California BanCorp (NASDAQ:BCAL) Hits New 1-Year High – What’s Next?

California BanCorp (NASDAQ:BCAL) hit a new 52-week high on Wednesday. The stock traded as high as $22.51 and last traded at $22.57, with a volume of 5,797 shares. The stock had previously closed at $21.79.

Wall Street Analysts Forecast Growth

BCAL has been the subject of a number of analyst reports. DA Davidson boosted their target price on shares of California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of California BanCorp in a report on Monday, September 21st. Stephens upped their price objective on California BanCorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Zacks Research downgraded California BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, August 24th. Finally, Raymond James Financial initiated coverage on California BanCorp in a research note on Thursday, August 20th. They set an “outperform” rating and a $25.00 target price for the company. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $24.50.

California BanCorp Trading Up 1.7%

The firm has a market capitalization of $712.77 million, a PE ratio of 12.39 and a beta of 0.90. The company has a fifty day moving average price of $21.62 and a two-hundred day moving average price of $19.90.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings results on Wednesday, October 28th. The company reported $0.43 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.43. California BanCorp had a return on equity of 10.09% and a net margin of 25.47%. The firm had revenue of $46.05 million for the quarter, compared to the consensus estimate of $46.12 million. As a group, equities research analysts predict that California BanCorp will post 1.74 earnings per share for the current year.

Hedge Funds Weigh In On California BanCorp

Hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its stake in California BanCorp by 25.1% during the 3rd quarter. Parallel Advisors LLC now owns 13,211 shares of the company’s stock worth $282,000 after buying an additional 2,648 shares during the period. Rosenthal Henry Capital Advisors Inc. purchased a new position in California BanCorp in the 3rd quarter valued at about $1,347,000. Sterling Capital Management LLC grew its stake in shares of California BanCorp by 9.7% during the third quarter. Sterling Capital Management LLC now owns 13,061 shares of the company’s stock valued at $279,000 after acquiring an additional 1,159 shares in the last quarter. Pinnacle Associates Ltd. grew its stake in shares of California BanCorp by 44.2% during the third quarter. Pinnacle Associates Ltd. now owns 74,204 shares of the company’s stock valued at $1,584,000 after acquiring an additional 22,761 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of California BanCorp during the second quarter worth about $51,000. 55.40% of the stock is currently owned by hedge funds and other institutional investors.

California BanCorp Company Profile

California BanCorp (NASDAQ: BCAL) is a bank holding company headquartered in California. Through its principal subsidiary, California Bank of Commerce, the company provides commercial banking products and services to businesses, professionals, and individuals.

California Bank of Commerce offers business and personal deposit accounts, commercial and industrial lending, commercial real estate financing, construction loans, lines of credit, treasury management, online banking, and other cash-management services.