California BanCorp (NASDAQ:BCAL) to Issue Quarterly Dividend of $0.12

Key Points

• California BanCorp raised its quarterly dividend 20% to $0.12 per share from $0.10, implying an annualized yield of approximately 2.3%. Shareholders of record on September 21 will receive payment on October 15.
• BCAL shares traded at $21.21, near their 12-month high of $22.00. The company reported quarterly earnings of $0.44 per share, exceeding analysts’ $0.41 consensus estimate.
• Institutional investors own 55.4% of the company, with several major firms increasing their positions. However, President Richard Hernandez sold 17,000 shares, reducing his stake by 18.9%.

California BanCorp (NASDAQ:BCAL - Get Free Report) announced a quarterly dividend on Monday, July 27th. Stockholders of record on Monday, September 21st will be paid a dividend of 0.12 per share on Thursday, October 15th. This represents a c) dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Monday, September 21st. This is a 20.0% increase from California BanCorp's previous quarterly dividend of $0.10.

California BanCorp Stock Performance

NASDAQ:BCAL traded up $0.19 during mid-day trading on Monday, hitting $21.21. The stock had a trading volume of 323,102 shares, compared to its average volume of 223,840. California BanCorp has a twelve month low of $14.56 and a twelve month high of $22.00. The stock has a market cap of $682.33 million, a price-to-earnings ratio of 11.59 and a beta of 0.93. The company's 50 day simple moving average is $20.04 and its 200 day simple moving average is $18.97.

California BanCorp (NASDAQ:BCAL - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.03. California BanCorp had a return on equity of 10.59% and a net margin of 25.68%. As a group, equities analysts forecast that California BanCorp will post 1.7 earnings per share for the current year.

Insiders Place Their Bets

In related news, President Richard Hernandez sold 17,000 shares of California BanCorp stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $19.12, for a total transaction of $325,040.00. Following the completion of the sale, the president directly owned 72,935 shares of the company's stock, valued at approximately $1,394,517.20. This trade represents a 18.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 8.14% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BCAL. Wellington Management Group LLP grew its stake in shares of 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 stake in California BanCorp by 77.1% in the 3rd quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company's stock worth $6,066,000 after purchasing an additional 158,270 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in California BanCorp by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company's stock worth $8,331,000 after purchasing an additional 155,744 shares in the last quarter. Jane Street Group LLC boosted its holdings in California BanCorp by 277.7% in the 4th quarter. Jane Street Group LLC now owns 205,513 shares of the company's stock valued at $3,837,000 after purchasing an additional 151,104 shares during the period. Finally, Mendon Capital Advisors Corp grew its position in shares of California BanCorp by 58.7% during the 1st quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company's stock worth $7,165,000 after purchasing an additional 149,491 shares in the last quarter. 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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