California BanCorp (NASDAQ:BCAL) Sees Large Volume Increase – Here’s Why

by · The Markets Daily

California BanCorp (NASDAQ:BCAL – Get Free Report) saw an uptick in trading volume on Thursday . 370,452 shares changed hands during trading, an increase of 204% from the previous session’s volume of 122,026 shares.The stock last traded at $19.87 and had previously closed at $19.49.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Research Report on BCAL

California BanCorp Trading Up 1.5%

The firm has a market cap of $639.29 million, a P/E ratio of 10.20 and a beta of 1.18. The business has a 50-day moving average price of $18.47 and a 200-day moving average price of $16.93.

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

California BanCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 24th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Wednesday, December 24th.

Hedge Funds Weigh In On California BanCorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its position 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 valued at $34,692,000 after buying an additional 1,385,202 shares in the last quarter. FJ Capital Management LLC grew its stake in shares of California BanCorp by 300.6% during the first quarter. FJ Capital Management LLC now owns 1,057,925 shares of the company’s stock worth $15,160,000 after acquiring an additional 793,828 shares during the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new position in California BanCorp in the 1st quarter worth $2,837,000. Kennedy Capital Management LLC lifted its position in California BanCorp by 77.1% during the 3rd quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company’s stock worth $6,066,000 after acquiring an additional 158,270 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in California BanCorp by 44.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 218,677 shares of the company’s stock valued at $3,648,000 after purchasing an additional 67,238 shares during the last quarter. Hedge funds and other institutional investors own 55.40% of the company’s stock.

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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