Y Intercept Hong Kong Ltd Invests $997,000 in California BanCorp $BCAL

Key Points

• Y Intercept Hong Kong Ltd bought a new stake in California BanCorp during the first quarter, acquiring 56,251 shares valued at about $997,000.
• Wall Street sentiment is generally positive: Zacks upgraded the stock to Strong Buy, DA Davidson lifted its price target to $22, and the consensus rating is Buy with an average target price of $20.67.
• California BanCorp reported Q1 earnings of $0.42 per share, beating estimates, and announced a quarterly dividend of $0.10 per share payable July 15, implying a 1.9% yield.

Y Intercept Hong Kong Ltd purchased a new stake in shares of California BanCorp (NASDAQ:BCAL - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 56,251 shares of the company's stock, valued at approximately $997,000. Y Intercept Hong Kong Ltd owned approximately 0.17% of California BanCorp at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Cullen Frost Bankers Inc. purchased a new stake in California BanCorp in the 4th quarter valued at about $36,000. EverSource Wealth Advisors LLC grew its holdings in shares of California BanCorp by 26,512.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company's stock valued at $34,000 after acquiring an additional 2,121 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of California BanCorp by 508.7% in the third quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company's stock valued at $37,000 after acquiring an additional 1,862 shares in the last quarter. Daytona Street Capital LLC purchased a new stake in shares of California BanCorp during the fourth quarter valued at approximately $90,000. Finally, BNP Paribas Financial Markets increased its position in shares of California BanCorp by 12.4% during the third quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company's stock valued at $82,000 after acquiring an additional 545 shares during the last quarter. 55.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Zacks Research upgraded California BanCorp from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 30th. DA Davidson raised their target price on California BanCorp from $21.50 to $22.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of California BanCorp in a research note on Wednesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $20.67.

Insider Buying and Selling at California BanCorp

In other news, President Richard Hernandez sold 17,000 shares of the business's stock in a transaction that occurred 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 owned 72,935 shares of the company's stock, valued at $1,394,517.20. The trade was a 18.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 8.14% of the stock is owned by insiders.

California BanCorp Stock Performance

NASDAQ:BCAL traded up $0.18 during trading hours on Friday, reaching $20.66. The stock had a trading volume of 145,410 shares, compared to its average volume of 248,802. The stock has a market cap of $664.63 million, a P/E ratio of 11.29 and a beta of 0.93. The stock has a 50 day simple moving average of $19.59 and a 200 day simple moving average of $18.81. California BanCorp has a 12-month low of $14.56 and a 12-month high of $21.50.

California BanCorp (NASDAQ:BCAL - Get Free Report) last posted its quarterly earnings results on Friday, May 8th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.01. California BanCorp had a return on equity of 10.59% and a net margin of 25.68%.The company had revenue of $44.22 million during the quarter. On average, equities analysts expect that California BanCorp will post 1.7 earnings per share for the current fiscal year.

California BanCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 23rd will be paid a $0.10 dividend. The ex-dividend date is Tuesday, June 23rd. This represents a $0.40 annualized dividend and a dividend yield of 1.9%. California BanCorp's dividend payout ratio (DPR) is presently 21.86%.

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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