California BanCorp (NASDAQ:BCAL) Reaches New 52-Week High – Should You Buy?

Shares of California BanCorp (NASDAQ:BCAL) reached a new 52-week high on Thursday . The stock traded as high as $21.52 and last traded at $21.59, with a volume of 45535 shares. The stock had previously closed at $20.91.

Wall Street Analysts Forecast Growth

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

California BanCorp Trading Down 1.6%

The business has a fifty day moving average of $19.80 and a 200-day moving average of $18.89. The firm has a market cap of $682.97 million, a PE ratio of 11.60 and a beta of 0.93.

California BanCorp (NASDAQ:BCAL) last posted its earnings results on Friday, May 8th. The company reported $0.42 earnings per share for the quarter, beating 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 business had revenue of $44.22 million during the quarter. On average, equities analysts forecast that California BanCorp will post 1.7 EPS for the current year.

California BanCorp Dividend Announcement

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

Insider Buying and Selling at California BanCorp

In related news, President Richard Hernandez sold 17,000 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $19.12, for a total value of $325,040.00. Following the sale, the president owned 72,935 shares in the company, valued at approximately $1,394,517.20. This trade represents a 18.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 8.14% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets boosted its stake in California BanCorp by 12.4% in the third quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock worth $82,000 after buying an additional 545 shares in the last quarter. Invesco Ltd. raised its position in California BanCorp by 4.4% in the 4th quarter. Invesco Ltd. now owns 16,154 shares of the company’s stock worth $302,000 after purchasing an additional 680 shares during the period. Empowered Funds LLC lifted its stake in California BanCorp by 6.2% in the first quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock worth $172,000 after purchasing an additional 704 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of California BanCorp by 1.2% during the first quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock valued at $998,000 after buying an additional 846 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of California BanCorp by 8.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,988 shares of the company’s stock worth $243,000 after buying an additional 978 shares during the period. Hedge funds and other institutional investors own 55.40% of the company’s stock.

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.