Insider Buying: California BanCorp (NASDAQ:BCAL) Director Acquires $503,280.00 in Stock

California BanCorp (NASDAQ:BCAL) Director David Volk acquired 27,000 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were bought at an average price of $18.64 per share, with a total value of $503,280.00. Following the transaction, the director directly owned 28,195 shares in the company, valued at approximately $525,554.80. The trade was a 2,259.41% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

California BanCorp Stock Performance

Shares of NASDAQ:BCAL traded down $0.16 during midday trading on Thursday, reaching $18.85. The company had a trading volume of 266,043 shares, compared to its average volume of 289,536. The company has a fifty day simple moving average of $18.97 and a two-hundred day simple moving average of $17.73. The firm has a market cap of $609.23 million, a price-to-earnings ratio of 9.77 and a beta of 1.19. California BanCorp has a 1-year low of $11.87 and a 1-year high of $20.47.

California BanCorp (NASDAQ:BCAL) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.06. California BanCorp had a net margin of 26.60% and a return on equity of 11.51%. The company had revenue of $45.90 million during the quarter, compared to analyst estimates of $45.03 million. Analysts expect that California BanCorp will post 1.81 EPS for the current year.

California BanCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 24th were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, December 24th. This represents a $0.40 dividend on an annualized basis and a yield of 2.1%. California BanCorp’s dividend payout ratio (DPR) is currently 20.73%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Keefe, Bruyette & Woods increased their target price on California BanCorp from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Weiss Ratings reissued a “buy (b-)” rating on shares of California BanCorp in a research note on Monday, December 29th. DA Davidson decreased their price objective on California BanCorp from $22.50 to $21.50 and set a “buy” rating for the company in a research report on Thursday, January 29th. Wall Street Zen downgraded California BanCorp from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. Finally, Zacks Research lowered shares of California BanCorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, California BanCorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its position in California BanCorp by 26,512.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock worth $34,000 after purchasing an additional 2,121 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of California BanCorp by 508.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock valued at $37,000 after buying an additional 1,862 shares in the last quarter. CWM LLC increased its holdings in California BanCorp by 143.9% in the third quarter. CWM LLC now owns 2,263 shares of the company’s stock worth $38,000 after buying an additional 1,335 shares during the last quarter. State of Wyoming acquired a new position in California BanCorp in the third quarter worth approximately $64,000. Finally, New York State Common Retirement Fund raised its position in California BanCorp by 124.0% during the third quarter. New York State Common Retirement Fund now owns 4,104 shares of the company’s stock valued at $68,000 after acquiring an additional 2,272 shares in the last quarter. Hedge funds and other institutional investors own 55.40% of the company’s stock.

California BanCorp Company Profile

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.