California BanCorp (NASDAQ:BCAL) Lowered to Hold Rating by Zacks Research

California BanCorp (NASDAQ:BCAL) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other research analysts have also recently weighed in on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th. DA Davidson boosted their price objective on shares of California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Stephens increased their price target on California BanCorp from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Raymond James Financial started coverage on California BanCorp in a report on Thursday, August 20th. They set an “outperform” rating and a $25.00 target price on the stock. Finally, Keefe, Bruyette & Woods raised their price target on shares of California BanCorp from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.50.

California BanCorp Trading Down 0.5%

NASDAQ:BCAL opened at $21.37 on Monday. The firm has a market cap of $687.05 million, a price-to-earnings ratio of 11.61 and a beta of 0.92. California BanCorp has a 12-month low of $15.85 and a 12-month high of $22.00. The company’s 50-day moving average is $21.01 and its two-hundred day moving average is $19.42.

California BanCorp (NASDAQ:BCAL) last released its earnings results on Monday, July 27th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.40 by $0.04. The firm had revenue of $44.08 million during the quarter, compared to analysts’ expectations of $45.07 million. California BanCorp had a net margin of 26.01% and a return on equity of 10.44%. On average, equities research analysts forecast that California BanCorp will post 1.75 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Lester Machado sold 7,500 shares of California BanCorp stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $21.19, for a total value of $158,925.00. Following the completion of the transaction, the director directly owned 22,391 shares in the company, valued at approximately $474,465.29. This trade represents a 25.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 8.14% of the company’s stock.

Hedge Funds Weigh In On California BanCorp

Several large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised 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 purchasing an additional 846 shares during the period. Empowered Funds LLC raised its position in shares of California BanCorp by 6.2% during the 1st quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock worth $172,000 after purchasing an additional 704 shares during the period. Jane Street Group LLC acquired a new position in California BanCorp during the 1st quarter valued at approximately $357,000. Creative Planning acquired a new stake in California BanCorp in the second quarter worth $335,000. Finally, American Century Companies Inc. grew its position in shares of California BanCorp by 15.1% during the second 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. 55.40% of the stock is currently owned by institutional investors.

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.