The Manufacturers Life Insurance Company Acquires Shares of 791,794 California BanCorp $BCAL

The Manufacturers Life Insurance Company acquired a new stake in California BanCorp (NASDAQ:BCAL - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 791,794 shares of the company's stock, valued at approximately $16,501,000. The Manufacturers Life Insurance Company owned 2.46% of California BanCorp as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BCAL. Algebris UK Ltd. purchased a new stake in California BanCorp during the second quarter valued at about $8,360,000. Y Intercept Hong Kong Ltd bought a new position in California BanCorp in the 1st quarter worth $997,000. Mendon Capital Advisors Corp raised its position 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 worth $7,165,000 after acquiring an additional 149,491 shares in the last quarter. Dimensional Fund Advisors LP increased 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 worth $8,331,000 after acquiring an additional 155,744 shares in the last quarter. Finally, Precision Wealth Strategies LLC purchased a new position in California BanCorp during the first quarter valued at $522,000. Institutional investors and hedge funds own 55.40% of the company's stock.

Insider Activity

In other California BanCorp news, Director Lester Machado sold 7,500 shares of the business's 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 owned 22,391 shares in the company, valued at $474,465.29. The trade was a 25.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 8.14% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BCAL. Zacks Research cut California BanCorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 24th. Raymond James Financial started coverage on California BanCorp in a report on Thursday, August 20th. They issued an "outperform" rating and a $25.00 price target on the stock. DA Davidson increased their target price on California BanCorp from $23.50 to $25.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Stephens raised their target price on shares of California BanCorp from $22.00 to $24.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of California BanCorp in a research report on Wednesday, June 24th. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, California BanCorp has a consensus rating of "Moderate Buy" and a consensus price target of $24.50.

California BanCorp Trading Down 0.3%

Shares of BCAL opened at $21.27 on Friday. The company's fifty day simple moving average is $21.11 and its 200-day simple moving average is $19.46. The company has a market cap of $683.83 million, a P/E ratio of 11.56 and a beta of 0.92. California BanCorp has a twelve month low of $15.85 and a twelve month high of $22.00.

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

California BanCorp Increases Dividend

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