California BanCorp (NASDAQ:BCAL) Reaches New 12-Month High – Time to Buy?

California BanCorp (NASDAQ:BCAL) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $20.53 and last traded at $20.3990, with a volume of 16347 shares changing hands. The stock had previously closed at $20.31.

Analyst Upgrades and Downgrades

BCAL has been the topic of several analyst reports. DA Davidson upped their target price on shares of California BanCorp from $21.50 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Zacks Research raised shares of California BanCorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $20.67.

California BanCorp Stock Performance

The stock has a market capitalization of $653.27 million, a P/E ratio of 11.17 and a beta of 0.99. The stock has a 50-day simple moving average of $19.02 and a 200 day simple moving average of $18.71.

California BanCorp (NASDAQ:BCAL) last released its earnings results on Friday, May 8th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. California BanCorp had a return on equity of 10.59% and a net margin of 25.68%.The company had revenue of $44.22 million during the quarter. Equities analysts predict that California BanCorp will post 1.68 earnings per share for the current year.

California BanCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 23rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Tuesday, June 23rd. California BanCorp’s dividend payout ratio (DPR) is presently 21.86%.

Insiders Place Their Bets

In other California BanCorp news, President Richard Hernandez sold 17,000 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $19.12, for a total transaction of $325,040.00. Following the transaction, the president directly owned 72,935 shares in the company, valued at approximately $1,394,517.20. This represents a 18.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 8.14% of the company’s stock.

Institutional Investors Weigh In On California BanCorp

Institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its stake in shares of California BanCorp by 26,512.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock worth $34,000 after buying an additional 2,121 shares during the last quarter. Cullen Frost Bankers Inc. bought a new position in California BanCorp in the fourth quarter valued at approximately $36,000. Royal Bank of Canada grew its holdings in California BanCorp by 215.4% during the 1st quarter. Royal Bank of Canada now owns 2,094 shares of the company’s stock worth $37,000 after acquiring an additional 1,430 shares during the period. Russell Investments Group Ltd. raised its position in shares of California BanCorp by 508.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock valued at $37,000 after acquiring an additional 1,862 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of California BanCorp by 12.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock valued at $82,000 after acquiring an additional 545 shares during the last quarter. Institutional investors and hedge funds own 55.40% of the company’s stock.

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.