California BanCorp (NASDAQ:BCAL) Releases Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• California BanCorp reported quarterly EPS of $0.42, topping analysts’ expectations by $0.01. The company also posted a 26.60% net margin and 11.36% return on equity.
• Shares of BCAL rose to $19.25 after the earnings release, with the stock trading near its 52-week high of $20.47. The company has a market cap of about $618.9 million and a price-to-earnings ratio of 9.97.
• The company paid a quarterly dividend of $0.10, equal to a 2.1% yield and a 20.73% payout ratio. Analysts currently have a Buy consensus rating on the stock, with a target price of $20.67.

California BanCorp (NASDAQ:BCAL - Get Free Report) announced its quarterly earnings data on Friday. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.01, Zacks reports. California BanCorp had a net margin of 26.60% and a return on equity of 11.36%.

California BanCorp Price Performance

Shares of NASDAQ BCAL traded up $0.18 during midday trading on Friday, hitting $19.25. The company's stock had a trading volume of 141,449 shares, compared to its average volume of 222,133. The business's fifty day simple moving average is $18.14 and its two-hundred day simple moving average is $18.55. California BanCorp has a 1 year low of $14.07 and a 1 year high of $20.47. The firm has a market capitalization of $618.89 million, a price-to-earnings ratio of 9.97 and a beta of 1.01.

California BanCorp Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BCAL. Zacks Research raised shares of California BanCorp from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th. DA Davidson increased their target price on shares of California BanCorp from $21.50 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, California BanCorp has a consensus rating of "Buy" and a consensus target price of $20.67.

Insider Activity at California BanCorp

In other news, CFO Jean Carandang sold 8,000 shares of the firm's stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $17.90, for a total value of $143,200.00. Following the completion of the transaction, the chief financial officer owned 37,174 shares of the company's stock, valued at approximately $665,414.60. This trade represents a 17.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 8.14% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP raised its holdings in California BanCorp by 199.4% in the third quarter. Wellington Management Group LLP now owns 2,079,886 shares of the company's stock valued at $34,692,000 after acquiring an additional 1,385,202 shares in the last quarter. Kennedy Capital Management LLC raised its holdings in California BanCorp by 77.1% in the third quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company's stock valued at $6,066,000 after acquiring an additional 158,270 shares in the last quarter. Jane Street Group LLC raised its holdings in California BanCorp by 277.7% in the fourth quarter. Jane Street Group LLC now owns 205,513 shares of the company's stock valued at $3,837,000 after acquiring an additional 151,104 shares in the last quarter. Marshall Wace LLP raised its holdings in California BanCorp by 112.6% in the fourth quarter. Marshall Wace LLP now owns 219,196 shares of the company's stock valued at $4,092,000 after acquiring an additional 116,109 shares in the last quarter. Finally, Zacks Investment Management acquired a new stake in California BanCorp in the fourth quarter valued at approximately $1,835,000. 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.

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