California BanCorp (NASDAQ:BCAL) Hits New 52-Week High - Should You Buy?

Key Points

• California BanCorp hit a new 52-week high, trading as high as $21.52 and last changing hands at $21.59, signaling strong recent momentum in the stock.
• Analysts remain broadly positive on the company, with multiple Buy and Strong Buy ratings issued recently, though the consensus price target of $20.67 sits slightly below the current share price.
• The bank reported solid quarterly results, posting $0.42 EPS versus the $0.41 estimate, and it also pays a quarterly dividend of $0.10 per share for a 1.9% annual yield.

California BanCorp (NASDAQ:BCAL - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $21.52 and last traded at $21.59, with a volume of 45535 shares trading hands. The stock had previously closed at $20.91.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Weiss Ratings reissued a "buy (b)" rating on shares of California BanCorp in a research note on Wednesday, June 24th. DA Davidson increased their target price on shares of California BanCorp from $21.50 to $22.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Finally, Zacks Research upgraded California BanCorp from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $20.67.

California BanCorp Stock Performance

The stock has a market capitalization of $694.28 million, a PE ratio of 11.80 and a beta of 0.93. The stock's 50-day moving average price is $19.71 and its two-hundred day moving average price is $18.85.

California BanCorp (NASDAQ:BCAL - Get Free Report) last posted its quarterly earnings data on Friday, May 8th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.41 by $0.01. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%. The business had revenue of $44.22 million for the quarter. On average, analysts predict that California BanCorp will post 1.7 earnings per share for the current fiscal year.

California BanCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 23rd were issued a dividend of $0.10 per share. The ex-dividend date was Tuesday, June 23rd. This represents a $0.40 annualized dividend and a dividend yield of 1.9%. California BanCorp's dividend payout ratio (DPR) is presently 21.86%.

Insider Activity

In related 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 owned 72,935 shares in the company, valued at $1,394,517.20. The trade was a 18.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.14% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its position in California BanCorp by 1.2% in the 1st 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 last quarter. Empowered Funds LLC lifted its position 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 valued at $172,000 after buying an additional 704 shares in the last quarter. Jane Street Group LLC purchased a new position in California BanCorp during the first quarter valued at approximately $357,000. Creative Planning bought a new position in California BanCorp in the 2nd quarter worth $335,000. Finally, American Century Companies Inc. boosted its stake in shares of California BanCorp by 15.1% in the second quarter. American Century Companies Inc. now owns 48,045 shares of the company's stock worth $757,000 after acquiring an additional 6,298 shares during the period. Hedge funds and other 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.

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