California BanCorp (NASDAQ:BCAL) Sees Significant Decline in Short Interest

Key Points

• California BanCorp experienced a 19.3% decline in short interest in April, falling to 745,043 shares from 923,687 on March 31, representing a short-interest ratio of 3.6 days and about 2.7% of shares shorted.
• The company beat quarterly expectations with $0.50 EPS (vs. $0.44 est.) and $46.21M revenue, trades near $18.60 with a market cap of roughly $598M, and carries a consensus analyst rating of Buy with a $20.67 target.
• Insider activity included a director purchasing 27,000 shares at $18.64 while the CFO sold 8,000 shares; the firm pays a $0.10 quarterly dividend (2.2% yield) and insiders own about 14.84% of the stock.

California BanCorp (NASDAQ:BCAL - Get Free Report) was the recipient of a large decline in short interest in the month of April. As of April 15th, there was short interest totaling 745,043 shares, a decline of 19.3% from the March 31st total of 923,687 shares. Based on an average daily trading volume, of 208,099 shares, the short-interest ratio is currently 3.6 days. Approximately 2.7% of the company's stock are short sold.

California BanCorp Price Performance

Shares of BCAL stock opened at $18.60 on Thursday. The firm has a market cap of $597.99 million, a P/E ratio of 9.64 and a beta of 1.11. California BanCorp has a 1-year low of $13.88 and a 1-year high of $20.47. The firm has a fifty day moving average of $18.13 and a two-hundred day moving average of $18.47.

California BanCorp (NASDAQ:BCAL - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $46.21 million during the quarter, compared to the consensus estimate of $45.03 million. On average, sell-side analysts expect that California BanCorp will post 1.68 EPS for the current year.

California BanCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 24th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, March 24th. California BanCorp's dividend payout ratio is currently 20.73%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Zacks Research raised shares of California BanCorp from a "strong sell" rating to a "hold" rating in a report on Monday, March 30th. DA Davidson raised their price objective on shares of California BanCorp from $21.50 to $22.00 and gave the stock a "buy" rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $20.67.

Insider Buying and Selling at California BanCorp

In other news, Director David J. Volk purchased 27,000 shares of the company's stock in a transaction that occurred on Tuesday, February 3rd. The shares were purchased at an average price of $18.64 per share, with a total value of $503,280.00. Following the purchase, the director directly owned 28,195 shares of the company's stock, valued at approximately $525,554.80. This represents a 2,259.41% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Jean Carandang sold 8,000 shares of the firm's stock in a transaction on Friday, March 6th. The stock was sold at an average price of $17.90, for a total transaction of $143,200.00. Following the transaction, the chief financial officer directly owned 37,174 shares of the company's stock, valued at approximately $665,414.60. This represents a 17.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 14.84% of the company's stock.

Institutional Investors Weigh In On California BanCorp

A number of institutional investors have recently modified their holdings of BCAL. Goldman Sachs Group Inc. grew its position in shares of California BanCorp by 1.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company's stock valued at $998,000 after buying an additional 846 shares during the last quarter. Empowered Funds LLC grew its position in shares of California BanCorp by 6.2% during the 1st quarter. Empowered Funds LLC now owns 11,969 shares of the company's stock valued at $172,000 after buying an additional 704 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of California BanCorp during the 1st quarter valued at about $357,000. Creative Planning bought a new stake in shares of California BanCorp during the 2nd quarter valued at about $335,000. Finally, American Century Companies Inc. grew its position in shares of California BanCorp by 15.1% during the 2nd quarter. American Century Companies Inc. now owns 48,045 shares of the company's stock valued at $757,000 after buying an additional 6,298 shares during the last quarter. Institutional investors own 55.40% of the company's stock.

About California BanCorp

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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