the last quarter. Russell Investments Group Ltd. boosted its position 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 worth $37,000 after purchasing an additional 1,862 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of California BanCorp by 12.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company's stock worth $82,000 after buying an additional 545 shares in the last quarter. State of Wyoming increased its stake in California BanCorp by 83.8% in the fourth quarter. State of Wyoming now owns 7,007 shares of the company's stock valued at $131,000 after purchasing an additional 3,195 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in California BanCorp in the fourth quarter valued at $204,000. Institutional investors and hedge funds own 55.40% of the company's stock.

Analyst Ratings Changes

BCAL has been the topic of several research analyst reports. Zacks Research upgraded shares of California BanCorp from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of California BanCorp in a report on Wednesday, June 24th. Finally, DA Davidson increased their price target on shares of California BanCorp from $21.50 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $20.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.