California BanCorp (NASDAQ:BCAL) Share Price Breaks Above 50-Day Moving Average - Should You Sell?

Key Points

• California BanCorp shares moved above their 50-day moving average, reaching $22.01 and last trading at $21.88 versus the $21.62 average.
• Analyst sentiment is broadly positive: five analysts rate the stock Buy, one rates it Hold, and the consensus target price is $24.50, implying potential upside from recent levels.
• The company met quarterly earnings expectations with $0.43 EPS and reported $46.05 million in revenue, while institutional investors own 55.4% of its shares.

California BanCorp (NASDAQ:BCAL - Get Free Report) shares crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $21.62 and traded as high as $22.01. California BanCorp shares last traded at $21.88, with a volume of 215,596 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BCAL. Stephens upped their price target on California BanCorp from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a "buy (b)" rating on shares of California BanCorp in a research report on Monday, September 21st. Raymond James Financial started coverage on shares of California BanCorp in a research report on Thursday, August 20th. They set an "outperform" rating and a $25.00 price objective on the stock. 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 report on Tuesday, July 28th. Finally, Zacks Research lowered shares of California BanCorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 24th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $24.50.

California BanCorp Stock Performance

The company has a market capitalization of $703.46 million, a P/E ratio of 12.22 and a beta of 0.91. The firm's fifty day moving average is $21.62 and its 200 day moving average is $19.89.

California BanCorp (NASDAQ:BCAL - Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The company reported $0.43 earnings per share for the quarter, hitting the consensus estimate of $0.43. The firm had revenue of $46.05 million for the quarter, compared to the consensus estimate of $46.12 million. California BanCorp had a return on equity of 10.09% and a net margin of 25.47%. On average, analysts forecast that California BanCorp will post 1.74 EPS for the current year.

Institutional Investors Weigh In On California BanCorp

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada grew its holdings in California BanCorp by 215.4% during the 1st quarter. Royal Bank of Canada now owns 2,094 shares of the company's stock worth $37,000 after acquiring an additional 1,430 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in California BanCorp in the second quarter valued at about $51,000. Legal & General Group Plc acquired a new stake in California BanCorp in the 2nd quarter worth approximately $53,000. SG Americas Securities LLC grew its holdings in shares of California BanCorp by 53.1% during the first quarter. SG Americas Securities LLC now owns 9,228 shares of the company's stock valued at $164,000 after buying an additional 3,202 shares during the last quarter. Finally, Rockefeller Capital Management L.P. raised its stake in shares of California BanCorp by 30.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 10,838 shares of the company's stock worth $202,000 after purchasing an additional 2,504 shares during the last quarter. 55.40% of the stock is owned by institutional investors.

About California BanCorp

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.

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