Endeavour Capital Advisors Inc. Has $32.95 Million Position in California BanCorp $BCAL

Key Points

• Endeavour Capital Advisors reduced its California BanCorp stake by 22% in the fourth quarter, but the stock remains its largest holding at 9.2% of portfolio value. The firm still owns 1.77 million shares worth about $32.95 million.
• California BanCorp reported Q1 earnings of $0.42 per share, slightly ahead of expectations, on revenue of $44.22 million. Analysts currently rate the stock a Buy on average, with a consensus price target of $20.67.
• The company paid a quarterly dividend of $0.10 per share, equal to a 2.1% annualized yield, while insiders also trimmed holdings through recent share sales by the CFO and president.

Endeavour Capital Advisors Inc. lowered its position in shares of California BanCorp (NASDAQ:BCAL - Free Report) by 22.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,765,077 shares of the company's stock after selling 497,235 shares during the quarter. California BanCorp comprises approximately 9.2% of Endeavour Capital Advisors Inc.'s portfolio, making the stock its biggest position. Endeavour Capital Advisors Inc. owned 5.46% of California BanCorp worth $32,954,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Wellington Management Group LLP lifted its position in California BanCorp by 199.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,079,886 shares of the company's stock valued at $34,692,000 after acquiring an additional 1,385,202 shares during the period. Kennedy Capital Management LLC grew its holdings in California BanCorp by 77.1% in the third quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company's stock worth $6,066,000 after purchasing an additional 158,270 shares during the period. Dimensional Fund Advisors LP grew its holdings in California BanCorp by 44.4% in the third quarter. Dimensional Fund Advisors LP now owns 218,677 shares of the company's stock worth $3,648,000 after purchasing an additional 67,238 shares during the period. Marshall Wace LLP increased its stake in shares of California BanCorp by 305.9% during the second quarter. Marshall Wace LLP now owns 88,808 shares of the company's stock valued at $1,400,000 after purchasing an additional 66,931 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in shares of California BanCorp by 321.2% during the third quarter. First Trust Advisors LP now owns 87,115 shares of the company's stock valued at $1,453,000 after purchasing an additional 66,430 shares in the last quarter. 55.40% of the stock is owned by hedge funds and other institutional investors.

California BanCorp Stock Performance

NASDAQ:BCAL opened at $19.02 on Tuesday. The firm has a market cap of $611.87 million, a P/E ratio of 10.39 and a beta of 1.01. California BanCorp has a fifty-two week low of $14.07 and a fifty-two week high of $20.47. The firm has a 50-day simple moving average of $18.31 and a two-hundred day simple moving average of $18.65.

California BanCorp (NASDAQ:BCAL - Get Free Report) last issued its earnings results on Friday, May 8th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.01. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%. The business had revenue of $44.22 million during the quarter. On average, equities research analysts predict that California BanCorp will post 1.68 EPS for the current year.

California BanCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 24th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.1%. The ex-dividend date was Tuesday, March 24th. California BanCorp's dividend payout ratio (DPR) is currently 21.86%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on BCAL shares. DA Davidson boosted their price target on California BanCorp from $21.50 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Zacks Research raised California BanCorp from a "strong sell" rating to a "hold" rating in a research report on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, California BanCorp has an average rating of "Buy" and an average price target of $20.67.

Insiders Place Their Bets

In other news, CFO Jean Carandang sold 8,000 shares of the company's stock in a transaction on Friday, March 6th. The stock was sold at an average price of $17.90, for a total transaction of $143,200.00. Following the transaction, the chief financial officer directly owned 37,174 shares of the company's stock, valued at $665,414.60. This represents a 17.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Richard Hernandez sold 17,000 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $19.12, for a total value of $325,040.00. Following the sale, the president directly owned 72,935 shares in the company, valued at $1,394,517.20. This trade represents a 18.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 8.14% of the stock is currently owned by company insiders.

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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