California BanCorp (NASDAQ:BCAL) Upgraded at Zacks Research

California BanCorp (NASDAQ:BCAL) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other brokerages have also weighed in on BCAL. DA Davidson raised their price target on shares of California BanCorp from $21.50 to $22.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of California BanCorp in a research report on Wednesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat.com, California BanCorp currently has an average rating of “Buy” and a consensus target price of $20.67.

California BanCorp Stock Up 1.6%

Shares of NASDAQ:BCAL opened at $21.17 on Tuesday. The firm has a market cap of $681.04 million, a P/E ratio of 11.57 and a beta of 0.93. California BanCorp has a 12 month low of $14.56 and a 12 month high of $21.20. The company’s 50-day moving average price is $19.30 and its two-hundred day moving average price is $18.75.

California BanCorp (NASDAQ:BCAL) last announced its earnings results on Friday, May 8th. The company reported $0.42 earnings per share for the quarter, topping 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 company had revenue of $44.22 million during the quarter. As a group, equities analysts predict that California BanCorp will post 1.7 earnings per share for the current fiscal year.

Insider Activity at California BanCorp

In related news, President Richard Hernandez sold 17,000 shares of California BanCorp stock in a transaction on Friday, May 8th. The stock was sold at an average price of $19.12, for a total transaction of $325,040.00. Following the completion of the sale, the president directly owned 72,935 shares of the company’s stock, valued at $1,394,517.20. The trade was a 18.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On California BanCorp

Several hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its position in shares of California BanCorp by 38.6% during the 4th quarter. Wellington Management Group LLP now owns 2,882,833 shares of the company’s stock worth $53,822,000 after buying an additional 802,947 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of California BanCorp by 4.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 795,309 shares of the company’s stock valued at $14,093,000 after acquiring an additional 34,945 shares during the period. Dimensional Fund Advisors LP raised its position in shares of California BanCorp by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company’s stock valued at $8,331,000 after acquiring an additional 155,744 shares during the period. Mendon Capital Advisors Corp boosted its stake in California BanCorp by 58.7% during the 1st quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company’s stock worth $7,165,000 after acquiring an additional 149,491 shares during the last quarter. Finally, Kennedy Capital Management LLC boosted its stake in 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 acquiring an additional 158,270 shares during the last quarter. Institutional investors and hedge funds own 55.40% of the company’s stock.

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.