Empowered Funds LLC Acquires New Position in California BanCorp $BCAL

Empowered Funds LLC acquired a new stake in shares of California BanCorp (NASDAQ:BCAL) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 150,757 shares of the company’s stock, valued at approximately $3,142,000.

Several other hedge funds also recently made changes to their positions in the company. Cullen Frost Bankers Inc. bought a new stake in shares of California BanCorp in the 4th quarter valued at approximately $36,000. Royal Bank of Canada boosted its holdings in California BanCorp by 215.4% in the first quarter. Royal Bank of Canada now owns 2,094 shares of the company’s stock worth $37,000 after purchasing an additional 1,430 shares during the period. EverSource Wealth Advisors LLC increased its stake in California BanCorp by 26,512.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock valued at $34,000 after purchasing an additional 2,121 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of California BanCorp by 508.7% during the third 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 period. Finally, Legal & General Group Plc bought a new position in shares of California BanCorp in the 2nd quarter worth about $53,000. Institutional investors and hedge funds own 55.40% of the company’s stock.

California BanCorp Stock Performance

Shares of BCAL opened at $21.09 on Wednesday. California BanCorp has a 1 year low of $15.85 and a 1 year high of $22.00. The company has a market cap of $678.04 million, a price-to-earnings ratio of 11.46 and a beta of 0.92. The firm has a fifty day moving average of $21.16 and a 200-day moving average of $19.50.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings results on Monday, July 27th. The company reported $0.44 EPS for the quarter, topping 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. Analysts predict that California BanCorp will post 1.75 EPS for the current year.

California BanCorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Monday, September 21st will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.3%. 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. California BanCorp’s dividend payout ratio (DPR) is presently 21.74%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Zacks Research downgraded shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 24th. Raymond James Financial assumed coverage on California BanCorp in a research note on Thursday, August 20th. They issued an “outperform” rating and a $25.00 target price for the company. Keefe, Bruyette & Woods upped their target price on California BanCorp from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. DA Davidson upped their target price on California BanCorp from $23.50 to $25.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of California BanCorp in a research report on Wednesday, June 24th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, California BanCorp has a consensus rating of “Moderate Buy” and an average price target of $24.50.

Insider Buying and Selling

In other California BanCorp news, Director Lester Machado sold 7,500 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $21.19, for a total value of $158,925.00. Following the completion of the transaction, the director owned 22,391 shares in the company, valued at approximately $474,465.29. This represents a 25.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 8.14% of the company’s stock.

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.