California BanCorp (NASDAQ:BCAL) Stock Rating Upgraded by 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 report published on Saturday morning.

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

California BanCorp Price Performance

Shares of BCAL traded up $0.42 during mid-day trading on Friday, hitting $17.64. 102,184 shares of the company's stock were exchanged, compared to its average volume of 113,494. The company has a market cap of $573.65 million, a PE ratio of 20.28 and a beta of 1.21. California BanCorp has a 52 week low of $11.87 and a 52 week high of $18.49. The company has a 50-day simple moving average of $16.34 and a 200 day simple moving average of $15.16.

Institutional Investors Weigh In On California BanCorp

A number of hedge funds and other institutional investors have recently modified their holdings of the company. FJ Capital Management LLC lifted its holdings in shares of California BanCorp by 20.2% during the second quarter. FJ Capital Management LLC now owns 1,271,636 shares of the company's stock worth $20,041,000 after buying an additional 213,711 shares in the last quarter. Kennedy Capital Management LLC grew its position in California BanCorp by 107.5% during the second quarter. Kennedy Capital Management LLC now owns 205,394 shares of the company's stock worth $3,237,000 after buying an additional 106,405 shares in the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new stake in California BanCorp during the first quarter worth approximately $2,837,000. Northern Trust Corp grew its position in California BanCorp by 0.8% during the fourth quarter. Northern Trust Corp now owns 195,427 shares of the company's stock worth $3,232,000 after buying an additional 1,644 shares in the last quarter. Finally, Marshall Wace LLP grew its position in California BanCorp by 305.9% during the second quarter. Marshall Wace LLP now owns 88,808 shares of the company's stock worth $1,400,000 after buying an additional 66,931 shares in the last quarter. Institutional investors and hedge funds own 55.40% of the company's stock.

About California BanCorp

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.