California BanCorp (NASDAQ:BCAL) Price Target Raised to $24.00

California BanCorp (NASDAQ:BCAL) had its price objective hoisted by investment analysts at Keefe, Bruyette & Woods from $23.00 to $24.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 10.21% from the company’s previous close.

Several other research firms have also issued reports on BCAL. Stephens lifted their target price on shares of California BanCorp from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Zacks Research upgraded California BanCorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of California BanCorp in a research report on Wednesday, June 24th. Finally, DA Davidson raised their price objective on California BanCorp from $23.50 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to MarketBeat, California BanCorp has an average rating of “Buy” and a consensus target price of $24.33.

California BanCorp Price Performance

NASDAQ BCAL traded up $0.33 during trading hours on Tuesday, reaching $21.78. 7,700 shares of the company’s stock traded hands, compared to its average volume of 222,470. California BanCorp has a 52-week low of $14.76 and a 52-week high of $22.00. The firm has a market cap of $700.53 million, a PE ratio of 11.83 and a beta of 0.92. The firm has a 50-day simple moving average of $20.33 and a 200 day simple moving average of $19.09.

California BanCorp (NASDAQ:BCAL) last posted its quarterly earnings data on Monday, July 27th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.40 by $0.04. The business had revenue of $44.91 million for the quarter, compared to analyst estimates of $45.07 million. California BanCorp had a net margin of 26.01% and a return on equity of 10.51%. Sell-side analysts forecast that California BanCorp will post 1.75 EPS for the current fiscal year.

Insider Transactions at California BanCorp

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

Institutional Investors Weigh In On California BanCorp

A number of institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP boosted its stake 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 valued at $34,692,000 after purchasing an additional 1,385,202 shares during the last quarter. Kennedy Capital Management LLC raised its stake in shares of California BanCorp by 77.1% in the third quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company’s stock worth $6,066,000 after purchasing an additional 158,270 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of California BanCorp by 49.5% during the first quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company’s stock valued at $8,331,000 after purchasing an additional 155,744 shares in the last quarter. Jane Street Group LLC boosted its position 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 buying an additional 151,104 shares during the last quarter. Finally, Mendon Capital Advisors Corp boosted its position in shares of California BanCorp by 58.7% during the first quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company’s stock valued at $7,165,000 after buying an additional 149,491 shares during the last quarter. Hedge funds and other institutional investors 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.