California BanCorp (NASDAQ:BCAL) Issues Earnings Results

California BanCorp (NASDAQ:BCAL) released its quarterly earnings results on Tuesday. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.39 by $0.09, Zacks reports. California BanCorp had a net margin of 26.26% and a return on equity of 12.04%. The business had revenue of $57.19 million during the quarter, compared to analyst estimates of $44.02 million.

California BanCorp Price Performance

NASDAQ BCAL opened at $18.10 on Thursday. The stock’s fifty day moving average price is $16.94 and its 200 day moving average price is $15.72. California BanCorp has a 1 year low of $11.87 and a 1 year high of $18.93. The company has a market cap of $588.58 million, a price-to-earnings ratio of 9.33 and a beta of 1.19.

Analysts Set New Price Targets

BCAL has been the subject of a number of analyst reports. DA Davidson set a $21.00 target price on shares of California BanCorp in a research report on Wednesday. Wall Street Zen lowered California BanCorp from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of California BanCorp in a research report on Wednesday, October 8th. Finally, Stephens raised California BanCorp from a “hold” rating to a “strong-buy” rating and set a $19.00 target price on the stock in a research report on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $20.00.

Institutional Trading of California BanCorp

Several large investors have recently added to or reduced their stakes in BCAL. EverSource Wealth Advisors LLC increased its holdings 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 valued at $34,000 after purchasing an additional 2,121 shares during the period. Empowered Funds LLC boosted its position in California BanCorp by 6.2% in the first quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock valued at $172,000 after buying an additional 704 shares during the last quarter. Sei Investments Co. purchased a new stake in California BanCorp in the second quarter valued at approximately $254,000. First Trust Advisors LP increased its holdings in California BanCorp by 7.1% in the 2nd quarter. First Trust Advisors LP now owns 20,685 shares of the company’s stock worth $326,000 after buying an additional 1,377 shares during the period. Finally, Creative Planning purchased a new position in California BanCorp during the 2nd quarter worth approximately $335,000. Hedge funds and other institutional investors own 55.40% of the company’s stock.

California BanCorp Company Profile

Southern California Bancorp operates as the holding company for Bank of Southern California, N.A. that provides various financial products to individuals, professionals, and small-to medium-sized businesses. The company offers checking, personal and business savings, and money market accounts, as well as certificates of deposit.