Zacks Research Upgrades California BanCorp (NASDAQ:BCAL) to “Hold”

California BanCorp (NASDAQ:BCAL) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of California BanCorp in a research report on Monday, December 29th. 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. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $20.50.

California BanCorp Stock Performance

BCAL stock opened at $17.72 on Monday. California BanCorp has a one year low of $11.87 and a one year high of $20.47. The stock has a market capitalization of $572.89 million, a PE ratio of 9.18 and a beta of 1.17. The company has a fifty day moving average of $18.27 and a 200-day moving average of $18.27.

California BanCorp (NASDAQ:BCAL) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.06. The business had revenue of $46.21 million for the quarter, compared to analyst estimates of $45.03 million. California BanCorp had a net margin of 26.60% and a return on equity of 11.36%. Equities analysts forecast that California BanCorp will post 1.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Jean Carandang sold 8,000 shares of California BanCorp stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $17.90, for a total transaction of $143,200.00. Following the completion of the sale, the chief financial officer directly owned 37,174 shares in the company, valued at approximately $665,414.60. This trade represents a 17.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David J. Volk purchased 27,000 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was purchased at an average price 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 approximately $525,554.80. This trade represents a 2,259.41% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 14.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP raised its stake in shares of California BanCorp by 199.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,079,886 shares of the company’s stock worth $34,692,000 after buying an additional 1,385,202 shares during the last quarter. FJ Capital Management LLC increased its holdings in California BanCorp by 20.2% during the 2nd quarter. FJ Capital Management LLC now owns 1,271,636 shares of the company’s stock valued at $20,041,000 after acquiring an additional 213,711 shares in the last quarter. Kennedy Capital Management LLC raised its position in 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 acquiring an additional 158,270 shares during the last quarter. Jane Street Group LLC raised its position in California BanCorp by 277.7% during the fourth quarter. Jane Street Group LLC now owns 205,513 shares of the company’s stock worth $3,837,000 after acquiring an additional 151,104 shares during the last quarter. Finally, Elizabeth Park Capital Advisors Ltd. purchased a new stake in shares of California BanCorp in the fourth quarter valued at about $2,663,000. Hedge funds and other institutional investors own 55.40% of the company’s stock.

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.