Stephens Forecasts Strong Price Appreciation for California BanCorp (NASDAQ:BCAL) Stock

Key Points

• Stephens has raised the price target for California BanCorp (NASDAQ:BCAL) from $18.00 to $19.00, indicating a potential upside of 18.16% from the current stock price.
• The Board of Directors has initiated a share repurchase plan allowing the company to buy back 1,600,000 shares, reflecting a belief that the stock is currently undervalued.
• Recent institutional investments include significant increases in holdings by Fourthstone LLC and FJ Capital Management LLC, demonstrating strong interest from institutional investors.

California BanCorp (NASDAQ:BCAL - Free Report) had its price objective raised by Stephens from $18.00 to $19.00 in a research report released on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the stock.

California BanCorp Stock Down 1.1%

NASDAQ BCAL traded down $0.17 during trading hours on Tuesday, hitting $15.13. The company's stock had a trading volume of 174,298 shares, compared to its average volume of 142,833. The stock has a fifty day moving average of $15.47 and a 200 day moving average of $15.01. California BanCorp has a twelve month low of $11.87 and a twelve month high of $18.49. The firm has a market capitalization of $490.36 million, a P/E ratio of 17.39 and a beta of 1.21.

California BanCorp declared that its Board of Directors has authorized a share repurchase program on Thursday, May 1st that permits the company to buyback 1,600,000 outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On California BanCorp

Several institutional investors and hedge funds have recently made changes to their positions in BCAL. Allspring Global Investments Holdings LLC raised its stake in California BanCorp by 6.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,998 shares of the company's stock worth $244,000 after buying an additional 1,045 shares during the period. Citadel Advisors LLC acquired a new stake in California BanCorp during the 4th quarter worth $986,000. Bank of America Corp DE raised its stake in California BanCorp by 156.2% during the 4th quarter. Bank of America Corp DE now owns 55,089 shares of the company's stock worth $911,000 after buying an additional 33,590 shares during the period. Raymond James Financial Inc. acquired a new stake in California BanCorp during the 4th quarter worth $641,000. Finally, GAMMA Investing LLC raised its stake in California BanCorp by 1,581.0% during 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 period. Institutional investors and hedge funds own 55.40% of the company's stock.

California BanCorp Company 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.