California BanCorp (NASDAQ:BCAL) Announces Quarterly Earnings Results

California BanCorp (NASDAQ:BCAL) released its quarterly earnings results on Wednesday. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.06, Zacks reports. The firm had revenue of $45.90 million during the quarter, compared to the consensus estimate of $45.03 million. California BanCorp had a return on equity of 11.51% and a net margin of 26.60%.

California BanCorp Price Performance

BCAL stock opened at $18.08 on Friday. California BanCorp has a one year low of $11.87 and a one year high of $20.47. The stock has a market cap of $584.35 million, a price-to-earnings ratio of 9.37 and a beta of 1.19. The company has a fifty day moving average price of $19.03 and a two-hundred day moving average price of $17.65.

California BanCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 24th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, December 24th. This represents a $0.40 annualized dividend and a yield of 2.2%. California BanCorp’s dividend payout ratio (DPR) is currently 20.73%.

Institutional Trading of California BanCorp

Several hedge funds and other institutional investors have recently modified their holdings of BCAL. EverSource Wealth Advisors LLC lifted its position in California BanCorp by 26,512.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock worth $34,000 after acquiring an additional 2,121 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in California BanCorp by 508.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock worth $37,000 after purchasing an additional 1,862 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in California BanCorp by 12.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock valued at $82,000 after purchasing an additional 545 shares during the period. Empowered Funds LLC grew its holdings in California BanCorp by 6.2% in the 1st quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock valued at $172,000 after buying an additional 704 shares in the last quarter. Finally, Fiduciary Trust Co bought a new position in California BanCorp during the 3rd quarter worth $236,000. Institutional investors own 55.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Zacks Research cut shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Keefe, Bruyette & Woods raised their price objective on California BanCorp from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, October 31st. DA Davidson dropped their target price on California BanCorp from $22.50 to $21.50 and set a “buy” rating on the stock in a report on Thursday. Wall Street Zen downgraded California BanCorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of California BanCorp in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, California BanCorp has a consensus rating of “Buy” and an average price target of $20.50.

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.