Algebris UK Ltd. bought a new position in shares of California BanCorp (NASDAQ:BCAL - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 402,410 shares of the company's stock, valued at approximately $8,360,000. Algebris UK Ltd. owned 1.25% of California BanCorp as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently modified their holdings of BCAL. EverSource Wealth Advisors LLC grew its holdings in shares of California BanCorp by 26,512.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company's stock valued at $34,000 after purchasing an additional 2,121 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in shares of California BanCorp during the 4th quarter worth approximately $36,000. Royal Bank of Canada lifted its holdings in shares of California BanCorp by 215.4% in the 1st quarter. Royal Bank of Canada now owns 2,094 shares of the company's stock worth $37,000 after purchasing an additional 1,430 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of California BanCorp by 508.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company's stock worth $37,000 after purchasing an additional 1,862 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in California BanCorp by 12.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company's stock valued at $82,000 after purchasing an additional 545 shares during the period. 55.40% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of research analysts recently commented on the company. DA Davidson upped their price objective on California BanCorp from $23.50 to $25.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Zacks Research upgraded California BanCorp from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods boosted their price target on shares of California BanCorp from $23.00 to $24.00 and gave the company an "outperform" rating in a report on Tuesday, August 4th. Weiss Ratings restated a "buy (b)" rating on shares of California BanCorp in a research report on Wednesday, June 24th. Finally, Stephens increased their price objective on shares of California BanCorp from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $24.33.
Check Out Our Latest Report on California BanCorp
California BanCorp Price Performance
Shares of BCAL stock opened at $21.06 on Thursday. California BanCorp has a 12-month low of $15.85 and a 12-month high of $22.00. The firm has a market capitalization of $677.08 million, a price-to-earnings ratio of 11.45 and a beta of 0.92. The business has a 50 day simple moving average of $20.88 and a 200 day simple moving average of $19.34.
California BanCorp (NASDAQ:BCAL - Get Free Report) last announced its earnings results on Monday, July 27th. The company reported $0.44 earnings per share for the quarter, beating 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 firm had revenue of $44.08 million for the quarter, compared to the consensus estimate of $45.07 million. On average, equities analysts anticipate that California BanCorp will post 1.75 EPS for the current fiscal year.
California BanCorp Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Monday, September 21st will be given a $0.12 dividend. The ex-dividend date is Monday, September 21st. This represents a $0.48 dividend on an annualized basis and a yield of 2.3%. This is a boost from California BanCorp's previous quarterly dividend of $0.10. California BanCorp's payout ratio is currently 21.74%.
Insider Buying and Selling
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 transaction, the director owned 22,391 shares of the company's stock, valued at approximately $474,465.29. This trade represents a 25.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 8.14% of the company's stock.
About California BanCorp
(
Free Report)
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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