Brokerages Set California BanCorp (NASDAQ:BCAL) Target Price at $20.50

California BanCorp (NASDAQ:BCAL) has been given an average recommendation of “Moderate Buy” by the five research firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $20.50.

A number of research analysts have recently commented on BCAL shares. Keefe, Bruyette & Woods increased their price objective 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 reiterated a “buy (b-)” rating on shares of California BanCorp in a research note on Monday, December 29th. DA Davidson reduced their price objective on shares of California BanCorp from $22.50 to $21.50 and set a “buy” rating for the company in a research report on Thursday, January 29th. Zacks Research cut shares of California BanCorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Finally, Wall Street Zen lowered shares of California BanCorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th.

California BanCorp Trading Down 1.4%

Shares of BCAL opened at $18.91 on Wednesday. The firm has a market capitalization of $611.17 million, a price-to-earnings ratio of 9.80 and a beta of 1.19. The firm’s fifty day simple moving average is $18.95 and its 200-day simple moving average is $17.80. California BanCorp has a twelve month low of $11.87 and a twelve month high of $20.47.

California BanCorp (NASDAQ:BCAL) last posted its earnings results on Wednesday, January 28th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.44 by $0.06. California BanCorp had a return on equity of 11.51% and a net margin of 26.60%.The firm had revenue of $45.90 million for the quarter, compared to analyst estimates of $45.03 million. On average, analysts predict that California BanCorp will post 1.81 earnings per share for the current fiscal year.

California BanCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 24th were given a dividend of $0.10 per share. The ex-dividend date was Wednesday, December 24th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.1%. California BanCorp’s payout ratio is 20.73%.

Insider Buying and Selling at California BanCorp

In other news, Director David J. Volk bought 27,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was purchased at an average cost 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 $525,554.80. This trade represents a 2,259.41% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 14.84% of the company’s stock.

Hedge Funds Weigh In On California BanCorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP raised its stake in California BanCorp by 199.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,079,886 shares of the company’s stock valued at $34,692,000 after acquiring an additional 1,385,202 shares during the last quarter. FJ Capital Management LLC increased its holdings in shares of California BanCorp by 20.2% in the second quarter. FJ Capital Management LLC now owns 1,271,636 shares of the company’s stock valued at $20,041,000 after purchasing an additional 213,711 shares during the period. Kennedy Capital Management LLC raised its stake in shares of California BanCorp by 77.1% during the third quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company’s stock worth $6,066,000 after purchasing an additional 158,270 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of California BanCorp by 44.4% during the third quarter. Dimensional Fund Advisors LP now owns 218,677 shares of the company’s stock worth $3,648,000 after purchasing an additional 67,238 shares during the period. Finally, Bridgeway Capital Management LLC lifted its holdings in shares of California BanCorp by 86.2% during the third quarter. Bridgeway Capital Management LLC now owns 111,936 shares of the company’s stock worth $1,867,000 after purchasing an additional 51,826 shares during the period. Hedge funds and other institutional investors own 55.40% of the company’s stock.

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.