California BanCorp (NASDAQ:BCAL) Sets New 1-Year High After Dividend Announcement

by · The Cerbat Gem

California BanCorp (NASDAQ:BCAL – Get Free Report)’s stock price reached a new 52-week high on Monday following a dividend announcement from the company. The stock traded as high as $19.92 and last traded at $19.87, with a volume of 15134 shares traded. The stock had previously closed at $19.64.

The newly announced dividend which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 24th will be given a dividend of $0.10 per share. The ex-dividend date is Wednesday, December 24th. This represents a $0.40 dividend on an annualized basis and a yield of 2.0%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Weiss Ratings restated a “buy (b-)” rating on shares of California BanCorp in a report on Monday. Wall Street Zen lowered shares of California BanCorp from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. Zacks Research upgraded shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 19th. Keefe, Bruyette & Woods lifted their target price on shares of California BanCorp from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Finally, DA Davidson set a $21.00 price target on California BanCorp in a report on Wednesday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $20.33.

Get Our Latest Research Report on California BanCorp

California BanCorp Price Performance

The business’s 50-day simple moving average is $18.12 and its two-hundred day simple moving average is $16.74. The stock has a market capitalization of $645.43 million, a price-to-earnings ratio of 10.29 and a beta of 1.18.

California BanCorp (NASDAQ:BCAL – Get Free Report) last announced its earnings results on Tuesday, October 28th. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.39 by $0.09. The business had revenue of $45.11 million for the quarter, compared to the consensus estimate of $44.02 million. California BanCorp had a return on equity of 11.85% and a net margin of 26.26%. As a group, sell-side analysts expect that California BanCorp will post 1.81 EPS for the current year.

Hedge Funds Weigh In On California BanCorp

A number of institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP grew its holdings in California BanCorp by 199.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,079,886 shares of the company’s stock worth $34,692,000 after acquiring an additional 1,385,202 shares in the last quarter. FJ Capital Management LLC lifted its position in shares of California BanCorp by 20.2% during the second quarter. FJ Capital Management LLC now owns 1,271,636 shares of the company’s stock worth $20,041,000 after purchasing an additional 213,711 shares during the last quarter. Kennedy Capital Management LLC grew its stake in California BanCorp by 77.1% in the third quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company’s stock worth $6,066,000 after purchasing an additional 158,270 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in California BanCorp by 44.4% in the third quarter. Dimensional Fund Advisors LP now owns 218,677 shares of the company’s stock valued at $3,648,000 after buying an additional 67,238 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC bought a new stake in California BanCorp in the first quarter valued at about $2,837,000. 55.40% of the stock is owned by institutional investors and hedge funds.

California BanCorp Company Profile

(Get Free Report)

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.

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