California BanCorp (NASDAQ:BCAL) Receives Average Rating of "Buy" from Brokerages

Key Points

• Analysts remain bullish on California BanCorp: Five of six covering firms rate BCAL a “Buy,” while one rates it a “Strong Buy.” The average 12-month price target is $24.50, above the $21.36 opening price cited.
• California BanCorp reported quarterly EPS of $0.44, beating consensus by $0.04, although revenue of $44.08 million fell short of estimates.
• The company increased its quarterly dividend from $0.10 to $0.12 per share, implying an annualized dividend of $0.48 and a 2.2% yield.

California BanCorp (NASDAQ:BCAL - Get Free Report) has received an average rating of "Buy" from the six research firms that are covering the firm, MarketBeat reports. Five equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $24.50.

Several analysts recently issued reports on BCAL shares. Keefe, Bruyette & Woods raised their target price on California BanCorp from $23.00 to $24.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 4th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of California BanCorp in a research report on Wednesday, June 24th. DA Davidson increased their price objective on California BanCorp from $23.50 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Zacks Research upgraded California BanCorp from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 30th. Finally, Stephens boosted their target price on California BanCorp from $22.00 to $24.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th.

California BanCorp Stock Up 0.8%

Shares of California BanCorp stock opened at $21.36 on Friday. The firm has a market cap of $686.72 million, a PE ratio of 11.61 and a beta of 0.92. California BanCorp has a 12-month low of $15.85 and a 12-month high of $22.00. The company's fifty day simple moving average is $20.94 and its two-hundred day simple moving average is $19.38.

California BanCorp (NASDAQ:BCAL - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.40 by $0.04. The firm had revenue of $44.08 million during the quarter, compared to the consensus estimate of $45.07 million. California BanCorp had a net margin of 26.01% and a return on equity of 10.44%. As a group, sell-side analysts expect that California BanCorp will post 1.75 earnings per share for the current fiscal year.

California BanCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Monday, September 21st will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.2%. This is an increase from California BanCorp's previous quarterly dividend of $0.10. The ex-dividend date is Monday, September 21st. California BanCorp's dividend payout ratio (DPR) is presently 21.74%.

Insider Transactions at California BanCorp

In other California BanCorp news, Director Lester Machado sold 7,500 shares of the firm's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $21.19, for a total value of $158,925.00. Following the completion of the sale, the director directly owned 22,391 shares in the company, valued at $474,465.29. This trade represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 8.14% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its stake in shares of California BanCorp by 26,512.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company's stock valued at $34,000 after purchasing an additional 2,121 shares during the period. Cullen Frost Bankers Inc. purchased a new stake in California BanCorp in the fourth quarter worth $36,000. Royal Bank of Canada grew its stake in California BanCorp by 215.4% in the first quarter. Royal Bank of Canada now owns 2,094 shares of the company's stock worth $37,000 after purchasing an additional 1,430 shares during the period. Russell Investments Group Ltd. raised its holdings in California BanCorp by 508.7% in the third 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. Finally, Legal & General Group Plc bought a new position in California BanCorp in the second quarter worth $53,000. Hedge funds and other 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.

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.

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