DA Davidson Has Negative Outlook for BCAL FY2025 Earnings

Key Points

• DA Davidson has decreased its FY2025 earnings estimate for California BanCorp (BCAL) to $1.75 per share, down from $1.78, while the consensus estimate stands at $1.81.
• Stephens has raised its price target for California BanCorp from $18.00 to $19.00, recommending an "equal weight" rating.
• California BanCorp's Board of Directors has initiated a stock repurchase program to buy back 1,600,000 outstanding shares, indicating confidence in the company's valuation.

California BanCorp (NASDAQ:BCAL - Free Report) - Stock analysts at DA Davidson decreased their FY2025 earnings per share estimates for California BanCorp in a note issued to investors on Tuesday, July 29th. DA Davidson analyst G. Tenner now expects that the company will earn $1.75 per share for the year, down from their previous estimate of $1.78. The consensus estimate for California BanCorp's current full-year earnings is $1.81 per share.

Separately, Stephens upgraded California BanCorp from an "equal weight" rating to an "overweight" rating and set a $19.00 price objective on the stock in a research report on Monday.

California BanCorp Price Performance

California BanCorp stock traded up $0.50 during trading hours on Thursday, hitting $15.10. The stock had a trading volume of 58,135 shares, compared to its average volume of 109,611. California BanCorp has a 1-year low of $11.87 and a 1-year high of $18.49. The stock's fifty day moving average is $15.47 and its two-hundred day moving average is $15.00. The stock has a market capitalization of $489.23 million, a price-to-earnings ratio of 17.32 and a beta of 1.20.

California BanCorp declared that its Board of Directors has initiated a share buyback program on Thursday, May 1st that authorizes the company to repurchase 1,600,000 outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On California BanCorp

Large investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in California BanCorp during the 4th quarter valued at $641,000. American Century Companies Inc. raised its stake in California BanCorp by 38.0% during the 4th quarter. American Century Companies Inc. now owns 39,082 shares of the company's stock valued at $646,000 after acquiring an additional 10,756 shares in the last quarter. Vanguard Group Inc. raised its stake in California BanCorp by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 1,288,260 shares of the company's stock valued at $21,308,000 after acquiring an additional 3,897 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of California BanCorp by 170.7% during the 4th quarter. JPMorgan Chase & Co. now owns 71,755 shares of the company's stock valued at $1,187,000 after purchasing an additional 45,247 shares during the period. Finally, Endeavour Capital Advisors Inc. increased its position in shares of California BanCorp by 0.5% during the 4th quarter. Endeavour Capital Advisors Inc. now owns 2,454,490 shares of the company's stock valued at $40,597,000 after purchasing an additional 13,003 shares during the period. 55.40% of the stock is currently owned by institutional investors.

California BanCorp Company Profile

Southern California Bancorp operates as the holding company for Bank of Southern California, N.A. that provides various financial products to individuals, professionals, and small-to medium-sized businesses. The company offers checking, personal and business savings, and money market accounts, as well as certificates of deposit.