California BanCorp (NASDAQ:BCAL) Receives Consensus Rating of "Buy" from Analysts

Key Points

• Analysts: Consensus "Buy" — Five research firms covering California BanCorp give a consensus Buy rating (1 Hold, 3 Buy, 1 Strong Buy) with an average 12‑month target of $20.50.
• Quarterly beat and dividend — The company reported Q1 EPS of $0.50 (vs. $0.44 est.) on $46.21M revenue, with a 26.6% net margin and an annual EPS outlook of about 1.81, and it pays a $0.10 quarterly dividend ($0.40 annual, ~2.1% yield).
• Significant insider selling — Director David J. Volk sold 2,346,104 shares (a 99.84% reduction in his stake) and the CFO sold 8,000 shares; insiders now own 14.84% of the company.

California BanCorp (NASDAQ:BCAL - Get Free Report) has received a consensus recommendation of "Buy" from the five research firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $20.50.

A number of research firms have recently weighed in on BCAL. DA Davidson dropped their price target on shares of California BanCorp from $22.50 to $21.50 and set a "buy" rating for the company in a research report on Thursday, January 29th. Weiss Ratings reiterated a "buy (b-)" rating on shares of California BanCorp in a research report on Monday, December 29th. Finally, Zacks Research upgraded shares of California BanCorp from a "strong sell" rating to a "hold" rating in a research report on Monday, March 30th.

California BanCorp Stock Performance

NASDAQ BCAL opened at $18.80 on Monday. California BanCorp has a 1-year low of $12.37 and a 1-year high of $20.47. The company has a 50 day moving average of $18.18 and a 200-day moving average of $18.37. The company has a market cap of $604.42 million, a price-to-earnings ratio of 9.74 and a beta of 1.11.

California BanCorp (NASDAQ:BCAL - Get Free Report) last released its quarterly earnings results on Wednesday, January 28th. The company reported $0.50 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.06. California BanCorp had a net margin of 26.60% and a return on equity of 11.36%. The company had revenue of $46.21 million during the quarter, compared to the consensus estimate of $45.03 million. On average, equities research analysts forecast that California BanCorp will post 1.81 earnings per share for the current year.

California BanCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 24th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, March 24th. California BanCorp's dividend payout ratio (DPR) is 20.73%.

Insider Buying and Selling

In related news, Director David J. Volk sold 2,346,104 shares of California BanCorp stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $18.95, for a total value of $44,458,670.80. Following the transaction, the director directly owned 3,729 shares of the company's stock, valued at $70,664.55. This trade represents a 99.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Jean Carandang sold 8,000 shares of California BanCorp stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $17.90, for a total transaction of $143,200.00. Following the completion of the transaction, the chief financial officer directly owned 37,174 shares in the company, valued at $665,414.60. This trade represents a 17.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 14.84% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its stake in California BanCorp by 53.1% in the first quarter. SG Americas Securities LLC now owns 9,228 shares of the company's stock valued at $164,000 after acquiring an additional 3,202 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in California BanCorp by 30.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 10,838 shares of the company's stock valued at $202,000 after acquiring an additional 2,504 shares during the last quarter. Invesco Ltd. increased its stake in California BanCorp by 4.4% in the fourth quarter. Invesco Ltd. now owns 16,154 shares of the company's stock valued at $302,000 after acquiring an additional 680 shares during the last quarter. Empowered Funds LLC increased its stake in California BanCorp by 73.0% in the fourth quarter. Empowered Funds LLC now owns 111,124 shares of the company's stock valued at $2,075,000 after acquiring an additional 46,888 shares during the last quarter. Finally, XTX Topco Ltd increased its stake in California BanCorp by 26.9% in the fourth quarter. XTX Topco Ltd now owns 28,841 shares of the company's stock valued at $538,000 after acquiring an additional 6,112 shares during the last quarter. 55.40% of the stock is owned by institutional investors.

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.

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