Precision Wealth Strategies LLC Invests $522,000 in California BanCorp $BCAL

Precision Wealth Strategies LLC bought a new stake in California BanCorp (NASDAQ:BCAL) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 29,471 shares of the company’s stock, valued at approximately $522,000.

Other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP grew its position in California BanCorp by 199.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,079,886 shares of the company’s stock worth $34,692,000 after acquiring an additional 1,385,202 shares during the last quarter. Kennedy Capital Management LLC lifted its position in California BanCorp by 77.1% in the third quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company’s stock valued at $6,066,000 after purchasing an additional 158,270 shares during the last quarter. Jane Street Group LLC boosted its stake in shares of California BanCorp by 277.7% during the fourth quarter. Jane Street Group LLC now owns 205,513 shares of the company’s stock valued at $3,837,000 after purchasing an additional 151,104 shares during the period. Elizabeth Park Capital Advisors Ltd. purchased a new stake in shares of California BanCorp during the fourth quarter valued at approximately $2,663,000. Finally, Marshall Wace LLP boosted its stake in shares of California BanCorp by 112.6% during the fourth quarter. Marshall Wace LLP now owns 219,196 shares of the company’s stock valued at $4,092,000 after purchasing an additional 116,109 shares during the period. 55.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, President Richard Hernandez sold 17,000 shares of California BanCorp 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 $1,394,517.20. The trade was a 18.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 8.14% of the stock is owned by insiders.

California BanCorp Price Performance

Shares of NASDAQ:BCAL opened at $21.23 on Friday. The stock’s 50-day moving average is $19.80 and its 200 day moving average is $18.89. The company has a market cap of $682.97 million, a PE ratio of 11.60 and a beta of 0.93. California BanCorp has a 1 year low of $14.56 and a 1 year high of $21.70.

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

California BanCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 23rd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Tuesday, June 23rd. California BanCorp’s dividend payout ratio is currently 21.86%.

Wall Street Analyst Weigh In

BCAL has been the topic of several analyst reports. DA Davidson lifted their target price on shares of California BanCorp from $21.50 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Weiss Ratings reissued a “buy (b)” rating on shares of California BanCorp in a research report on Wednesday, June 24th. Finally, Zacks Research raised shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $20.67.

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.