Stephens Increases California BanCorp (NASDAQ:BCAL) Price Target to $19.00

California BanCorp (NASDAQ:BCAL) had its price target lifted by Stephens from $18.00 to $19.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Stephens’ price objective would suggest a potential upside of 25.58% from the company’s previous close.

California BanCorp Trading Down 1.1%

NASDAQ:BCAL opened at $15.13 on Tuesday. The company has a market cap of $490.36 million, a PE ratio of 17.39 and a beta of 1.21. California BanCorp has a twelve month low of $11.87 and a twelve month high of $18.49. The company’s 50 day moving average is $15.47 and its two-hundred day moving average is $15.01.

California BanCorp announced that its board has authorized a stock repurchase program on Thursday, May 1st that authorizes the company to buyback 1,600,000 outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Institutional Trading of California BanCorp

Large investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC grew its position in California BanCorp by 265.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,848 shares of the company’s stock worth $47,000 after purchasing an additional 2,068 shares during the last quarter. GAMMA Investing LLC lifted its stake in California BanCorp by 1,581.0% during the 1st quarter. GAMMA Investing LLC now owns 3,883 shares of the company’s stock valued at $56,000 after acquiring an additional 3,652 shares during the period. BNP Paribas Financial Markets acquired a new stake in California BanCorp during the 4th quarter valued at approximately $102,000. Parallel Advisors LLC lifted its stake in California BanCorp by 12.9% during the 2nd quarter. Parallel Advisors LLC now owns 10,097 shares of the company’s stock valued at $159,000 after acquiring an additional 1,157 shares during the period. Finally, Davidson Kahn Capital Management LLC acquired a new stake in California BanCorp during the 4th quarter valued at approximately $172,000. Hedge funds and other institutional investors own 55.40% of the company’s stock.

California BanCorp Company Profile

Southern California Bancorp operates as the holding company for Bank of Southern California, N.A. that provides various financial products to individuals, professionals, and small-to medium-sized businesses. The company offers checking, personal and business savings, and money market accounts, as well as certificates of deposit.