Hennessy Advisors Inc. Has $1.79 Million Holdings in California BanCorp (NASDAQ:BCAL)

Hennessy Advisors Inc. reduced its stake in shares of California BanCorp (NASDAQ:BCAL - Free Report) by 30.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 125,000 shares of the company's stock after selling 55,000 shares during the period. Hennessy Advisors Inc. owned 0.39% of California BanCorp worth $1,791,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Tower Research Capital LLC TRC boosted its holdings in shares of California BanCorp by 265.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,848 shares of the company's stock worth $47,000 after purchasing an additional 2,068 shares during the last quarter. GAMMA Investing LLC boosted its stake in California BanCorp by 1,581.0% in the 1st quarter. GAMMA Investing LLC now owns 3,883 shares of the company's stock worth $56,000 after buying an additional 3,652 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in California BanCorp in the 4th quarter valued at about $102,000. Davidson Kahn Capital Management LLC acquired a new position in shares of California BanCorp during the 4th quarter valued at about $172,000. Finally, Intech Investment Management LLC purchased a new position in shares of California BanCorp during the 4th quarter worth about $176,000. 55.40% of the stock is currently owned by institutional investors and hedge funds.

California BanCorp Stock Performance

California BanCorp stock traded up $0.15 during trading on Thursday, reaching $14.36. The company had a trading volume of 42,528 shares, compared to its average volume of 90,631. California BanCorp has a 12-month low of $11.87 and a 12-month high of $18.49. The firm has a market capitalization of $465.41 million, a price-to-earnings ratio of 31.91 and a beta of 1.21. The stock's 50 day moving average price is $14.25 and its two-hundred day moving average price is $15.20.

California BanCorp (NASDAQ:BCAL - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.14. California BanCorp had a net margin of 8.21% and a return on equity of 9.54%. The company had revenue of $44.82 million for the quarter, compared to the consensus estimate of $44.86 million. As a group, research analysts expect that California BanCorp will post 1.81 earnings per share for the current year.

California BanCorp announced that its board has initiated a share repurchase plan on Thursday, May 1st that permits the company to buyback 1,600,000 outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its stock is undervalued.

About California BanCorp

Southern California Bancorp operates as the holding company for Bank of Southern California, N.A. that provides various financial products to individuals, professionals, and small-to medium-sized businesses. The company offers checking, personal and business savings, and money market accounts, as well as certificates of deposit.