Sei Investments Co. Purchases 42,464 Shares of California BanCorp $BCAL

Sei Investments Co. increased its position in shares of California BanCorp (NASDAQ:BCAL) by 81.6% during the first quarter, Holdings Channel reports. The institutional investor owned 94,474 shares of the company’s stock after purchasing an additional 42,464 shares during the period. Sei Investments Co.’s holdings in California BanCorp were worth $1,674,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its stake in California BanCorp by 26,512.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock valued at $34,000 after acquiring an additional 2,121 shares during the period. Cullen Frost Bankers Inc. bought a new position in shares of California BanCorp in the 4th quarter worth $36,000. Russell Investments Group Ltd. lifted its holdings in shares of California BanCorp by 508.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock worth $37,000 after purchasing an additional 1,862 shares in the last quarter. BNP Paribas Financial Markets grew its position in California BanCorp by 12.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock valued at $82,000 after purchasing an additional 545 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in California BanCorp in the 4th quarter valued at $113,000. Institutional investors own 55.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Weiss Ratings restated a “buy (b)” rating on shares of California BanCorp in a research note on Wednesday, June 24th. Zacks Research upgraded shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Keefe, Bruyette & Woods boosted their target price on shares of California BanCorp from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. DA Davidson upped their target price on shares of California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Finally, Stephens raised their price target on shares of California BanCorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, California BanCorp presently has a consensus rating of “Buy” and an average target price of $24.33.

Insider Activity at California BanCorp

In related news, Director Lester Machado sold 7,500 shares of California BanCorp stock in a transaction on Friday, July 31st. The stock was sold at an average price of $21.19, for a total transaction of $158,925.00. Following the sale, the director directly owned 22,391 shares in the company, valued at approximately $474,465.29. This trade represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 8.14% of the company’s stock.

California BanCorp Stock Performance

Shares of BCAL stock opened at $21.39 on Tuesday. California BanCorp has a 52-week low of $15.20 and a 52-week high of $22.00. The company has a 50-day simple moving average of $20.57 and a two-hundred day simple moving average of $19.19. The company has a market capitalization of $688.12 million, a price-to-earnings ratio of 11.62 and a beta of 0.92.

California BanCorp (NASDAQ:BCAL) last posted its quarterly earnings data on Monday, July 27th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.40 by $0.04. California BanCorp had a net margin of 26.01% and a return on equity of 10.51%. The firm had revenue of $44.08 million during the quarter, compared to analyst estimates of $45.07 million. On average, sell-side analysts forecast that California BanCorp will post 1.75 EPS for the current fiscal year.

California BanCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Monday, September 21st will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, September 21st. This is a positive change from California BanCorp’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.2%. California BanCorp’s dividend payout ratio (DPR) is 21.74%.

California BanCorp Company Profile

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.