83,223 Shares in California BanCorp $BCAL Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 83,223 shares of California BanCorp worth approximately $1.7 million, joining other institutional investors that have increased their positions. Institutions and hedge funds collectively own 55.4% of BCAL.
• Analysts remain broadly positive, with five Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $24.50, above the $21.73 share price.
• California BanCorp raised its quarterly dividend from $0.10 to $0.12 per share, implying an annualized yield of about 2.2%. The company also beat quarterly EPS estimates, reporting $0.44 versus the expected $0.40.

Bank of New York Mellon Corp acquired a new stake in California BanCorp (NASDAQ:BCAL - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 83,223 shares of the company's stock, valued at approximately $1,734,000. Bank of New York Mellon Corp owned 0.26% of California BanCorp as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in BCAL. Wellington Management Group LLP increased its stake in California BanCorp by 199.4% in the 3rd quarter. Wellington Management Group LLP now owns 2,079,886 shares of the company's stock valued at $34,692,000 after buying an additional 1,385,202 shares during the period. Kennedy Capital Management LLC raised its stake in shares of California BanCorp by 77.1% during the 3rd quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company's stock worth $6,066,000 after buying an additional 158,270 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of California BanCorp by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company's stock valued at $8,331,000 after buying an additional 155,744 shares during the period. Jane Street Group LLC boosted its stake in shares of California BanCorp by 277.7% in the fourth quarter. Jane Street Group LLC now owns 205,513 shares of the company's stock valued at $3,837,000 after buying an additional 151,104 shares in the last quarter. Finally, Mendon Capital Advisors Corp boosted its stake in shares of California BanCorp by 58.7% in the first quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company's stock valued at $7,165,000 after buying an additional 149,491 shares in the last quarter. 55.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on BCAL. Weiss Ratings reiterated a "buy (b)" rating on shares of California BanCorp in a research report on Wednesday, June 24th. Zacks Research cut shares of California BanCorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 24th. Keefe, Bruyette & Woods raised their price objective on shares of California BanCorp from $23.00 to $24.00 and gave the company an "outperform" rating in a research note on Tuesday, August 4th. Raymond James Financial assumed coverage on shares of California BanCorp in a report on Thursday, August 20th. They set an "outperform" rating and a $25.00 price objective on the stock. Finally, Stephens increased their target price on shares of California BanCorp from $22.00 to $24.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $24.50.

California BanCorp Price Performance

Shares of NASDAQ BCAL opened at $21.73 on Wednesday. The firm's 50-day moving average is $21.26 and its two-hundred day moving average is $19.60. The company has a market capitalization of $698.62 million, a PE ratio of 11.81 and a beta of 0.92. California BanCorp has a 12-month low of $15.85 and a 12-month high of $22.00.

California BanCorp (NASDAQ:BCAL - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.04. California BanCorp had a return on equity of 10.44% and a net margin of 26.01%.The company had revenue of $44.08 million during the quarter, compared to the consensus estimate of $45.07 million. On average, analysts forecast that California BanCorp will post 1.75 EPS for the current fiscal year.

California BanCorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Monday, September 21st will be issued a $0.12 dividend. This is a positive change from California BanCorp's previous quarterly dividend of $0.10. The ex-dividend date is Monday, September 21st. This represents a $0.48 dividend on an annualized basis and a yield of 2.2%. California BanCorp's payout ratio is currently 21.74%.

Insider Activity

In other California BanCorp news, Director Lester Machado sold 7,500 shares of the firm's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $21.19, for a total transaction of $158,925.00. Following the sale, the director directly owned 22,391 shares of the company's stock, valued at $474,465.29. This trade represents a 25.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 8.14% of the stock is owned by corporate insiders.

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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