California BanCorp (NASDAQ:BCAL) Reaches New 1-Year High – Should You Buy?

California BanCorp (NASDAQ:BCAL) shares reached a new 52-week high on Thursday . The stock traded as high as $22.41 and last traded at $21.63, with a volume of 328628 shares trading hands. The stock had previously closed at $22.09.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on BCAL shares. Weiss Ratings reissued a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th. Raymond James Financial started coverage on California BanCorp in a research report on Thursday, August 20th. They set an “outperform” rating and a $25.00 price target on the stock. Stephens boosted their price objective on California BanCorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Zacks Research cut California BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, August 24th. Finally, DA Davidson increased their price target on shares of California BanCorp from $23.50 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.50.

California BanCorp Stock Down 0.5%

The company’s 50 day moving average is $21.43 and its 200 day moving average is $19.77. The firm has a market capitalization of $700.87 million, a price-to-earnings ratio of 11.85 and a beta of 0.92.

California BanCorp (NASDAQ:BCAL) last posted its quarterly earnings results on Monday, July 27th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.04. California BanCorp had a return on equity of 10.44% and a net margin of 26.01%.The company had revenue of $44.08 million during the quarter, compared to analysts’ expectations of $45.07 million. On average, analysts expect that California BanCorp will post 1.75 EPS for the current year.

California BanCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Monday, September 21st will be given a $0.12 dividend. This is a positive change from California BanCorp’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Monday, September 21st. California BanCorp’s payout ratio is presently 21.74%.

Insiders Place Their Bets

In related news, Director Lester Machado sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $21.19, for a total value of $158,925.00. Following the sale, the director directly owned 22,391 shares of the company’s stock, valued at $474,465.29. This trade represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 8.14% of the stock is owned by insiders.

Institutional Trading of California BanCorp

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of California BanCorp in the second quarter worth approximately $40,129,000. The Manufacturers Life Insurance Company purchased a new stake in shares of California BanCorp during the second quarter valued at $16,501,000. Algebris UK Ltd. bought a new stake in California BanCorp in the 2nd quarter worth about $8,360,000. Dimensional Fund Advisors LP raised its position in California BanCorp by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company’s stock worth $8,331,000 after buying an additional 155,744 shares during the last quarter. Finally, Mendon Capital Advisors Corp raised its position in California BanCorp by 58.7% in the 1st quarter. Mendon Capital Advisors Corp now owns 404,369 shares of the company’s stock worth $7,165,000 after buying an additional 149,491 shares during the last quarter. 55.40% of the stock is currently owned by hedge funds and other institutional investors.

About California BanCorp

California BanCorp (NASDAQ: BCAL) is a bank holding company for California Bank of Commerce, a full-service commercial bank focused on serving businesses, professionals, nonprofit organizations and individuals. The bank provides relationship-based banking and financial services through its California operations.

Its products and services include commercial and industrial lending, commercial real estate loans, construction financing, Small Business Administration lending, business and personal deposit accounts, treasury management and cash-management services.