California BanCorp (NASDAQ:BCAL) Given Consensus Recommendation of “Moderate Buy” by Brokerages

California BanCorp (NASDAQ:BCAL) has been given an average rating of “Moderate Buy” by the six research firms that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $24.50.

BCAL has been the subject of a number of recent analyst reports. DA Davidson upped 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 cut California BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. Weiss Ratings reissued a “buy (b)” rating on shares of California BanCorp in a research note on Wednesday, June 24th. Stephens increased their target price on California BanCorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods increased their price target on shares of California BanCorp from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th.

California BanCorp Stock Performance

BCAL stock opened at $21.63 on Thursday. The company has a market capitalization of $695.40 million, a PE ratio of 11.76 and a beta of 0.92. The company’s 50 day moving average price is $21.38 and its two-hundred day moving average price is $19.73. California BanCorp has a one year low of $15.85 and a one year high of $22.41.

California BanCorp (NASDAQ:BCAL) last posted its quarterly earnings results on Monday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, beating 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 business had revenue of $44.08 million during the quarter, compared to analyst estimates of $45.07 million. On average, research analysts predict that California BanCorp will post 1.75 EPS for the current year.

California BanCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Monday, September 21st will be issued 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 dividend yield of 2.2%. California BanCorp’s dividend payout ratio is presently 21.74%.

Insiders Place Their Bets

In other news, Director Lester Machado sold 7,500 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $21.19, for a total transaction of $158,925.00. Following the transaction, the director directly owned 22,391 shares of the company’s stock, valued at $474,465.29. This represents a 25.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 8.14% of the company’s stock.

Hedge Funds Weigh In On California BanCorp

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in California BanCorp during the second quarter valued at $40,129,000. Algebris UK Ltd. purchased a new stake in California BanCorp during the 2nd quarter valued at approximately $8,360,000. Y Intercept Hong Kong Ltd bought a new stake in California BanCorp in the 1st quarter valued at $997,000. The Manufacturers Life Insurance Company increased its holdings in shares of California BanCorp by 4.6% in the first quarter. The Manufacturers Life Insurance Company now owns 795,309 shares of the company’s stock worth $14,093,000 after purchasing an additional 34,945 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in shares of California BanCorp during the 2nd quarter worth approximately $3,142,000. Institutional investors own 55.40% of the company’s stock.

About California BanCorp

California BanCorp (NASDAQ: BCAL) is a bank holding company for California Bank of Commerce, a full-service commercial bank focused on serving businesses, professionals, nonprofit organizations and individuals. The bank provides relationship-based banking and financial services through its California operations.

Its products and services include commercial and industrial lending, commercial real estate loans, construction financing, Small Business Administration lending, business and personal deposit accounts, treasury management and cash-management services.