California BanCorp $BCAL Shares Acquired by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lifted its holdings in California BanCorp (NASDAQ:BCAL) by 44.2% in the 3rd quarter, Holdings Channel reports. The firm owned 74,204 shares of the company’s stock after acquiring an additional 22,761 shares during the period. Pinnacle Associates Ltd.’s holdings in California BanCorp were worth $1,584,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of California BanCorp during the second quarter valued at $40,129,000. The Manufacturers Life Insurance Company bought a new stake in California BanCorp in the 2nd quarter worth about $16,501,000. Algebris UK Ltd. purchased a new position in California BanCorp in the 2nd quarter worth about $8,360,000. Dimensional Fund Advisors LP raised its position in California BanCorp by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company’s stock worth $8,331,000 after buying an additional 155,744 shares during the last quarter. Finally, Mendon Capital Advisors Corp raised its position in California BanCorp by 58.7% in the 1st quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company’s stock worth $7,165,000 after buying an additional 149,491 shares during the last quarter. 55.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on BCAL shares. Stephens upped their target price on shares of California BanCorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Raymond James Financial assumed coverage on shares of California BanCorp in a research note on Thursday, August 20th. They issued an “outperform” rating and a $25.00 price target for the company. Keefe, Bruyette & Woods boosted their price objective 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. Zacks Research cut shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, August 24th. Finally, DA Davidson increased their price objective on shares of California BanCorp from $23.50 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $24.50.

Insider Transactions at California BanCorp

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

California BanCorp Stock Down 0.1%

NASDAQ BCAL opened at $22.04 on Friday. California BanCorp has a 52 week low of $16.86 and a 52 week high of $22.41. The firm has a market capitalization of $708.59 million, a P/E ratio of 11.99 and a beta of 0.91. The company has a 50-day moving average price of $21.58 and a 200-day moving average price of $20.45.

California BanCorp (NASDAQ:BCAL) last issued its quarterly earnings data on Monday, July 27th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.04. The firm had revenue of $44.08 million for 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%. As a group, equities research analysts anticipate that California BanCorp will post 1.74 EPS for the current year.

About California BanCorp

California BanCorp (NASDAQ: BCAL) is a bank holding company headquartered in California. Through its principal subsidiary, California Bank of Commerce, the company provides commercial banking products and services to businesses, professionals, and individuals.

California Bank of Commerce offers business and personal deposit accounts, commercial and industrial lending, commercial real estate financing, construction loans, lines of credit, treasury management, online banking, and other cash-management services.