California BanCorp (NASDAQ:BCAL) Sets New 12-Month High - Should You Buy?

Key Points

• California BanCorp shares reached a new 52-week high of $22.41 before trading at $21.63, with the stock’s 50-day and 200-day moving averages at $21.38 and $19.73, respectively.
• Analysts remain broadly positive, with five Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $24.50.
• The company exceeded quarterly EPS expectations, reporting $0.44 versus the $0.40 consensus, and raised its quarterly dividend from $0.10 to $0.12 per share, implying a 2.2% annual yield.

Shares of California BanCorp (NASDAQ:BCAL - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $22.41 and last traded at $21.63, with a volume of 328628 shares traded. The stock had previously closed at $22.09.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on BCAL shares. Zacks Research downgraded shares of California BanCorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 24th. Raymond James Financial started coverage on shares of California BanCorp in a research report on Thursday, August 20th. They issued an "outperform" rating and a $25.00 price objective on the stock. DA Davidson lifted their price objective on shares of California BanCorp from $23.50 to $25.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Stephens lifted their price objective on shares of California BanCorp from $22.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of California BanCorp in a research note on Wednesday, June 24th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, California BanCorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.50.

California BanCorp Trading Down 2.1%

The firm's fifty day moving average price is $21.38 and its 200-day moving average price is $19.73. The firm has a market cap of $695.40 million, a price-to-earnings ratio of 11.76 and a beta of 0.92.

California BanCorp (NASDAQ:BCAL - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.04. California BanCorp had a net margin of 26.01% and a return on equity of 10.44%. The firm had revenue of $44.08 million during the quarter, compared to analysts' expectations of $45.07 million. On average, sell-side analysts expect that California BanCorp will post 1.75 earnings per share for the current year.

California BanCorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Monday, September 21st will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Monday, September 21st. This is a positive change from California BanCorp's previous quarterly dividend of $0.10. California BanCorp's dividend payout ratio is presently 21.74%.

Insider Buying and Selling

In related news, Director Lester Machado sold 7,500 shares of the business's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $21.19, for a total value of $158,925.00. Following the transaction, the director owned 22,391 shares in the company, valued at $474,465.29. The trade was a 25.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 8.14% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC acquired a new position in California BanCorp during the 2nd quarter worth approximately $51,000. Squarepoint Ops LLC lifted its holdings in shares of California BanCorp by 178.2% in the 2nd quarter. Squarepoint Ops LLC now owns 55,679 shares of the company's stock valued at $1,160,000 after buying an additional 35,664 shares during the period. Maloon Powers Pitre Higgins & Dennehy LLC acquired a new stake in shares of California BanCorp in the 2nd quarter valued at approximately $3,551,000. Empowered Funds LLC purchased a new stake in shares of California BanCorp in the second quarter valued at approximately $3,142,000. Finally, Bank of America Corp DE purchased a new stake in shares of California BanCorp in the second quarter valued at approximately $1,468,000. 55.40% of the stock is currently owned by institutional investors and hedge funds.

About California BanCorp

California BanCorp NASDAQ: BCAL is a bank holding company for California Bank of Commerce, a full-service commercial bank focused on serving businesses, professionals, nonprofit organizations and individuals. The bank provides relationship-based banking and financial services through its California operations.

Its products and services include commercial and industrial lending, commercial real estate loans, construction financing, Small Business Administration lending, business and personal deposit accounts, treasury management and cash-management services.

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