California BanCorp (NASDAQ:BCAL) Sees Strong Trading Volume – Time to Buy?

by · The Cerbat Gem

California BanCorp (NASDAQ:BCAL – Get Free Report) shares saw an uptick in trading volume on Wednesday . 1,411,132 shares traded hands during mid-day trading, an increase of 601% from the previous session’s volume of 201,271 shares.The stock last traded at $18.44 and had previously closed at $18.43.

Analysts Set New Price Targets

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

Read Our Latest Stock Report on California BanCorp

California BanCorp Price Performance

The firm has a market capitalization of $593.07 million, a P/E ratio of 9.52 and a beta of 1.19. The company has a fifty day moving average of $19.04 and a 200 day moving average of $17.64.

California BanCorp (NASDAQ:BCAL – Get Free Report) last issued its earnings results on Wednesday, February 4th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.06. California BanCorp had a net margin of 26.26% and a return on equity of 11.85%. The business had revenue of $45.90 million for the quarter. On average, sell-side analysts forecast that California BanCorp will post 1.81 EPS for the current year.

California BanCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 24th were issued a dividend of $0.10 per share. The ex-dividend date was Wednesday, December 24th. This represents a $0.40 annualized dividend and a yield of 2.2%. California BanCorp’s dividend payout ratio is presently 20.62%.

Hedge Funds Weigh In On California BanCorp

Hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its holdings in California BanCorp by 26,512.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock worth $34,000 after purchasing an additional 2,121 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of California BanCorp by 508.7% during the third quarter. Russell Investments Group Ltd. now owns 2,228 shares of the company’s stock valued at $37,000 after buying an additional 1,862 shares during the last quarter. CWM LLC grew its holdings in California BanCorp by 143.9% during the third quarter. CWM LLC now owns 2,263 shares of the company’s stock worth $38,000 after buying an additional 1,335 shares in the last quarter. State of Wyoming purchased a new stake in California BanCorp in the 3rd quarter valued at $64,000. Finally, New York State Common Retirement Fund lifted its stake in 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 valued at $68,000 after acquiring an additional 2,272 shares in the last quarter. Institutional investors and hedge funds own 55.40% of the company’s stock.

California BanCorp Company Profile

(Get Free Report)

California BanCorp (NASDAQ:BCAL) is a bank holding company headquartered in California. Founded to address the diverse financial needs of businesses and individuals across the state, the company focuses on community-oriented banking solutions and operates under a locally based decision-making model.

Through its wholly owned banking subsidiary, California BanCorp offers a suite of deposit products including checking, savings, money market and certificate of deposit accounts. Its lending portfolio encompasses commercial and industrial loans, real estate and construction financing, as well as consumer lending products such as personal loans and home equity lines of credit.

In addition to core deposit and lending services, the company provides treasury and cash management services, online and mobile banking platforms, and merchant payment solutions designed to streamline operations for small to mid-sized enterprises.

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