Key Points
- Director David Volk sold 2,346,104 shares at an average price of $18.95 for a total of $44,458,670.80, reducing his ownership by 99.84% to 3,729 shares.
- California BanCorp beat Q4 expectations with EPS of $0.50 versus $0.44 est. and revenue of $45.9 million, reporting a net margin of 26.6% and ROE of 11.51%.
- The bank pays a quarterly dividend of $0.10 (annualized $0.40) for a 2.1% yield, and analysts have a consensus rating of "Moderate Buy" with an average price target of $20.50.
California BanCorp (NASDAQ:BCAL - Get Free Report) Director David Volk bought 27,000 shares of California BanCorp stock in a transaction dated Tuesday, February 3rd. The stock was purchased at an average cost of $18.64 per share, for a total transaction of $503,280.00. Following the completion of the acquisition, the director directly owned 28,195 shares of the company's stock, valued at approximately $525,554.80. The trade was a 2,259.41% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
California BanCorp Trading Up 0.9%
NASDAQ:BCAL opened at $19.19 on Friday. The business's 50-day moving average is $18.97 and its 200 day moving average is $17.73. California BanCorp has a 12 month low of $11.87 and a 12 month high of $20.47. The company has a market capitalization of $620.06 million, a P/E ratio of 9.93 and a beta of 1.19.
California BanCorp (NASDAQ:BCAL - Get Free Report) last released its quarterly earnings results on Wednesday, January 28th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.06. The business had revenue of $45.90 million during the quarter, compared to analysts' expectations of $45.03 million. California BanCorp had a return on equity of 11.51% and a net margin of 26.60%. On average, research analysts forecast that California BanCorp will post 1.81 earnings per share for the current year.
California BanCorp Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 24th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.1%. The ex-dividend date was Wednesday, December 24th. California BanCorp's payout ratio is currently 20.73%.
Analysts Set New Price Targets
A number of equities analysts have commented on BCAL shares. Wall Street Zen cut shares of California BanCorp from a "buy" rating to a "hold" rating in a research note on Sunday, November 16th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of California BanCorp in a report on Monday, December 29th. Zacks Research cut California BanCorp from a "hold" rating to a "strong sell" rating in a research note on Friday, January 30th. DA Davidson lowered their price objective on California BanCorp from $22.50 to $21.50 and set a "buy" rating for the company in a research note on Thursday, January 29th. Finally, Keefe, Bruyette & Woods lifted their target price on California BanCorp from $19.00 to $21.00 and gave the stock an "outperform" rating in a report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $20.50.
Get Our Latest Analysis on BCAL
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the business. Pinnacle Associates Ltd. purchased a new position in California BanCorp in the 2nd quarter worth about $781,000. Kennedy Capital Management LLC grew its stake in California BanCorp by 107.5% in the 2nd quarter. Kennedy Capital Management LLC now owns 205,394 shares of the company's stock worth $3,237,000 after acquiring an additional 106,405 shares in the last quarter. HoldCo Asset Management LP purchased a new position in shares of California BanCorp during the second quarter worth approximately $639,000. FJ Capital Management LLC raised its stake in shares of California BanCorp by 20.2% during the second quarter. FJ Capital Management LLC now owns 1,271,636 shares of the company's stock valued at $20,041,000 after acquiring an additional 213,711 shares in the last quarter. Finally, Thrivent Financial for Lutherans purchased a new stake in shares of California BanCorp in the third quarter valued at approximately $445,000. Institutional investors own 55.40% of the company's stock.
About California BanCorp
(
Get Free Report)
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.
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