California BanCorp (NASDAQ:BCAL) Reaches New 52-Week High – What’s Next?

Shares of California BanCorp (NASDAQ:BCAL) reached a new 52-week high on Monday . The stock traded as high as $21.50 and last traded at $21.0850, with a volume of 177394 shares traded. The stock had previously closed at $20.86.

Analyst Ratings Changes

A number of research analysts have commented on BCAL shares. Zacks Research upgraded California BanCorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 30th. DA Davidson boosted their target price on California BanCorp from $21.50 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of California BanCorp in a research note on Wednesday, June 24th. Two analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $20.67.

California BanCorp Trading Down 1.5%

The stock has a 50 day moving average price of $19.40 and a two-hundred day moving average price of $18.77. The company has a market cap of $671.07 million, a price-to-earnings ratio of 11.40 and a beta of 0.93.

California BanCorp (NASDAQ:BCAL) last posted its quarterly 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. The business had revenue of $44.22 million for the quarter. California BanCorp had a return on equity of 10.59% and a net margin of 25.68%. On average, equities analysts forecast that California BanCorp will post 1.7 EPS 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. Stockholders of record on Tuesday, June 23rd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Tuesday, June 23rd. California BanCorp’s payout ratio is presently 21.86%.

Insider Activity at California BanCorp

In other news, President Richard Hernandez sold 17,000 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $19.12, for a total value of $325,040.00. Following the completion of the sale, the president directly owned 72,935 shares of the company’s stock, valued at $1,394,517.20. This represents a 18.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 8.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On California BanCorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Elizabeth Park Capital Advisors Ltd. bought a new stake in shares of California BanCorp in the 4th quarter valued at $2,663,000. Strs Ohio acquired a new stake in California BanCorp during the 4th quarter worth $569,000. Legato Capital Management LLC bought a new position in California BanCorp during the fourth quarter worth about $255,000. Cullen Frost Bankers Inc. bought a new position in California BanCorp during the fourth quarter worth about $36,000. Finally, Mendon Capital Advisors Corp grew its stake in California BanCorp by 58.7% in the first quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company’s stock valued at $7,165,000 after acquiring an additional 149,491 shares during the period. 55.40% of the stock is owned by institutional investors.

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.