California BanCorp (NASDAQ:BCAL) Hits New 52-Week High Following Analyst Upgrade

California BanCorp (NASDAQ:BCAL) shares reached a new 52-week high during trading on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $20.96 and last traded at $20.7120, with a volume of 296 shares traded. The stock had previously closed at $20.87.

BCAL has been the subject of a number of other research reports. DA Davidson increased their price target on California BanCorp from $21.50 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to data from MarketBeat, California BanCorp presently has an average rating of “Buy” and an average target price of $20.67.

Insider Transactions at California BanCorp

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

Institutional Investors Weigh In On California BanCorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its holdings in shares of California BanCorp by 26,512.5% during the 2nd 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 period. Cullen Frost Bankers Inc. acquired a new position in California BanCorp in the 4th quarter valued at approximately $36,000. Royal Bank of Canada lifted its position in California BanCorp by 215.4% in the first quarter. Royal Bank of Canada now owns 2,094 shares of the company’s stock worth $37,000 after purchasing an additional 1,430 shares during the period. Russell Investments Group Ltd. boosted 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 in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in shares of California BanCorp by 12.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock valued at $82,000 after purchasing an additional 545 shares during the period. 55.40% of the stock is currently owned by institutional investors and hedge funds.

California BanCorp Stock Up 1.6%

The business has a 50-day simple moving average of $19.30 and a two-hundred day simple moving average of $18.75. The stock has a market capitalization of $681.04 million, a P/E ratio of 11.57 and a beta of 0.93.

California BanCorp (NASDAQ:BCAL) last announced its earnings results on Friday, May 8th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. The business had revenue of $44.22 million during the quarter. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%. On average, sell-side analysts forecast that California BanCorp will post 1.7 earnings per share for the current year.

California BanCorp Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, June 23rd. This represents a $0.40 dividend on an annualized basis and a yield of 1.9%. California BanCorp’s dividend payout ratio is currently 21.86%.

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.