California BanCorp (NASDAQ:BCAL) Given Average Recommendation of "Moderate Buy" by Analysts

Key Points

• Analysts hold a “Moderate Buy” consensus on California BanCorp, with five buy ratings and one hold among six firms. The average 12-month price target is $24.50, above the reported $21.63 share price.
• California BanCorp reported quarterly EPS of $0.44, beating the $0.40 consensus estimate, although revenue of $44.08 million fell short of the $45.07 million forecast.
• The company increased its quarterly dividend from $0.10 to $0.12 per share, equivalent to a $0.48 annualized payout and a 2.2% yield.

Shares of California BanCorp (NASDAQ:BCAL - Get Free Report) have been given an average recommendation of "Moderate Buy" by the six brokerages that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $24.50.

A number of equities analysts recently issued reports on BCAL shares. Zacks Research cut shares of California BanCorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 24th. Raymond James Financial assumed coverage on California BanCorp in a research note on Thursday, August 20th. They issued an "outperform" rating and a $25.00 price objective on the stock. Keefe, Bruyette & Woods upped their price target on shares of California BanCorp from $23.00 to $24.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of California BanCorp in a research report on Wednesday, June 24th. Finally, DA Davidson raised their target price on California BanCorp from $23.50 to $25.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th.

California BanCorp Stock Down 2.1%

Shares of California BanCorp stock opened at $21.63 on Thursday. The firm's 50-day moving average price is $21.38 and its two-hundred day moving average price is $19.73. The company has a market capitalization of $695.40 million, a price-to-earnings ratio of 11.76 and a beta of 0.92. California BanCorp has a 12-month low of $15.85 and a 12-month high of $22.41.

California BanCorp (NASDAQ:BCAL - Get Free Report) last announced 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. California BanCorp had a net margin of 26.01% and a return on equity of 10.44%. The business had revenue of $44.08 million during the quarter, compared to the consensus estimate of $45.07 million. On average, sell-side analysts expect that California BanCorp will post 1.75 earnings per share for the current year.

California BanCorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Monday, September 21st will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, September 21st. This is a boost from California BanCorp's previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a dividend yield of 2.2%. California BanCorp's payout ratio is presently 21.74%.

Insider Buying and Selling

In other news, Director Lester Machado sold 7,500 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was 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 of the company's stock, valued at $474,465.29. This represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 8.14% of the company's stock.

Institutional Investors Weigh In On California BanCorp

A number of institutional investors have recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. purchased a new stake in shares of California BanCorp during the fourth quarter valued at approximately $36,000. Royal Bank of Canada raised its holdings in California BanCorp by 215.4% during the 1st quarter. Royal Bank of Canada now owns 2,094 shares of the company's stock valued at $37,000 after acquiring an additional 1,430 shares during the period. Integrated Wealth Concepts LLC bought a new stake in shares of California BanCorp during the 2nd quarter valued at $51,000. Legal & General Group Plc bought a new stake in shares of California BanCorp during the second quarter valued at about $53,000. Finally, SG Americas Securities LLC increased its holdings in California BanCorp by 53.1% during the 1st quarter. SG Americas Securities LLC now owns 9,228 shares of the company's stock worth $164,000 after acquiring an additional 3,202 shares during the period. 55.40% of the stock is owned by institutional investors.

About California BanCorp

California BanCorp NASDAQ: BCAL is a bank holding company for California Bank of Commerce, a full-service commercial bank focused on serving businesses, professionals, nonprofit organizations and individuals. The bank provides relationship-based banking and financial services through its California operations.

Its products and services include commercial and industrial lending, commercial real estate loans, construction financing, Small Business Administration lending, business and personal deposit accounts, treasury management and cash-management services.

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