California BanCorp (NASDAQ:BCAL) Hits New 12-Month High After Dividend Announcement

by · The Markets Daily

Shares of California BanCorp (NASDAQ:BCAL – Get Free Report) 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 trading hands. 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 issued a dividend of $0.10 per share. The ex-dividend date is Wednesday, December 24th. This represents a $0.40 annualized dividend and a yield of 2.0%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BCAL. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of California BanCorp in a research note on Monday. Zacks Research raised shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 19th. Wall Street Zen downgraded California BanCorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Keefe, Bruyette & Woods increased their price objective on 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 target price on California BanCorp in a report on Wednesday, October 29th. Two analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $20.33.

Check Out Our Latest Stock Analysis on BCAL

California BanCorp Trading Down 0.8%

The company’s 50-day simple moving average is $18.12 and its 200 day simple moving average is $16.74. The stock has a market cap of $645.43 million, a P/E ratio of 10.29 and a beta of 1.18.

California BanCorp (NASDAQ:BCAL – Get Free Report) last released its earnings results on Tuesday, October 28th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.09. The company had revenue of $45.11 million during the quarter, compared to analyst estimates of $44.02 million. California BanCorp had a return on equity of 11.85% and a net margin of 26.26%. Research analysts anticipate that California BanCorp will post 1.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On California BanCorp

A number of hedge funds have recently made changes to their positions in BCAL. EverSource Wealth Advisors LLC boosted its holdings in shares of California BanCorp by 26,512.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock worth $34,000 after buying an additional 2,121 shares during the last quarter. Russell Investments Group Ltd. raised its position in California BanCorp by 508.7% in the third quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock worth $37,000 after acquiring an additional 1,862 shares during the period. CWM LLC boosted its stake in California BanCorp by 143.9% in the third quarter. CWM LLC now owns 2,263 shares of the company’s stock valued at $38,000 after acquiring an additional 1,335 shares during the last quarter. State of Wyoming bought a new position in shares of California BanCorp during the 3rd quarter valued at approximately $64,000. Finally, New York State Common Retirement Fund increased its stake in shares of California BanCorp by 124.0% during the 3rd quarter. New York State Common Retirement Fund now owns 4,104 shares of the company’s stock worth $68,000 after purchasing an additional 2,272 shares during the last quarter. 55.40% of the stock is currently owned by institutional investors.

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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