California BanCorp (NASDAQ:BCAL) Sees Large Volume Increase - Here's What Happened

California BanCorp (NASDAQ:BCAL - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 439,211 shares were traded during mid-day trading, an increase of 378% from the previous session's volume of 91,917 shares.The stock last traded at $16.66 and had previously closed at $16.37.

California BanCorp Trading Down 0.7%

The firm has a market cap of $519.90 million, a PE ratio of 35.65 and a beta of 1.21. The firm has a 50 day moving average price of $15.45 and a 200-day moving average price of $15.00.

California BanCorp (NASDAQ:BCAL - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.14. California BanCorp had a net margin of 8.21% and a return on equity of 9.54%. The company had revenue of $44.82 million during the quarter, compared to the consensus estimate of $44.86 million. Equities analysts forecast that California BanCorp will post 1.81 earnings per share for the current fiscal year.

California BanCorp declared that its Board of Directors has approved a share repurchase program on Thursday, May 1st that permits the company to buyback 1,600,000 shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On California BanCorp

Several large investors have recently bought and sold shares of BCAL. Tower Research Capital LLC TRC increased its holdings in shares of California BanCorp by 265.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,848 shares of the company's stock valued at $47,000 after acquiring an additional 2,068 shares during the last quarter. GAMMA Investing LLC boosted its holdings in California BanCorp by 1,581.0% in the first quarter. GAMMA Investing LLC now owns 3,883 shares of the company's stock valued at $56,000 after purchasing an additional 3,652 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in California BanCorp in the fourth quarter valued at approximately $102,000. Parallel Advisors LLC increased its stake in California BanCorp by 12.9% in the second quarter. Parallel Advisors LLC now owns 10,097 shares of the company's stock valued at $159,000 after purchasing an additional 1,157 shares during the last quarter. Finally, Davidson Kahn Capital Management LLC acquired a new stake in California BanCorp during the fourth quarter worth approximately $172,000. Hedge funds and other institutional investors own 55.40% of the company's stock.

California BanCorp Company Profile

Southern California Bancorp operates as the holding company for Bank of Southern California, N.A. that provides various financial products to individuals, professionals, and small-to medium-sized businesses. The company offers checking, personal and business savings, and money market accounts, as well as certificates of deposit.