The Manufacturers Life Insurance Company Boosts Stock Position in California BanCorp $BCAL

The Manufacturers Life Insurance Company boosted its stake in shares of California BanCorp (NASDAQ:BCAL) by 4.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 795,309 shares of the company’s stock after buying an additional 34,945 shares during the period. The Manufacturers Life Insurance Company owned approximately 2.47% of California BanCorp worth $14,093,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BNP Paribas Financial Markets raised its position in shares of California BanCorp by 12.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock worth $82,000 after purchasing an additional 545 shares during the last quarter. Invesco Ltd. raised its holdings in California BanCorp by 4.4% in the fourth quarter. Invesco Ltd. now owns 16,154 shares of the company’s stock worth $302,000 after buying an additional 680 shares during the last quarter. Empowered Funds LLC raised its holdings in California BanCorp by 6.2% in the first quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock worth $172,000 after buying an additional 704 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in California BanCorp by 1.2% in the first quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock worth $998,000 after buying an additional 846 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of California BanCorp by 8.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,988 shares of the company’s stock worth $243,000 after buying an additional 978 shares in the last quarter. 55.40% of the stock is currently owned by institutional investors.

California BanCorp Price Performance

Shares of NASDAQ BCAL opened at $21.30 on Monday. The firm’s 50-day moving average price is $20.28 and its 200-day moving average price is $19.07. The company has a market cap of $685.22 million, a PE ratio of 11.58 and a beta of 0.92. California BanCorp has a 52-week low of $14.56 and a 52-week high of $22.00.

California BanCorp (NASDAQ:BCAL) last announced its quarterly earnings results on Monday, July 27th. The company reported $0.44 EPS for the quarter, topping 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 firm had revenue of $44.91 million during the quarter, compared to analyst estimates of $45.07 million. As a group, equities research analysts anticipate that California BanCorp will post 1.75 EPS for the current fiscal year.

California BanCorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Monday, September 21st will be given a $0.12 dividend. This is a boost from California BanCorp’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Monday, September 21st. This represents a $0.48 dividend on an annualized basis and a yield of 2.3%. California BanCorp’s payout ratio is presently 21.74%.

Insider Buying and Selling

In other California BanCorp news, President Richard Hernandez sold 17,000 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $19.12, for a total transaction of $325,040.00. Following the completion of the sale, the president directly owned 72,935 shares in the company, valued at approximately $1,394,517.20. The trade was a 18.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BCAL. DA Davidson increased their price target on shares of California BanCorp from $23.50 to $25.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Zacks Research upgraded shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Stephens upped their price objective on California BanCorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of California BanCorp in a research note 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $23.33.

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.