California BanCorp (NASDAQ:BCAL) Sets New 12-Month High – Here’s Why

California BanCorp (NASDAQ:BCAL)’s share price reached a new 52-week high on Tuesday . The company traded as high as $20.96 and last traded at $20.7120, with a volume of 296 shares trading hands. The stock had previously closed at $20.87.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Zacks Research raised shares of California BanCorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. DA Davidson lifted their target price on California BanCorp from $21.50 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $20.67.

California BanCorp Price Performance

The stock’s 50-day simple moving average is $19.21 and its 200 day simple moving average is $18.74. The stock has a market capitalization of $671.55 million, a P/E ratio of 11.41 and a beta of 0.99.

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

California BanCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 23rd will be 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 is Tuesday, June 23rd. California BanCorp’s dividend payout ratio is currently 21.86%.

Insider Transactions at California BanCorp

In other California BanCorp news, President Richard Hernandez sold 17,000 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $19.12, for a total transaction of $325,040.00. Following the completion of the sale, the president directly owned 72,935 shares in the company, valued at $1,394,517.20. This trade represents a 18.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 8.14% of the stock is owned by company insiders.

Hedge Funds Weigh In On California BanCorp

A number of large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its holdings in 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 purchasing an additional 2,121 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in California BanCorp in the 4th quarter worth about $36,000. Royal Bank of Canada boosted its holdings in California BanCorp by 215.4% in the 1st quarter. Royal Bank of Canada now owns 2,094 shares of the company’s stock valued at $37,000 after purchasing an additional 1,430 shares during the period. Russell Investments Group Ltd. grew 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 worth $37,000 after purchasing an additional 1,862 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of California BanCorp by 12.4% during the third quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock worth $82,000 after purchasing an additional 545 shares during the period. Institutional investors 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.