California BanCorp (NASDAQ:BCAL – Get Free Report) was upgraded by equities research analysts at Raymond James Financial to a “moderate buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.
A number of other analysts also recently commented on the company. Zacks Research raised California BanCorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 30th. DA Davidson boosted their price objective on California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods upped their price objective on California BanCorp from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Stephens raised their target price on California BanCorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of California BanCorp in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $24.50.
Get Our Latest Research Report on California BanCorp
California BanCorp Stock Performance
California BanCorp (NASDAQ:BCAL – Get Free Report) last posted its earnings results on Monday, July 27th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.40 by $0.04. California BanCorp had a net margin of 26.01% and a return on equity of 10.44%. The firm had revenue of $44.08 million for the quarter, compared to analysts’ expectations of $45.07 million. As a group, sell-side analysts forecast that California BanCorp will post 1.75 earnings per share for the current year.
Insider Activity
In other news, Director Lester Machado sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $21.19, for a total transaction of $158,925.00. Following the completion of the sale, the director owned 22,391 shares in the company, valued at $474,465.29. This trade represents a 25.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.14% of the stock is currently owned by insiders.
Hedge Funds Weigh In On California BanCorp
Several institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP increased its position 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 worth $53,822,000 after buying an additional 802,947 shares during the last quarter. BlackRock Inc. bought a new stake in shares of California BanCorp in the second quarter valued at $40,129,000. The Manufacturers Life Insurance Company lifted its position 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 valued at $14,093,000 after buying an additional 34,945 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of California BanCorp during the 2nd quarter valued at $16,501,000. Finally, Dimensional Fund Advisors LP boosted its position in California BanCorp by 49.5% during the first 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. 55.40% of the stock is owned by institutional investors.
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.
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