California BanCorp (NASDAQ:BCAL) Reaches New 52-Week High on Strong Earnings

California BanCorp (NASDAQ:BCAL)’s share price hit a new 52-week high during trading on Monday following a better than expected earnings announcement. The company traded as high as $22.00 and last traded at $21.57, with a volume of 12766 shares changing hands. The stock had previously closed at $21.02.

The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%.

California BanCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 23rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.9%. The ex-dividend date was Tuesday, June 23rd. California BanCorp’s payout ratio is presently 21.86%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other California BanCorp news, President Richard Hernandez sold 17,000 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $19.12, for a total value of $325,040.00. Following the completion of the sale, the president owned 72,935 shares in the company, valued at $1,394,517.20. This represents a 18.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 8.14% of the company’s stock.

Institutional Investors Weigh In On California BanCorp

Several large investors have recently made changes to their positions in BCAL. Y Intercept Hong Kong Ltd bought a new position in California BanCorp during the first quarter valued at approximately $997,000. Mendon Capital Advisors Corp grew its position in California BanCorp by 58.7% in the first quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company’s stock worth $7,165,000 after acquiring an additional 149,491 shares in the last quarter. Elizabeth Park Capital Advisors Ltd. bought a new stake in California BanCorp in the fourth quarter worth approximately $2,663,000. Strs Ohio acquired a new position in shares of California BanCorp during the 4th quarter worth $569,000. Finally, Precision Wealth Strategies LLC acquired a new position in shares of California BanCorp during the 1st quarter worth $522,000. Institutional investors own 55.40% of the company’s stock.

California BanCorp Trading Up 1.2%

The firm has a market cap of $684.58 million, a P/E ratio of 11.63 and a beta of 0.93. The business’s fifty day moving average price is $20.04 and its two-hundred day moving average price is $18.97.

California BanCorp Company Profile

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.