California BanCorp (NASDAQ:BCAL) Posts Quarterly Earnings Results, Meets Estimates

Key Points

• California BanCorp earned $0.43 per share for the quarter, matching analysts’ consensus estimate.
• Shares fell 2.0% to $21.52, while the company’s market capitalization stood at approximately $691.7 million.
• Analysts remain generally bullish, with five Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $24.50.

California BanCorp (NASDAQ:BCAL - Get Free Report) issued its earnings results on Wednesday. The company reported $0.43 earnings per share for the quarter, hitting the consensus estimate of $0.43, Zacks reports.

California BanCorp Stock Down 2.0%

Shares of NASDAQ BCAL traded down $0.43 during trading on Wednesday, reaching $21.52. 23,320 shares of the stock were exchanged, compared to its average volume of 215,185. The company has a market capitalization of $691.73 million, a price-to-earnings ratio of 11.70 and a beta of 0.91. The business's 50-day moving average price is $21.60 and its 200 day moving average price is $19.82. California BanCorp has a twelve month low of $16.87 and a twelve month high of $22.41.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BCAL. Stephens upped their price target on California BanCorp from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods lifted their price objective on California BanCorp from $23.00 to $24.00 and gave the company an "outperform" rating in a research note on Tuesday, August 4th. DA Davidson boosted their target price on California BanCorp from $23.50 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Raymond James Financial initiated coverage on shares of California BanCorp in a research report on Thursday, August 20th. They set an "outperform" rating and a $25.00 target price for the company. Finally, Weiss Ratings restated a "buy (b)" rating on shares of California BanCorp in a report on Monday, September 21st. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $24.50.

Insiders Place Their Bets

In other California BanCorp news, Director Lester Machado sold 7,500 shares of the business's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $21.19, for a total value of $158,925.00. Following the transaction, the director owned 22,391 shares in the company, valued at $474,465.29. The trade was a 25.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 8.14% of the company's stock.

About California BanCorp

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.