California BanCorp $BCAL Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 70,438 shares of California BanCorp in the second quarter, worth approximately $1.47 million, joining several other institutions that recently initiated or increased positions. Institutional investors collectively own 55.4% of BCAL.
• California BanCorp reported quarterly EPS of $0.44, beating estimates by $0.04, while revenue totaled $44.08 million. The company also raised its quarterly dividend from $0.10 to $0.12, producing a 2.2% annualized yield.
• Analysts remain generally positive, with five Buy ratings and one Hold; the stock has a “Moderate Buy” consensus and a $24.50 average price target, versus a recent price of $21.55.

Bank of America Corp DE bought a new position in California BanCorp (NASDAQ:BCAL - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 70,438 shares of the company's stock, valued at approximately $1,468,000. Bank of America Corp DE owned about 0.22% of California BanCorp at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in California BanCorp in the second quarter valued at approximately $40,129,000. The Manufacturers Life Insurance Company acquired a new stake in shares of California BanCorp in the 2nd quarter valued at $16,501,000. Algebris UK Ltd. acquired a new stake in shares of California BanCorp in the 2nd quarter valued at $8,360,000. Dimensional Fund Advisors LP boosted its holdings in California BanCorp by 49.5% in the first quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company's stock worth $8,331,000 after purchasing an additional 155,744 shares in the last quarter. Finally, Mendon Capital Advisors Corp boosted its holdings in California BanCorp by 58.7% in the first quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company's stock worth $7,165,000 after purchasing an additional 149,491 shares in the last quarter. 55.40% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at California BanCorp

In related news, Director Lester Machado sold 7,500 shares of the business's stock in a transaction on 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. The trade was a 25.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 8.14% of the company's stock.

California BanCorp Stock Up 0.9%

Shares of NASDAQ:BCAL opened at $21.55 on Friday. The business has a 50 day moving average price of $21.51 and a 200 day moving average price of $20.01. California BanCorp has a twelve month low of $15.85 and a twelve month high of $22.41. The company has a market cap of $692.83 million, a price-to-earnings ratio of 11.71 and a beta of 0.91.

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, beating analysts' consensus estimates 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 analyst estimates of $45.07 million. Analysts anticipate that California BanCorp will post 1.74 EPS for the current year.

California BanCorp Increases Dividend

The business also recently disclosed 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. The ex-dividend date is Monday, September 21st. This is a positive change from California BanCorp's previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a dividend yield of 2.2%. California BanCorp's dividend payout ratio is 26.09%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Stephens raised their target price on California BanCorp from $22.00 to $24.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods upped 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, August 4th. Raymond James Financial assumed coverage on California BanCorp in a report on Thursday, August 20th. They set an "outperform" rating and a $25.00 price objective on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of California BanCorp in a research note on Monday, September 21st. Finally, Zacks Research lowered California BanCorp from a "strong-buy" rating to a "hold" rating in a report on Monday, August 24th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $24.50.

California BanCorp Profile

California BanCorp NASDAQ: BCAL is a bank holding company for California Bank of Commerce, a full-service commercial bank focused on serving businesses, professionals, nonprofit organizations and individuals. The bank provides relationship-based banking and financial services through its California operations.

Its products and services include commercial and industrial lending, commercial real estate loans, construction financing, Small Business Administration lending, business and personal deposit accounts, treasury management and cash-management services.

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