Precision Wealth Strategies LLC bought a new position in California BanCorp (NASDAQ:BCAL – Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 29,471 shares of the company’s stock, valued at approximately $522,000. Precision Wealth Strategies LLC owned about 0.09% of California BanCorp as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. BNP Paribas Financial Markets boosted its position in shares of California BanCorp by 12.4% during the 3rd 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. Invesco Ltd. raised its stake in California BanCorp by 4.4% in the fourth quarter. Invesco Ltd. now owns 16,154 shares of the company’s stock valued at $302,000 after purchasing an additional 680 shares in the last quarter. Empowered Funds LLC raised its stake in California BanCorp by 6.2% in 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 in the last quarter. Goldman Sachs Group Inc. lifted its position in 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 last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in 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 last quarter. Hedge funds and other institutional investors own 55.40% of the company’s stock.
California BanCorp Trading Down 1.6%
Shares of California BanCorp stock opened at $21.23 on Friday. The firm has a market capitalization of $682.97 million, a PE ratio of 11.60 and a beta of 0.93. California BanCorp has a 12 month low of $14.56 and a 12 month high of $21.70. The business’s 50-day moving average price is $19.80 and its 200-day moving average price is $18.89.
California BanCorp Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 23rd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Tuesday, June 23rd. California BanCorp’s payout ratio is presently 21.86%.
Wall Street Analyst Weigh In
A number of research firms have commented on BCAL. DA Davidson increased their price target on shares of California BanCorp from $21.50 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Zacks Research upgraded shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 30th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $20.67.
Check Out Our Latest Stock Report on BCAL
Insider Buying and Selling at California BanCorp
In other news, President Richard Hernandez sold 17,000 shares of the company’s stock in a transaction 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 completion of the sale, the president owned 72,935 shares of the company’s stock, valued at approximately $1,394,517.20. This represents a 18.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 8.14% of the company’s stock.
California BanCorp 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.
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