Empowered Funds LLC Invests $3.14 Million in California BanCorp $BCAL

Key Points

• Empowered Funds LLC acquired 150,757 shares of California BanCorp worth approximately $3.14 million, while institutional investors collectively own 55.4% of the company.
• Analyst sentiment remains positive, with five Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $24.50.
• California BanCorp exceeded quarterly EPS expectations, reporting $0.44 versus the $0.40 consensus estimate, and raised its quarterly dividend from $0.10 to $0.12 per share.

Empowered Funds LLC 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 firm bought 150,757 shares of the company's stock, valued at approximately $3,142,000. Empowered Funds LLC owned 0.47% of California BanCorp at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BCAL. Wellington Management Group LLP grew its position in California BanCorp by 38.6% during the fourth quarter. Wellington Management Group LLP now owns 2,882,833 shares of the company's stock valued at $53,822,000 after acquiring an additional 802,947 shares during the period. BlackRock Inc. purchased a new position in shares of California BanCorp in the 2nd quarter worth about $40,129,000. The Manufacturers Life Insurance Company lifted its stake in shares of California BanCorp by 4.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 795,309 shares of the company's stock valued at $14,093,000 after purchasing an additional 34,945 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of California BanCorp by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company's stock valued at $8,331,000 after purchasing an additional 155,744 shares in the last quarter. Finally, Mendon Capital Advisors Corp lifted its stake in shares of California BanCorp by 58.7% in the 1st quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company's stock valued at $7,165,000 after purchasing an additional 149,491 shares in the last quarter. Institutional investors and hedge funds own 55.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Zacks Research downgraded shares of California BanCorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 24th. Stephens increased their price objective on shares of California BanCorp from $22.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods raised their target price on shares of California BanCorp from $23.00 to $24.00 and gave the company an "outperform" rating in a research note on Tuesday, August 4th. 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 target for the company. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of California BanCorp in a research report on Wednesday, June 24th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $24.50.

Insider Activity at California BanCorp

In other news, Director Lester Machado sold 7,500 shares of the stock in a transaction that occurred 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 transaction, the director directly owned 22,391 shares in the company, valued at approximately $474,465.29. This represents a 25.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 8.14% of the company's stock.

California BanCorp Price Performance

California BanCorp stock opened at $21.09 on Wednesday. California BanCorp has a 12-month low of $15.85 and a 12-month high of $22.00. The company has a market capitalization of $678.04 million, a price-to-earnings ratio of 11.46 and a beta of 0.92. The firm's fifty day moving average price is $21.16 and its 200 day moving average price is $19.50.

California BanCorp (NASDAQ:BCAL - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.04. California BanCorp had a net margin of 26.01% and a return on equity of 10.44%. The company had revenue of $44.08 million during the quarter, compared to analysts' expectations of $45.07 million. Analysts forecast that California BanCorp will post 1.75 earnings per share for the current fiscal year.

California BanCorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Monday, September 21st will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Monday, September 21st. This is a positive change from California BanCorp's previous quarterly dividend of $0.10. California BanCorp's dividend payout ratio is currently 21.74%.

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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