California BanCorp $BCAL Position Decreased by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital cut its California BanCorp stake by 75.6% in the first quarter, selling 65,992 shares and retaining 21,281 shares valued at approximately $377,000. Institutional investors still own 55.4% of the company.
• California BanCorp reported quarterly EPS of $0.44, beating estimates by $0.04, while revenue of $44.08 million fell short of expectations. The company also raised its quarterly dividend from $0.10 to $0.12 per share, equating to a 2.3% annualized yield.
• Analysts remain positive, with the stock carrying a consensus “Buy” rating and a $24.33 target price versus a recent price of $21.25. Multiple firms recently increased their price targets to between $24 and $25.

Arrowstreet Capital Limited Partnership lowered its holdings in California BanCorp (NASDAQ:BCAL - Free Report) by 75.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,281 shares of the company's stock after selling 65,992 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.07% of California BanCorp worth $377,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Goldman Sachs Group Inc. increased its holdings in shares of California BanCorp by 1.2% in the first quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company's stock valued at $998,000 after buying an additional 846 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of California BanCorp by 6.2% in the 1st quarter. Empowered Funds LLC now owns 11,969 shares of the company's stock worth $172,000 after acquiring an additional 704 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of California BanCorp during the first quarter worth $357,000. Creative Planning purchased a new stake in shares of California BanCorp during the second quarter valued at $335,000. Finally, American Century Companies Inc. lifted its holdings in shares of California BanCorp by 15.1% during the second quarter. American Century Companies Inc. now owns 48,045 shares of the company's stock valued at $757,000 after purchasing an additional 6,298 shares during the last quarter. 55.40% of the stock is currently owned by institutional investors.

California BanCorp Stock Performance

California BanCorp stock opened at $21.25 on Friday. California BanCorp has a twelve month low of $15.18 and a twelve month high of $22.00. The firm has a market cap of $683.61 million, a PE ratio of 11.55 and a beta of 0.92. The firm's 50 day moving average price is $20.52 and its two-hundred day moving average price is $19.16.

California BanCorp (NASDAQ:BCAL - Get Free Report) last issued its earnings results on Monday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.40 by $0.04. The company had revenue of $44.08 million during the quarter, compared to analyst estimates of $45.07 million. California BanCorp had a net margin of 26.01% and a return on equity of 10.51%. Equities analysts anticipate that California BanCorp will post 1.75 EPS for the current fiscal year.

California BanCorp Increases Dividend

The company 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 dividend of $0.12 per share. 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. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.3%. California BanCorp's dividend payout ratio (DPR) is 21.74%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on BCAL shares. Keefe, Bruyette & Woods lifted their price target on California BanCorp from $23.00 to $24.00 and gave the stock an "outperform" rating in a research note on Tuesday. Zacks Research upgraded shares of California BanCorp from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 30th. DA Davidson lifted their target price on shares of California BanCorp from $23.50 to $25.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Stephens upped their price target on shares of California BanCorp from $22.00 to $24.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of California BanCorp in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $24.33.

Insider Activity

In other news, Director Lester Machado sold 7,500 shares of California BanCorp stock in a transaction dated 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 directly owned 22,391 shares in the company, valued at $474,465.29. The trade was a 25.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 8.14% of the stock is currently owned by corporate insiders.

About California BanCorp

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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