BlackRock Inc. Purchases Shares of 1,925,599 California BanCorp $BCAL

Key Points

• BlackRock acquired 1,925,599 shares of California BanCorp in the second quarter, worth approximately $40.1 million and representing a 5.99% stake. Institutional investors collectively own 55.40% of BCAL.
• Analyst sentiment remains positive, with five Buy ratings and one Hold rating, producing a consensus “Moderate Buy” rating and an average price target of $24.50. Recent targets from DA Davidson, Stephens and Raymond James range from $24 to $25.
• California BanCorp reported quarterly EPS of $0.44, exceeding estimates of $0.40, and raised its quarterly dividend to $0.12 from $0.10, equivalent to a 2.3% annualized yield.

BlackRock Inc. acquired a new stake in shares of California BanCorp (NASDAQ:BCAL - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,925,599 shares of the company's stock, valued at approximately $40,129,000. BlackRock Inc. owned about 5.99% of California BanCorp as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of BCAL. EverSource Wealth Advisors LLC raised its position 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 worth $34,000 after purchasing an additional 2,121 shares during the period. Cullen Frost Bankers Inc. acquired a new position in shares of California BanCorp in the 4th quarter valued at $36,000. Royal Bank of Canada increased its stake in 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 in the last quarter. Russell Investments Group Ltd. increased its stake in 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 in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in California BanCorp by 12.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company's stock worth $82,000 after buying an additional 545 shares during the period. 55.40% of the stock is owned by institutional investors.

Insider Transactions at California BanCorp

In related news, Director Lester Machado sold 7,500 shares of California BanCorp stock in a transaction on Friday, July 31st. The stock was sold at an average price of $21.19, for a total transaction of $158,925.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.14% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on BCAL shares. DA Davidson raised their target price on shares of California BanCorp from $23.50 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Stephens boosted their price target 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. Zacks Research downgraded shares of California BanCorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of California BanCorp in a research note on Wednesday, June 24th. Finally, Raymond James Financial began coverage on shares of California BanCorp in a research report on Thursday, August 20th. They set an "outperform" rating and a $25.00 price objective on the stock. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, California BanCorp currently has a consensus rating of "Moderate Buy" and an average price target of $24.50.

California BanCorp Stock Performance

BCAL stock opened at $21.09 on Wednesday. The firm has a 50 day simple moving average of $21.16 and a 200 day simple moving average of $19.50. California BanCorp has a 52 week low of $15.85 and a 52 week high of $22.00. The stock has a market cap of $678.04 million, a P/E ratio of 11.46 and a beta of 0.92.

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

California BanCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Monday, September 21st will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from California BanCorp's previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Monday, September 21st. California BanCorp's dividend payout ratio (DPR) is currently 21.74%.

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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