California BanCorp (NASDAQ:BCAL) President Richard Hernandez Sells 17,000 Shares

California BanCorp (NASDAQ:BCAL) President Richard Hernandez sold 17,000 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $19.12, for a total transaction of $325,040.00. Following the sale, the president directly owned 72,935 shares in the company, valued at $1,394,517.20. This trade represents a 18.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

California BanCorp Price Performance

Shares of NASDAQ:BCAL opened at $18.71 on Wednesday. The company’s 50-day moving average price is $18.16 and its two-hundred day moving average price is $18.59. California BanCorp has a one year low of $14.07 and a one year high of $20.47. The stock has a market capitalization of $601.56 million, a PE ratio of 10.22 and a beta of 1.01.

California BanCorp (NASDAQ:BCAL) last issued its quarterly earnings results on Friday, May 8th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.41 by $0.01. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%. The firm had revenue of $44.22 million for the quarter. On average, analysts anticipate that California BanCorp will post 1.68 earnings per share for the current fiscal year.

California BanCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 24th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, March 24th. This represents a $0.40 annualized dividend and a yield of 2.1%. California BanCorp’s payout ratio is 21.86%.

Analysts Set New Price Targets

Several equities research analysts have commented on BCAL shares. Zacks Research raised shares of California BanCorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. DA Davidson boosted their price objective on shares of California BanCorp from $21.50 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $20.67.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its stake 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 worth $34,000 after purchasing an additional 2,121 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new position in shares of California BanCorp during the 4th quarter worth about $36,000. Russell Investments Group Ltd. increased its stake in shares of California BanCorp by 508.7% during 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 during the last quarter. CWM LLC increased its stake in shares of California BanCorp by 143.9% during the 3rd quarter. CWM LLC now owns 2,263 shares of the company’s stock worth $38,000 after purchasing an additional 1,335 shares during the last quarter. Finally, State of Wyoming acquired a new position in shares of California BanCorp during the 3rd quarter worth about $64,000. 55.40% of the stock is currently owned by institutional investors and hedge funds.

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.