California BanCorp (NASDAQ:BCAL) Upgraded at Zacks Research

California BanCorp (NASDAQ:BCAL) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

Several other research analysts have also recently commented on BCAL. Weiss Ratings reaffirmed a “buy (b)” rating on shares of California BanCorp in a research report on Wednesday, June 24th. DA Davidson lifted their target price on shares of California BanCorp from $21.50 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $20.67.

California BanCorp Stock Up 1.6%

Shares of NASDAQ BCAL opened at $21.17 on Tuesday. The business’s 50 day moving average is $19.30 and its two-hundred day moving average is $18.75. The company has a market cap of $681.04 million, a P/E ratio of 11.57 and a beta of 0.93. California BanCorp has a 12 month low of $14.56 and a 12 month high of $21.20.

California BanCorp (NASDAQ:BCAL) last announced its earnings results on Friday, May 8th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%. The business had revenue of $44.22 million for the quarter. Sell-side analysts expect that California BanCorp will post 1.7 earnings per share for the current fiscal year.

Insider Activity at California BanCorp

In other news, President Richard Hernandez sold 17,000 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $19.12, for a total value of $325,040.00. Following the sale, the president owned 72,935 shares in the company, valued at approximately $1,394,517.20. The trade was a 18.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.14% of the company’s stock.

Institutional Investors Weigh In On California BanCorp

Hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its holdings in shares of California BanCorp by 1.2% during the first quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock worth $998,000 after buying an additional 846 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of California BanCorp by 6.2% in the 1st quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock worth $172,000 after acquiring an additional 704 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of California BanCorp in the 1st quarter worth approximately $357,000. Creative Planning bought a new stake in California BanCorp during the 2nd quarter worth approximately $335,000. Finally, American Century Companies Inc. grew its position in California BanCorp by 15.1% during the 2nd quarter. American Century Companies Inc. now owns 48,045 shares of the company’s stock worth $757,000 after acquiring an additional 6,298 shares during the last quarter. Institutional investors and hedge funds own 55.40% of the company’s stock.

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.