Wellington Management Group LLP Sells 240,206 Shares of California BanCorp $BCAL

Wellington Management Group LLP trimmed its holdings in shares of California BanCorp (NASDAQ:BCAL) by 8.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,447,278 shares of the company’s stock after selling 240,206 shares during the quarter. Wellington Management Group LLP owned about 7.61% of California BanCorp worth $51,001,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in BCAL. EverSource Wealth Advisors LLC boosted its position in shares of California BanCorp by 26,512.5% during the 2nd 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 last quarter. Cullen Frost Bankers Inc. purchased a new stake in California BanCorp in the fourth quarter valued at approximately $36,000. Royal Bank of Canada lifted its position in California BanCorp by 215.4% during the first 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 last quarter. Russell Investments Group Ltd. grew its stake in 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 buying an additional 1,862 shares in the last quarter. Finally, Legal & General Group Plc purchased a new position in California BanCorp in the 2nd quarter worth approximately $53,000. 55.40% of the stock is currently owned by institutional investors.

California BanCorp Stock Up 0.7%

Shares of NASDAQ:BCAL opened at $21.67 on Friday. The stock has a market cap of $696.69 million, a PE ratio of 11.78 and a beta of 0.92. The company’s fifty day moving average is $21.20 and its 200 day moving average is $19.54. California BanCorp has a 52 week low of $15.85 and a 52 week high of $22.00.

California BanCorp (NASDAQ:BCAL) last posted its quarterly earnings results on Monday, July 27th. The company reported $0.44 earnings per share (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 10.44%. The business had revenue of $44.08 million during the quarter, compared to analyst estimates of $45.07 million. Sell-side analysts anticipate that California BanCorp will post 1.75 EPS for the current year.

California BanCorp Increases Dividend

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

Insider Transactions at California BanCorp

In related news, Director Lester Machado sold 7,500 shares of the firm’s stock in a transaction that occurred 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 transaction, the director directly owned 22,391 shares in the company, valued at $474,465.29. This trade represents a 25.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.14% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BCAL. DA Davidson lifted their price objective 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. Stephens increased their target price on California BanCorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Raymond James Financial began coverage on California BanCorp in a research report on Thursday, August 20th. They set an “outperform” rating and a $25.00 price target on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th. Finally, Zacks Research lowered California BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 24th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.50.

California BanCorp 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.