Key Points
- California BanCorp President Richard Hernandez sold 17,000 shares on May 8 at an average price of $19.12, for a total of $325,040. The sale reduced his stake by about 18.9%, leaving him with 72,935 shares.
- The company recently reported quarterly EPS of $0.42, edging past analyst expectations of $0.41. Revenue for the quarter came in at $44.22 million, with net margin of 25.68% and return on equity of 10.59%.
- California BanCorp also declared a quarterly dividend of $0.10 per share, or $0.40 annually, which implies a 2.1% yield. Analysts currently rate the stock a consensus Buy with an average price target of $20.67.
California BanCorp (NASDAQ:BCAL - Get Free Report) President Richard Hernandez sold 17,000 shares of the company's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $19.12, for a total transaction of $325,040.00. Following the completion of the transaction, the president owned 72,935 shares in the company, valued at approximately $1,394,517.20. This trade represents a 18.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.
California BanCorp Stock Performance
Shares of BCAL opened at $18.71 on Wednesday. California BanCorp has a 52 week low of $14.07 and a 52 week high of $20.47. The firm has a market cap of $601.56 million, a P/E ratio of 10.22 and a beta of 1.01. The firm's 50-day simple moving average is $18.16 and its 200 day simple moving average is $18.59.
California BanCorp (NASDAQ:BCAL - Get Free Report) last announced its quarterly earnings results on Friday, May 8th. The company reported $0.42 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.01. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%. The business had revenue of $44.22 million for the quarter. As a group, equities analysts forecast that California BanCorp will post 1.68 earnings per share for the current year.
California BanCorp Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 24th were paid a $0.10 dividend. The ex-dividend date was Tuesday, March 24th. This represents a $0.40 dividend on an annualized basis and a yield of 2.1%. California BanCorp's dividend payout ratio is 21.86%.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in BCAL. Wellington Management Group LLP grew its position in shares of California BanCorp by 199.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,079,886 shares of the company's stock worth $34,692,000 after purchasing an additional 1,385,202 shares in the last quarter. Kennedy Capital Management LLC grew its position in shares of California BanCorp by 77.1% during the 3rd 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 in the last quarter. Dimensional Fund Advisors LP grew its position in shares of California BanCorp by 49.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company's stock worth $8,331,000 after purchasing an additional 155,744 shares in the last quarter. Jane Street Group LLC grew its position in shares of California BanCorp by 277.7% during the 4th quarter. Jane Street Group LLC now owns 205,513 shares of the company's stock worth $3,837,000 after purchasing an additional 151,104 shares in the last quarter. Finally, Elizabeth Park Capital Advisors Ltd. acquired a new position in shares of California BanCorp during the 4th quarter worth approximately $2,663,000. Institutional investors and hedge funds own 55.40% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on BCAL. DA Davidson upped 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. Zacks Research upgraded shares of California BanCorp from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, California BanCorp presently has an average rating of "Buy" and an average price target of $20.67.
Get Our Latest Report on BCAL
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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