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

California BanCorp (NASDAQ:BCAL) has been assigned a consensus recommendation of “Buy” from the five brokerages that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $20.3333.

BCAL has been the topic of several analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of California BanCorp in a research note on Monday, December 29th. Zacks Research lowered shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Keefe, Bruyette & Woods upped their price objective on shares of California BanCorp from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. Wall Street Zen lowered shares of California BanCorp from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. Finally, DA Davidson set a $21.00 price target on California BanCorp in a report on Wednesday, October 29th.

Institutional Trading of California BanCorp

Several large investors have recently added to or reduced their stakes in BCAL. EverSource Wealth Advisors LLC raised its holdings in California BanCorp by 26,512.5% in the 2nd 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 in the last quarter. Russell Investments Group Ltd. increased its position 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 valued at $37,000 after buying an additional 1,862 shares during the period. CWM LLC raised its stake in California BanCorp by 143.9% in the third quarter. CWM LLC now owns 2,263 shares of the company’s stock worth $38,000 after buying an additional 1,335 shares in the last quarter. State of Wyoming bought a new position in California BanCorp in the third quarter worth about $64,000. Finally, New York State Common Retirement Fund lifted its holdings in California BanCorp by 124.0% in the third quarter. New York State Common Retirement Fund now owns 4,104 shares of the company’s stock worth $68,000 after buying an additional 2,272 shares during the period. Institutional investors own 55.40% of the company’s stock.

California BanCorp Trading Up 0.8%

NASDAQ BCAL opened at $18.49 on Friday. The firm has a market cap of $597.60 million, a PE ratio of 9.53 and a beta of 1.19. California BanCorp has a 1-year low of $11.87 and a 1-year high of $20.47. The stock has a 50-day moving average of $19.08 and a 200-day moving average of $17.49.

California BanCorp (NASDAQ:BCAL) last announced its quarterly earnings results on Tuesday, October 28th. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.09. The business had revenue of $45.18 million for the quarter, compared to analysts’ expectations of $44.02 million. California BanCorp had a return on equity of 11.85% and a net margin of 26.26%. As a group, equities research analysts forecast that California BanCorp will post 1.81 earnings per share for the current fiscal year.

California BanCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 24th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, December 24th. This represents a $0.40 annualized dividend and a dividend yield of 2.2%. California BanCorp’s payout ratio is 20.62%.

About California BanCorp

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.