California BanCorp (NASDAQ:BCAL) Sees Strong Trading Volume After Strong Earnings

California BanCorp (NASDAQ:BCAL) saw an uptick in trading volume on Wednesday after the company announced better than expected quarterly earnings. 1,411,132 shares traded hands during trading, an increase of 601% from the previous session’s volume of 201,271 shares.The stock last traded at $18.44 and had previously closed at $18.43.

The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.06. The firm had revenue of $45.90 million during the quarter, compared to analysts’ expectations of $45.03 million. California BanCorp had a return on equity of 11.51% and a net margin of 26.60%.

California BanCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 24th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Wednesday, December 24th. California BanCorp’s dividend payout ratio is presently 20.73%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. DA Davidson decreased their price objective on shares of California BanCorp from $22.50 to $21.50 and set a “buy” rating on the stock in a research note on Thursday. Keefe, Bruyette & Woods raised their price objective on California BanCorp from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. Zacks Research cut shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Wall Street Zen lowered shares of California BanCorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of California BanCorp in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $20.50.

Institutional Trading of California BanCorp

Institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. boosted its stake in California BanCorp by 1.2% during the first quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock worth $998,000 after buying an additional 846 shares during the period. Empowered Funds LLC increased its holdings in shares of California BanCorp by 6.2% in the first quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock valued at $172,000 after purchasing an additional 704 shares during the period. Jane Street Group LLC acquired a new stake in California BanCorp during the first quarter worth about $357,000. Woodward Diversified Capital LLC acquired a new stake in California BanCorp in the second quarter valued at approximately $213,000. Finally, Pinnacle Associates Ltd. acquired a new position in shares of California BanCorp during the second quarter valued at approximately $781,000. Hedge funds and other institutional investors own 55.40% of the company’s stock.

California BanCorp Price Performance

The firm has a fifty day moving average of $19.02 and a 200 day moving average of $17.66. The stock has a market cap of $581.44 million, a price-to-earnings ratio of 9.32 and a beta of 1.19.

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.