California BanCorp (NASDAQ:BCAL) Sees Large Volume Increase – Should You Buy?

California BanCorp (NASDAQ:BCAL) saw strong trading volume on Thursday . 370,452 shares were traded during mid-day 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 research firms have recently issued reports on BCAL. Keefe, Bruyette & Woods lifted their price target on California BanCorp from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Zacks Research upgraded California BanCorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 19th. Weiss Ratings restated a “buy (b-)” rating on shares of California BanCorp in a report on Monday. Wall Street Zen lowered California BanCorp from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. Finally, DA Davidson set a $21.00 price target on shares of California BanCorp in a research report on Wednesday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $20.33.

California BanCorp Stock Performance

The firm has a fifty day moving average price of $18.60 and a 200 day moving average price of $16.98. The company has a market cap of $629.76 million, a price-to-earnings ratio of 10.04 and a beta of 1.18.

California BanCorp (NASDAQ:BCAL) last posted 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 company had revenue of $45.18 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%. On average, analysts expect that California BanCorp will post 1.81 EPS 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 $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, December 24th.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Bank of America Corp DE grew its stake in shares of California BanCorp by 26.5% in the 3rd quarter. Bank of America Corp DE now owns 54,566 shares of the company’s stock worth $910,000 after acquiring an additional 11,446 shares in the last quarter. Creative Planning lifted its holdings in California BanCorp by 38.3% during the third quarter. Creative Planning now owns 29,397 shares of the company’s stock valued at $490,000 after purchasing an additional 8,138 shares during the last quarter. Monograph Wealth Advisors LLC purchased a new position in shares of California BanCorp in the third quarter worth about $467,000. Fiduciary Trust Co bought a new stake in shares of California BanCorp in the third quarter valued at approximately $236,000. Finally, Two Sigma Investments LP lifted its stake in shares of California BanCorp by 343.0% during the 3rd quarter. Two Sigma Investments LP now owns 69,114 shares of the company’s stock valued at $1,153,000 after buying an additional 53,512 shares in the last quarter. Institutional investors and hedge funds own 55.40% of the company’s stock.

California BanCorp Company Profile

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.