Scott Alexander Myers, SEVP and Chief Lending Officer of California BanCorp (NASDAQ:CALB), has sold a significant portion of his stock in the company, according to recent filings. Over several transactions, Myers sold shares totaling over $197,424, with individual sale prices ranging from $18.66 to $24.68.
The series of sales began on August 3, 2023, with Myers selling 3,254 shares at an average price of $18.66. This kicked off a sequence of sales that saw prices per share peak at $24.68 on February 1, 2024, when 2,564 shares were sold. Subsequent transactions occurred at various prices, with the lowest being $21.85 on May 9, 2024, for 174 shares.
These transactions are part of a pattern of sales by Myers, which resulted in a decrease in his direct ownership in California BanCorp's common stock. By the end of the reported period, Myers had sold a total of 10,841 shares.
It's important to note that these sales do not include derivative securities such as stock options, which were also reported in the filing. The reported sales of common stock are a direct reflection of Myers's activity in the market and do not represent any transactions involving derivative securities, which may have different implications for an executive's stake in the company.
Investors often monitor such sales closely as they can provide insights into an executive's view of the company's current valuation and future prospects. However, it's also common for executives to sell shares for personal financial planning reasons, unrelated to their outlook on the company's performance.
The reported transactions were filed with the Securities and Exchange Commission and are publicly accessible for further review by shareholders and potential investors.
In other recent news, California BanCorp has been the subject of several analyst revisions. Keefe, Bruyette & Woods adjusted their price target for the bank's stock to $23, maintaining an Outperform rating. The firm noted California BanCorp's first-quarter financial performance, which surpassed their expectations but fell short of the market consensus. The bank's merger with BCAL, anticipated to be finalized in the third quarter of 2024, was also highlighted.
Piper Sandler also reduced its price target for California BanCorp to $26, while maintaining an Overweight rating. The bank's first-quarter performance indicated a lower starting point for loan growth, leading to a revision of earnings estimates for 2024 and 2025. California BanCorp was recognized for its solid performance despite lower-than-anticipated net interest income and loan growth.
Investment firm DA Davidson cut its price target for California BanCorp shares to $31, but retained a Buy rating. The firm remains optimistic about California BanCorp's performance, taking into account the bank's loan growth and merger activities. These recent developments reflect the ongoing changes in California BanCorp's financial landscape.
InvestingPro Insights
As California BanCorp's (NASDAQ:CALB) SEVP and Chief Lending Officer Scott Alexander Myers liquidates a portion of his holdings, investors may seek additional context to gauge the company's current financial health and future prospects. Recent data and analysis from InvestingPro may offer valuable insights.
InvestingPro Data reveals that California BanCorp's market capitalization stands at $212.56 million, with a Price-to-Earnings (P/E) ratio of 24.62. Notably, the company has experienced a significant 21.33% decline in revenue over the last twelve months as of Q2 2024. Despite the revenue challenges, the company's stock has shown resilience with a 34.89% total return over the past year, indicating a strong market performance relative to its financials.
InvestingPro Tips highlight several factors that investors should consider. Analysts have recently revised their earnings expectations downward for the upcoming period, which may indicate concerns about the company's future profitability. Additionally, the Relative Strength Index (RSI) suggests that the stock is currently in overbought territory, potentially signaling a future correction. On the positive side, the company has been profitable over the last twelve months, and analysts predict profitability will continue this year.
For those looking to delve deeper into California BanCorp's performance and future outlook, InvestingPro offers additional tips. Currently, there are six more InvestingPro Tips available, providing a comprehensive analysis for investors at https://www.investing.com/pro/CALB.
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