California BanCorp (NASDAQ:BCAL) Upgraded to Buy at Wall Street Zen

Key Points

• California BanCorp has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, reflecting increased analyst confidence in the stock.
• Stephens has also upgraded California BanCorp to a "strong-buy" rating with a price target of $19.00, contributing to a consensus rating of "Strong Buy" and an average target price of $19.50.
• Recent institutional investments show significant increases, with FJ Capital Management boosting its holdings by 300.6% during the first quarter, indicating strong interest from hedge funds.

Wall Street Zen upgraded shares of California BanCorp (NASDAQ:BCAL - Free Report) from a hold rating to a buy rating in a research report sent to investors on Saturday morning.

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

California BanCorp Stock Up 2.5%

Shares of NASDAQ BCAL traded up $0.43 during trading on Friday, hitting $17.58. The company had a trading volume of 31,273 shares, compared to its average volume of 109,002. The stock has a fifty day simple moving average of $16.29 and a two-hundred day simple moving average of $15.14. California BanCorp has a fifty-two week low of $11.87 and a fifty-two week high of $18.49. The firm has a market capitalization of $571.54 million, a price-to-earnings ratio of 20.08 and a beta of 1.21.

Hedge Funds Weigh In On California BanCorp

A number of institutional investors and hedge funds have recently bought and sold shares of BCAL. EverSource Wealth Advisors LLC boosted its position in California BanCorp by 26,512.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company's stock worth $34,000 after acquiring an additional 2,121 shares during the last quarter. GAMMA Investing LLC boosted its holdings in California BanCorp by 1,581.0% in the 1st quarter. GAMMA Investing LLC now owns 3,883 shares of the company's stock valued at $56,000 after purchasing an additional 3,652 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in California BanCorp in the 4th quarter valued at about $102,000. Parallel Advisors LLC boosted its holdings in California BanCorp by 12.9% in the 2nd 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 last quarter. Finally, Empowered Funds LLC boosted its holdings in California BanCorp by 6.2% in the 1st 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 last quarter. 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.