California BanCorp (NASDAQ:BCAL – Get Free Report) Director Lester Machado sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $21.19, for a total value of $158,925.00. Following the transaction, the director directly owned 22,391 shares in the company, valued at $474,465.29. The trade was a 25.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
California BanCorp Stock Down 0.2%
Shares of BCAL opened at $21.37 on Friday. The business’s fifty day moving average is $20.47 and its 200 day moving average is $19.15. California BanCorp has a 12-month low of $15.05 and a 12-month high of $22.00. The stock has a market cap of $687.47 million, a P/E ratio of 11.61 and a beta of 0.92.
California BanCorp (NASDAQ:BCAL – Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.04. California BanCorp had a net margin of 26.01% and a return on equity of 10.51%. The business had revenue of $44.91 million during the quarter, compared to analyst estimates of $45.07 million. On average, analysts expect that California BanCorp will post 1.75 EPS for the current year.
California BanCorp Increases Dividend
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP boosted its stake in California BanCorp by 38.6% in the fourth quarter. Wellington Management Group LLP now owns 2,882,833 shares of the company’s stock valued at $53,822,000 after acquiring an additional 802,947 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of California BanCorp by 4.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 795,309 shares of the company’s stock worth $14,093,000 after purchasing an additional 34,945 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of California BanCorp by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company’s stock worth $8,331,000 after purchasing an additional 155,744 shares during the period. Mendon Capital Advisors Corp lifted its stake in California BanCorp by 58.7% in the first quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company’s stock valued at $7,165,000 after purchasing an additional 149,491 shares during the last quarter. Finally, Kennedy Capital Management LLC lifted its stake in California BanCorp by 77.1% in the third quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company’s stock valued at $6,066,000 after purchasing an additional 158,270 shares during the last quarter. Hedge funds and other institutional investors own 55.40% of the company’s stock.
Wall Street Analysts Forecast Growth
BCAL has been the topic of a number of analyst reports. Stephens upped their target price on shares of California BanCorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Zacks Research upgraded California BanCorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods boosted their price objective on California BanCorp from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Tuesday. DA Davidson increased their price objective on California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. Based on data from MarketBeat.com, California BanCorp has an average rating of “Buy” and a consensus target price of $24.33.
Get Our Latest Research Report on California BanCorp
About California BanCorp
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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