California BanCorp (NASDAQ:BCAL) Announces Dividend Increase – $0.12 Per Share

California BanCorp (NASDAQ:BCAL) declared a quarterly dividend on Monday, July 27th. Shareholders of record on Monday, September 21st will be given a dividend of 0.12 per share on Thursday, October 15th. This represents a c) dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Monday, September 21st. This is a 20.0% increase from California BanCorp’s previous quarterly dividend of $0.10.

California BanCorp Stock Up 0.9%

BCAL stock opened at $21.21 on Tuesday. The company has a market cap of $682.33 million, a price-to-earnings ratio of 11.59 and a beta of 0.93. California BanCorp has a twelve month low of $14.56 and a twelve month high of $22.00. The business has a 50 day moving average price of $20.09 and a two-hundred day moving average price of $18.98.

California BanCorp (NASDAQ:BCAL) last announced its quarterly earnings data on Monday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.04. The company had revenue of $44.91 million for the quarter, compared to analysts’ expectations of $45.07 million. California BanCorp had a return on equity of 10.59% and a net margin of 25.68%. On average, equities research analysts anticipate that California BanCorp will post 1.7 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BCAL. Zacks Research upgraded shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. DA Davidson increased their price target on shares of California BanCorp from $21.50 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of California BanCorp in a research report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $20.67.

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.