Dimensional Fund Advisors LP Acquires 155,744 Shares of California BanCorp $BCAL

Key Points

• Dimensional Fund Advisors increased its California BanCorp stake by 49.5%, purchasing 155,744 additional shares to own 470,192 shares, or approximately 1.46% of BCAL. Institutional investors collectively hold 55.40% of the company.
• Analysts remain bullish, with one Strong Buy and four Buy ratings. The consensus price target is $24.33, while recent targets range from $24 to $25.
• California BanCorp reported quarterly EPS of $0.44, exceeding estimates of $0.40, and increased its quarterly dividend from $0.10 to $0.12 per share, implying a 2.2% annualized yield.

Dimensional Fund Advisors LP raised its position in California BanCorp (NASDAQ:BCAL - Free Report) by 49.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 470,192 shares of the company's stock after buying an additional 155,744 shares during the quarter. Dimensional Fund Advisors LP owned about 1.46% of California BanCorp worth $8,331,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of BCAL. BNP Paribas Financial Markets lifted its position in shares of 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 acquiring an additional 545 shares during the period. Invesco Ltd. grew its stake in California BanCorp by 4.4% in the 4th quarter. Invesco Ltd. now owns 16,154 shares of the company's stock worth $302,000 after buying an additional 680 shares in the last quarter. Empowered Funds LLC raised its position in 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 purchasing an additional 704 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of California BanCorp by 1.2% during the first quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company's stock worth $998,000 after purchasing an additional 846 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of California BanCorp by 8.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,988 shares of the company's stock worth $243,000 after acquiring an additional 978 shares in the last quarter. Institutional investors and hedge funds own 55.40% of the company's stock.

Insiders Place Their Bets

In other news, Director Lester Machado sold 7,500 shares of the firm's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $21.19, for a total value of $158,925.00. Following the completion of the sale, the director owned 22,391 shares of the company's stock, valued at $474,465.29. This trade represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 8.14% of the company's stock.

Analyst Ratings Changes

BCAL has been the subject of a number of research reports. Keefe, Bruyette & Woods upped their price objective on California BanCorp from $23.00 to $24.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of California BanCorp in a research report on Wednesday, June 24th. Stephens lifted their price objective on shares of California BanCorp from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Zacks Research raised California BanCorp from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 30th. Finally, DA Davidson raised their price target 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. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to MarketBeat.com, California BanCorp has an average rating of "Buy" and a consensus target price of $24.33.

California BanCorp Price Performance

California BanCorp stock opened at $21.39 on Tuesday. California BanCorp has a 12 month low of $15.20 and a 12 month high of $22.00. The company has a market cap of $688.12 million, a PE ratio of 11.62 and a beta of 0.92. The company has a fifty day moving average price of $20.57 and a two-hundred day moving average price of $19.19.

California BanCorp (NASDAQ:BCAL - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $44.08 million for 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 10.51%. Equities research analysts anticipate that California BanCorp will post 1.75 earnings per share for the current year.

California BanCorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Monday, September 21st will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.2%. 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 payout ratio is presently 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.

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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