California BanCorp (BCAL) Projected to Post Quarterly Earnings on Thursday

California BanCorp (NASDAQ:BCAL) is expected to announce its results before the market opens on Thursday, April 23rd. Analysts expect the company to announce earnings of $0.40 per share and revenue of $44.5650 million for the quarter.

California BanCorp (NASDAQ:BCAL) last released its earnings results on Wednesday, January 28th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.06. California BanCorp had a return on equity of 11.36% and a net margin of 26.60%.The company had revenue of $46.21 million for the quarter, compared to analysts’ expectations of $45.03 million. On average, analysts expect California BanCorp to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

California BanCorp Price Performance

Shares of California BanCorp stock opened at $18.35 on Wednesday. The firm has a market cap of $589.99 million, a price-to-earnings ratio of 9.51 and a beta of 1.11. California BanCorp has a 52-week low of $12.75 and a 52-week high of $20.47. The stock has a 50-day simple moving average of $18.16 and a 200-day simple moving average of $18.40.

California BanCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 24th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Tuesday, March 24th. California BanCorp’s payout ratio is currently 20.73%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on BCAL shares. DA Davidson reduced their price target on California BanCorp from $22.50 to $21.50 and set a “buy” rating for the company in a report on Thursday, January 29th. Weiss Ratings reiterated a “buy (b-)” rating on shares of California BanCorp in a report on Monday, December 29th. Finally, Zacks Research upgraded California BanCorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $20.50.

Insider Activity at California BanCorp

In related news, Director David J. Volk bought 27,000 shares of California BanCorp stock in a transaction that occurred on Tuesday, February 3rd. The stock was purchased at an average cost of $18.64 per share, for a total transaction of $503,280.00. Following the acquisition, the director owned 28,195 shares in the company, valued at $525,554.80. This trade represents a 2,259.41% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Jean Carandang sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $17.90, for a total value of $143,200.00. Following the transaction, the chief financial officer owned 37,174 shares of the company’s stock, valued at approximately $665,414.60. This trade represents a 17.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 14.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. BNP Paribas Financial Markets lifted its holdings 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 worth $82,000 after buying an additional 545 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of California BanCorp by 4.4% during the fourth quarter. Invesco Ltd. now owns 16,154 shares of the company’s stock worth $302,000 after buying an additional 680 shares during the last quarter. Empowered Funds LLC increased its position in shares of California BanCorp by 6.2% during the first quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock valued at $172,000 after purchasing an additional 704 shares during the period. Goldman Sachs Group Inc. increased its position in shares of California BanCorp by 1.2% during the first quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock valued at $998,000 after purchasing an additional 846 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in shares of California BanCorp by 8.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,988 shares of the company’s stock valued at $243,000 after purchasing an additional 978 shares during the period. 55.40% of the stock is currently owned by institutional investors and hedge funds.

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.