California BanCorp $BCAL Shares Sold by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. reduced its holdings in California BanCorp by 1.2% during the first quarter, now owning approximately 7.76% of the company worth about $36 million.
• Several hedge funds have increased their positions in California BanCorp, contributing to institutional investors owning 55.40% of the company's stock.
• Analysts have mostly upgraded California BanCorp's stock rating, with a consensus rating of "Strong Buy" and an average price target of $19.50.

Alliancebernstein L.P. trimmed its stake in California BanCorp (NASDAQ:BCAL - Free Report) by 1.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,514,100 shares of the company's stock after selling 29,372 shares during the period. Alliancebernstein L.P. owned 7.76% of California BanCorp worth $36,027,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its position in shares of California BanCorp by 6.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,998 shares of the company's stock worth $244,000 after acquiring an additional 1,045 shares in the last quarter. Citadel Advisors LLC bought a new position in shares of California BanCorp in the 4th quarter worth $986,000. Bank of America Corp DE grew its stake in California BanCorp by 156.2% during the 4th quarter. Bank of America Corp DE now owns 55,089 shares of the company's stock worth $911,000 after buying an additional 33,590 shares during the last quarter. GAMMA Investing LLC grew its stake in California BanCorp by 1,581.0% during the 1st quarter. GAMMA Investing LLC now owns 3,883 shares of the company's stock worth $56,000 after buying an additional 3,652 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in California BanCorp during the 1st quarter worth $228,000. 55.40% of the stock is owned by institutional investors.

California BanCorp Stock Performance

Shares of BCAL stock traded down $0.09 during trading hours on Friday, reaching $17.20. The company had a trading volume of 82,725 shares, compared to its average volume of 111,866. The stock has a fifty day moving average of $16.26 and a 200-day moving average of $15.12. The company has a market capitalization of $559.34 million, a price-to-earnings ratio of 19.77 and a beta of 1.21. California BanCorp has a 12-month low of $11.87 and a 12-month high of $18.49.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Wall Street Zen upgraded California BanCorp from a "hold" rating to a "buy" rating in a research note on Saturday. Stephens raised California BanCorp from a "hold" rating to a "strong-buy" rating and set a $19.00 target price for the company in a report on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat, California BanCorp presently has an average rating of "Strong Buy" and an average target price of $19.50.

California BanCorp 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.