Key Points
- Director Lester Machado sold 7,500 California BanCorp shares at an average price of $21.19, generating $158,925 and reducing his stake by 25.09% to 22,391 shares.
- California BanCorp reported quarterly earnings of $0.44 per share, beating estimates of $0.40, while revenue of $44.91 million was slightly below expectations.
- The company increased its quarterly dividend to $0.12 per share, or $0.48 annually, and analysts maintain a consensus “Buy” rating with an average price target of $24.33.
California BanCorp (NASDAQ:BCAL - Get Free Report) Director Lester Machado sold 7,500 shares of the business's stock in a transaction on 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 represents a 25.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
California BanCorp Price Performance
Shares of NASDAQ:BCAL opened at $21.57 on Wednesday. California BanCorp has a 1 year low of $14.76 and a 1 year high of $22.00. The company has a market capitalization of $693.91 million, a PE ratio of 11.72 and a beta of 0.92. The business has a fifty day moving average price of $20.38 and a two-hundred day moving average price of $19.11.
California BanCorp (NASDAQ:BCAL - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.40 by $0.04. California BanCorp had a net margin of 26.01% and a return on equity of 10.51%. The company had revenue of $44.91 million for the quarter, compared to the consensus estimate of $45.07 million. Sell-side analysts anticipate that California BanCorp will post 1.75 earnings per share for the current year.
California BanCorp Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Monday, September 21st will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Monday, September 21st. This is an increase from California BanCorp's previous quarterly dividend of $0.10. California BanCorp's dividend payout ratio (DPR) is 21.74%.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on the company. Keefe, Bruyette & Woods increased their price objective on California BanCorp from $23.00 to $24.00 and gave the company an "outperform" rating in a report on Tuesday. DA Davidson increased their price target on California BanCorp from $23.50 to $25.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Stephens lifted their price objective on California BanCorp from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Zacks Research upgraded California BanCorp from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 30th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of California BanCorp in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $24.33.
View Our Latest Research Report on California BanCorp
Institutional Investors Weigh In On California BanCorp
Hedge funds and other institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC boosted its holdings in shares of California BanCorp by 17.1% in the first quarter. Parallel Advisors LLC now owns 11,820 shares of the company's stock worth $209,000 after acquiring an additional 1,723 shares during the period. Bank of America Corp DE grew its position in shares of California BanCorp by 26.6% in the first quarter. Bank of America Corp DE now owns 89,566 shares of the company's stock valued at $1,587,000 after purchasing an additional 18,839 shares in the last quarter. Royal Bank of Canada raised its stake in shares of California BanCorp by 215.4% during the 1st quarter. Royal Bank of Canada now owns 2,094 shares of the company's stock valued at $37,000 after purchasing an additional 1,430 shares during the period. Empowered Funds LLC raised its stake in shares of California BanCorp by 26.1% during the 1st quarter. Empowered Funds LLC now owns 140,127 shares of the company's stock valued at $2,483,000 after purchasing an additional 29,003 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in California BanCorp by 4.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 795,309 shares of the company's stock worth $14,093,000 after purchasing an additional 34,945 shares in the last quarter. Institutional investors own 55.40% of the company's stock.
California BanCorp Company Profile
(
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
