California BanCorp (NASDAQ:BCAL) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

California BanCorp (NASDAQ:BCAL) had its price target hoisted by equities researchers at Keefe, Bruyette & Woods from $23.00 to $24.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 10.21% from the company’s previous close.

A number of other brokerages have also weighed in on BCAL. Zacks Research upgraded shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 30th. Stephens raised their price target on California BanCorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Weiss Ratings restated a “buy (b)” rating on shares of California BanCorp in a research note on Wednesday, June 24th. Finally, DA Davidson lifted their price objective on California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $24.33.

California BanCorp Stock Performance

Shares of BCAL stock traded up $0.33 during trading hours on Tuesday, reaching $21.78. The company had a trading volume of 7,700 shares, compared to its average volume of 222,470. The business has a fifty day moving average price of $20.33 and a 200-day moving average price of $19.09. California BanCorp has a one year low of $14.76 and a one year high of $22.00. The firm has a market cap of $700.53 million, a PE ratio of 11.83 and a beta of 0.92.

California BanCorp (NASDAQ:BCAL) last issued its quarterly earnings data on Monday, July 27th. The company reported $0.44 earnings per share for the quarter, beating 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. Equities research analysts forecast that California BanCorp will post 1.75 EPS for the current year.

Insider Activity

In related news, President Richard Hernandez sold 17,000 shares of the business’s stock in a transaction that occurred on 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 sale, the president directly owned 72,935 shares in the company, valued at approximately $1,394,517.20. The trade was a 18.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 8.14% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP raised its position in California BanCorp by 199.4% in the third quarter. Wellington Management Group LLP now owns 2,079,886 shares of the company’s stock worth $34,692,000 after acquiring an additional 1,385,202 shares during the period. 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 valued at $6,066,000 after acquiring an additional 158,270 shares during the period. 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 valued at $8,331,000 after acquiring an additional 155,744 shares during the period. Jane Street Group LLC increased its stake in shares of California BanCorp by 277.7% in 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, Mendon Capital Advisors Corp increased its stake in shares of California BanCorp by 58.7% in the 1st quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company’s stock worth $7,165,000 after purchasing an additional 149,491 shares in the last quarter. 55.40% of the stock is currently owned by institutional investors.

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.