California BanCorp (NASDAQ:BCAL) Upgraded to Strong-Buy at Stephens

Key Points

• California BanCorp's rating was upgraded from "equal weight" to "overweight" by Stephens, with a target price of $19.00, suggesting a potential upside of 30.14% from its current price.
• The company's board authorized a stock repurchase program allowing it to buy back 1,600,000 shares, indicating confidence that the stock is undervalued.
• Significant institutional investment activity occurred, with firms like Tower Research Capital LLC and GAMMA Investing LLC sharply increasing their stakes in the company.

California BanCorp (NASDAQ:BCAL - Get Free Report) was upgraded by equities research analysts at Stephens from a "hold" rating to a "strong-buy" rating in a report released on Monday, MarketBeat reports. The brokerage currently has a $19.00 price objective on the stock. Stephens' price target points to a potential upside of 26.75% from the company's current price.

California BanCorp Stock Performance

Shares of BCAL stock opened at $14.99 on Monday. The stock has a 50 day moving average price of $15.47 and a 200 day moving average price of $15.00. The firm has a market capitalization of $485.87 million, a P/E ratio of 17.23 and a beta of 1.20. California BanCorp has a 52-week low of $11.87 and a 52-week high of $18.49.

California BanCorp announced that its Board of Directors has authorized a share buyback plan on Thursday, May 1st that permits the company to buyback 1,600,000 shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Pinnacle Associates Ltd. purchased a new position in shares of California BanCorp in the 2nd quarter valued at $781,000. Woodward Diversified Capital LLC purchased a new position in shares of California BanCorp in the 2nd quarter valued at $213,000. Parallel Advisors LLC increased its holdings in shares of 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 acquiring an additional 1,157 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of California BanCorp by 1.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company's stock valued at $998,000 after acquiring an additional 846 shares during the period. Finally, Jane Street Group LLC purchased a new position in shares of California BanCorp in the 1st quarter valued at $357,000. 55.40% of the stock is currently owned by hedge funds and other institutional investors.

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.