California BanCorp (NASDAQ:BCAL) Stock Has Average Price Target of $24.50

Key Points

• Analyst sentiment is positive: California BanCorp has a “Moderate Buy” consensus from six analysts—five buys and one hold—with an average 12-month price target of $24.50.
• Quarterly results met EPS expectations: The company reported $0.43 per share, matching consensus, while revenue of $46.05 million was slightly below the $46.12 million estimate.
• Institutional investors own 55.4% of the stock; several firms initiated positions during the second quarter, including BlackRock, which acquired a stake valued at about $40.1 million.

Shares of California BanCorp (NASDAQ:BCAL - Get Free Report) have earned a consensus rating of "Moderate Buy" from the six research firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $24.50.

A number of equities research analysts recently issued reports on the company. Zacks Research lowered California BanCorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 24th. Keefe, Bruyette & Woods upped their price target on California BanCorp from $23.00 to $24.00 and gave the stock 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 note on Monday, September 21st. DA Davidson raised their price target on shares of California BanCorp from $23.50 to $25.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Finally, Raymond James Financial began coverage on shares of California BanCorp in a report on Thursday, August 20th. They issued an "outperform" rating and a $25.00 price objective on the stock.

California BanCorp Trading Down 2.6%

Shares of NASDAQ BCAL opened at $21.62 on Friday. The firm has a market cap of $695.08 million, a PE ratio of 12.08 and a beta of 0.90. California BanCorp has a 1-year low of $16.87 and a 1-year high of $22.59. The company has a fifty day moving average price of $21.65 and a 200 day moving average price of $19.93.

California BanCorp (NASDAQ:BCAL - Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The company reported $0.43 EPS for the quarter, meeting analysts' consensus estimates of $0.43. The company had revenue of $46.05 million for the quarter, compared to analyst estimates of $46.12 million. California BanCorp had a return on equity of 10.09% and a net margin of 25.47%. Equities research analysts forecast that California BanCorp will post 1.74 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of California BanCorp in the second quarter valued at about $40,129,000. The Manufacturers Life Insurance Company bought a new stake in California BanCorp during the second quarter worth about $16,501,000. Algebris UK Ltd. bought a new stake in California BanCorp during the second quarter worth about $8,360,000. Maloon Powers Pitre Higgins & Dennehy LLC acquired a new position in California BanCorp during the second quarter valued at approximately $3,551,000. Finally, Dimensional Fund Advisors LP boosted its position in California BanCorp by 49.5% during the first quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company's stock valued at $8,331,000 after purchasing an additional 155,744 shares during 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. Through its principal subsidiary, California Bank of Commerce, the company provides commercial banking products and services to businesses, professionals, and individuals.

California Bank of Commerce offers business and personal deposit accounts, commercial and industrial lending, commercial real estate financing, construction loans, lines of credit, treasury management, online banking, and other cash-management services.

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