California BanCorp (NASDAQ:BCAL - Get Free Report) had its price target boosted by research analysts at Stephens from $18.00 to $19.00 in a report released on Tuesday, Marketbeat Ratings reports. The firm presently has an "overweight" rating on the stock. Stephens' price objective would suggest a potential upside of 30.14% from the stock's previous close.
California BanCorp Trading Down 2.6%
BCAL opened at $14.60 on Tuesday. 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 $473.19 million, a PE ratio of 16.78 and a beta of 1.20. The firm has a 50 day moving average of $15.47 and a two-hundred day moving average of $15.00.
California BanCorp declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 1st that authorizes the company to repurchase 1,600,000 shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase plans are often 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 modified their holdings of the stock. Raymond James Financial Inc. purchased a new position in shares of California BanCorp during the 4th quarter valued at approximately $641,000. American Century Companies Inc. increased its holdings in shares of California BanCorp by 38.0% during the 4th quarter. American Century Companies Inc. now owns 39,082 shares of the company's stock valued at $646,000 after purchasing an additional 10,756 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of California BanCorp by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 1,288,260 shares of the company's stock valued at $21,308,000 after purchasing an additional 3,897 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of California BanCorp by 170.7% during the 4th quarter. JPMorgan Chase & Co. now owns 71,755 shares of the company's stock valued at $1,187,000 after purchasing an additional 45,247 shares in the last quarter. Finally, Endeavour Capital Advisors Inc. increased its holdings in shares of California BanCorp by 0.5% during the 4th quarter. Endeavour Capital Advisors Inc. now owns 2,454,490 shares of the company's stock valued at $40,597,000 after purchasing an additional 13,003 shares in the last quarter. Institutional investors and hedge funds own 55.40% of the company's stock.
About California BanCorp
(
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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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