Hotchkis & Wiley Capital Management LLC Makes New Investment in California BanCorp $BCAL

Key Points

• Hotchkis & Wiley Capital Management LLC has made a new investment in California BanCorp, acquiring 197,990 shares valued at approximately $2.84 million, representing about 0.61% ownership of the company.
• California BanCorp's stock received a strong-buy rating from Stephens, with a price target set at $19.00, while the consensus rating across analysts remains at "Strong Buy" with a target price of $19.50.
• The company's Board of Directors has approved a share repurchase plan allowing the repurchase of up to 1.6 million shares, indicating confidence in its valuation.

Hotchkis & Wiley Capital Management LLC acquired a new stake in California BanCorp (NASDAQ:BCAL - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 197,990 shares of the company's stock, valued at approximately $2,837,000. Hotchkis & Wiley Capital Management LLC owned about 0.61% of California BanCorp at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Raymond James Financial Inc. acquired a new position in shares of California BanCorp during the fourth quarter worth $641,000. Barclays PLC lifted its holdings in California BanCorp by 8.3% during the 4th quarter. Barclays PLC now owns 39,806 shares of the company's stock worth $658,000 after buying an additional 3,050 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in shares of California BanCorp by 265.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,848 shares of the company's stock worth $47,000 after acquiring an additional 2,068 shares in the last quarter. Northern Trust Corp increased its holdings in shares of California BanCorp by 0.8% in the 4th quarter. Northern Trust Corp now owns 195,427 shares of the company's stock valued at $3,232,000 after acquiring an additional 1,644 shares during the last quarter. Finally, PDT Partners LLC acquired a new stake in shares of California BanCorp during the 4th quarter worth about $239,000. 55.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on BCAL. Stephens upgraded shares of California BanCorp from a "hold" rating to a "strong-buy" rating and set a $19.00 price target on the stock in a research note on Monday, August 4th. Wall Street Zen cut shares of California BanCorp from a "buy" rating to a "hold" rating in a report on Friday, August 22nd. One research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Strong Buy" and a consensus target price of $19.50.

California BanCorp Stock Up 1.4%

NASDAQ:BCAL opened at $16.82 on Wednesday. The company has a market capitalization of $546.95 million, a PE ratio of 19.33 and a beta of 1.20. California BanCorp has a 52-week low of $11.87 and a 52-week high of $18.49. The stock's 50 day moving average price is $15.86 and its 200 day moving average price is $15.04.

California BanCorp declared that its Board of Directors has approved a share repurchase plan on Thursday, May 1st that allows the company to repurchase 1,600,000 outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

California BanCorp Profile

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.

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