California BanCorp (NASDAQ:BCAL) Announces Quarterly Earnings Results

California BanCorp (NASDAQ:BCAL) released its quarterly earnings data on Wednesday. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.06, Zacks reports. California BanCorp had a net margin of 26.60% and a return on equity of 11.51%. The company had revenue of $45.90 million during the quarter, compared to analyst estimates of $45.03 million.

California BanCorp Price Performance

BCAL stock traded down $0.19 during mid-day trading on Friday, reaching $17.90. 13,670 shares of the company’s stock were exchanged, compared to its average volume of 277,795. California BanCorp has a 12-month low of $11.87 and a 12-month high of $20.47. The stock’s 50 day moving average is $19.03 and its 200 day moving average is $17.65. The company has a market cap of $578.37 million, a price-to-earnings ratio of 9.28 and a beta of 1.19.

California BanCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 24th were issued a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, December 24th. This represents a $0.40 dividend on an annualized basis and a yield of 2.2%. California BanCorp’s dividend payout ratio is presently 20.73%.

Institutional Investors Weigh In On California BanCorp

A number of institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its position in California BanCorp by 1.2% during the first quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock worth $998,000 after acquiring an additional 846 shares during the period. Empowered Funds LLC lifted its stake in California BanCorp by 6.2% in the 1st quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock valued at $172,000 after buying an additional 704 shares in the last quarter. Jane Street Group LLC acquired a new stake in California BanCorp in the 1st quarter worth about $357,000. Creative Planning purchased a new stake in California BanCorp during the 2nd quarter worth approximately $335,000. Finally, American Century Companies Inc. raised its holdings in shares of California BanCorp by 15.1% during the second quarter. American Century Companies Inc. now owns 48,045 shares of the company’s stock valued at $757,000 after acquiring an additional 6,298 shares during the last quarter. Institutional investors and hedge funds own 55.40% of the company’s stock.

Wall Street Analyst Weigh In

BCAL has been the subject of a number of research analyst reports. Wall Street Zen cut shares of California BanCorp from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. Keefe, Bruyette & Woods lifted their price objective on shares of California BanCorp from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of California BanCorp in a report on Monday, December 29th. DA Davidson reduced their target price on shares of California BanCorp from $22.50 to $21.50 and set a “buy” rating for the company in a report on Thursday. Finally, Zacks Research lowered shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. One 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 company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $20.50.

About California BanCorp

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.