Elizabeth Park Capital Advisors Ltd. Buys Shares of 142,646 California BanCorp $BCAL

Elizabeth Park Capital Advisors Ltd. bought a new stake in shares of California BanCorp (NASDAQ:BCAL) in the 4th quarter, Holdings Channel.com reports. The fund bought 142,646 shares of the company’s stock, valued at approximately $2,663,000. California BanCorp comprises approximately 2.2% of Elizabeth Park Capital Advisors Ltd.’s investment portfolio, making the stock its 21st largest position.

Several other hedge funds have also recently added to or reduced their stakes in the business. BNP Paribas Financial Markets increased its holdings in California BanCorp by 12.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock valued at $82,000 after acquiring an additional 545 shares in the last quarter. Empowered Funds LLC increased its holdings in California BanCorp by 6.2% during the 1st quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock valued at $172,000 after acquiring an additional 704 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in California BanCorp by 1.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock valued at $998,000 after acquiring an additional 846 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in California BanCorp by 8.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,988 shares of the company’s stock valued at $243,000 after acquiring an additional 978 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in California BanCorp by 7.1% during the 2nd quarter. First Trust Advisors LP now owns 20,685 shares of the company’s stock valued at $326,000 after acquiring an additional 1,377 shares in the last quarter. 55.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, President Richard Hernandez sold 17,000 shares of the firm’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 value of $325,040.00. Following the sale, the president directly owned 72,935 shares of the company’s stock, valued at approximately $1,394,517.20. This trade represents a 18.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 8.14% of the company’s stock.

California BanCorp Stock Performance

BCAL opened at $19.50 on Thursday. The company’s 50 day simple moving average is $18.90 and its 200 day simple moving average is $18.70. California BanCorp has a 1 year low of $14.07 and a 1 year high of $20.47. The stock has a market capitalization of $627.32 million, a PE ratio of 10.66 and a beta of 0.99.

California BanCorp (NASDAQ:BCAL) last released its earnings results on Friday, May 8th. The company reported $0.42 earnings per share (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 business had revenue of $44.22 million for the quarter. As a group, sell-side analysts expect that California BanCorp will post 1.68 earnings per share for the current fiscal year.

California BanCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 23rd will be given a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, June 23rd. This represents a $0.40 annualized dividend and a dividend yield of 2.1%. California BanCorp’s dividend payout ratio (DPR) is currently 21.86%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BCAL. DA Davidson raised their target price 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. Zacks Research upgraded shares of California BanCorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. One investment 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $20.67.

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.