California BanCorp (NASDAQ:BCAL) Reaches New 1-Year High – Here’s Why

California BanCorp (NASDAQ:BCAL)’s stock price reached a new 52-week high 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.

Wall Street Analyst Weigh In

BCAL has been the subject of several recent analyst reports. DA Davidson raised their target price on shares of California BanCorp from $21.50 to $22.00 and gave the stock a “buy” rating in a research note 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 investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $20.67.

California BanCorp Trading Up 0.0%

The firm has a market cap of $663.67 million, a PE ratio of 11.27 and a beta of 0.99. The company has a 50 day moving average price of $19.11 and a 200 day moving average price of $18.73.

California BanCorp (NASDAQ:BCAL) last issued its quarterly earnings data on Friday, May 8th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.01. California BanCorp had a return on equity of 10.59% and a net margin of 25.68%.The firm had revenue of $44.22 million during the quarter. As a group, equities research analysts anticipate that California BanCorp will post 1.7 earnings per share for the current fiscal year.

California BanCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 23rd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Tuesday, June 23rd. California BanCorp’s dividend payout ratio is 21.86%.

Insider Activity at California BanCorp

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 value 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 Securities & Exchange Commission, which is accessible through this link. 8.14% of the stock is currently owned by insiders.

Hedge Funds Weigh In On California BanCorp

Several institutional investors and hedge funds have recently modified their holdings of BCAL. Goldman Sachs Group Inc. boosted its position 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 acquiring an additional 846 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of California BanCorp by 6.2% during the 1st 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 period. Jane Street Group LLC purchased a new position in shares of California BanCorp during the 1st quarter worth $357,000. Creative Planning acquired a new stake in shares of California BanCorp during the second quarter worth $335,000. Finally, American Century Companies Inc. increased its stake in California BanCorp by 15.1% in the second quarter. American Century Companies Inc. now owns 48,045 shares of the company’s stock valued at $757,000 after purchasing an additional 6,298 shares during the last quarter. 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.