California BanCorp (NASDAQ:BCAL) Director Sells $158,925.00 in Stock

California BanCorp (NASDAQ:BCAL) Director Lester Machado sold 7,500 shares of California BanCorp stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $21.19, for a total value of $158,925.00. Following the sale, the director owned 22,391 shares of the company’s stock, valued at approximately $474,465.29. This represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

California BanCorp Price Performance

NASDAQ:BCAL traded up $0.12 during mid-day trading on Tuesday, reaching $21.57. The stock had a trading volume of 172,542 shares, compared to its average volume of 239,688. The business’s 50 day moving average is $20.38 and its 200 day moving average is $19.11. California BanCorp has a fifty-two week low of $14.76 and a fifty-two week high of $22.00. The stock has a market cap of $693.91 million, a P/E ratio of 11.66 and a beta of 0.92.

California BanCorp (NASDAQ:BCAL) last issued its quarterly earnings data on Monday, July 27th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.04. The firm had revenue of $44.91 million for the quarter, compared to analyst estimates of $45.07 million. California BanCorp had a net margin of 26.01% and a return on equity of 10.51%. Equities analysts expect that California BanCorp will post 1.75 EPS for the current year.

California BanCorp Increases Dividend

The firm 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 dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, September 21st. This is a positive change from California BanCorp’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a yield of 2.2%. California BanCorp’s dividend payout ratio (DPR) is currently 21.74%.

Institutional Investors Weigh In On California BanCorp

A number of hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its stake in shares of California BanCorp by 26,512.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock worth $34,000 after purchasing an additional 2,121 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in California BanCorp in the 4th quarter valued at approximately $36,000. Royal Bank of Canada increased its position in California BanCorp by 215.4% in the 1st quarter. Royal Bank of Canada now owns 2,094 shares of the company’s stock worth $37,000 after buying an additional 1,430 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of California BanCorp by 508.7% during the third quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock worth $37,000 after buying an additional 1,862 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of California BanCorp by 12.4% during the third quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock worth $82,000 after buying an additional 545 shares during the last quarter. 55.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the company. DA Davidson boosted their price target on California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Weiss Ratings reissued a “buy (b)” rating on shares of California BanCorp in a research note on Wednesday, June 24th. Zacks Research upgraded California BanCorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Stephens boosted their target price on California BanCorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods increased their price target on California BanCorp from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $24.33.

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.