California BanCorp (NASDAQ:BCAL) Hits New 52-Week High – Time to Buy?

California BanCorp (NASDAQ:BCAL) hit a new 52-week high during trading on Wednesday. The company traded as high as $22.51 and last traded at $22.57, with a volume of 5,797 shares trading hands. The stock had previously closed at $21.79.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BCAL shares. DA Davidson increased their price target on California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Stephens increased their target price on shares of California BanCorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods lifted their target price on shares of California BanCorp from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. Raymond James Financial began coverage on shares of California BanCorp in a research report on Thursday, August 20th. They issued an “outperform” rating and a $25.00 price target on the stock. Finally, Zacks Research cut California BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, August 24th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, California BanCorp has a consensus rating of “Moderate Buy” and an average target price of $24.50.

California BanCorp Price Performance

The stock has a market cap of $704.20 million, a P/E ratio of 12.25 and a beta of 0.90. The firm’s fifty day moving average price is $21.65 and its two-hundred day moving average price is $19.93.

California BanCorp (NASDAQ:BCAL) last posted its quarterly earnings data on Wednesday, October 28th. The company reported $0.43 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.43. California BanCorp had a return on equity of 10.09% and a net margin of 25.47%. The company had revenue of $46.05 million during the quarter, compared to analyst estimates of $46.12 million. On average, research analysts expect that California BanCorp will post 1.74 earnings per share for the current fiscal year.

Institutional Trading of California BanCorp

A number of large investors have recently modified their holdings of BCAL. BlackRock Inc. purchased a new position in California BanCorp in the second quarter worth $40,129,000. The Manufacturers Life Insurance Company bought a new position in California BanCorp in the second quarter valued at $16,501,000. Algebris UK Ltd. purchased a new stake in California BanCorp during the second quarter valued at about $8,360,000. Dimensional Fund Advisors LP raised its position in California BanCorp by 49.5% during the first quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company’s stock valued at $8,331,000 after purchasing an additional 155,744 shares in the last quarter. Finally, Mendon Capital Advisors Corp raised its position in California BanCorp by 58.7% during the first quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company’s stock valued at $7,165,000 after purchasing an additional 149,491 shares in the last quarter. Institutional investors own 55.40% of the company’s stock.

About California BanCorp

California BanCorp (NASDAQ: BCAL) is a bank holding company headquartered in California. Through its principal subsidiary, California Bank of Commerce, the company provides commercial banking products and services to businesses, professionals, and individuals.

California Bank of Commerce offers business and personal deposit accounts, commercial and industrial lending, commercial real estate financing, construction loans, lines of credit, treasury management, online banking, and other cash-management services.