California BanCorp (NASDAQ:BCAL) Reaches New 12-Month High Following Better-Than-Expected Earnings

California BanCorp (NASDAQ:BCAL)’s share price hit a new 52-week high during trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $22.00 and last traded at $21.57, with a volume of 12766 shares trading hands. The stock had previously closed at $21.02.

The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.03. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%.

California BanCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 23rd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Tuesday, June 23rd. California BanCorp’s dividend payout ratio is 21.86%.

Wall Street Analyst Weigh In

BCAL has been the topic of several research analyst reports. Zacks Research upgraded California BanCorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 30th. DA Davidson upped their price objective on California BanCorp from $21.50 to $22.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of California BanCorp in a research note on Wednesday, June 24th. Two analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $20.67.

Insider Transactions at California BanCorp

In other California BanCorp news, President Richard Hernandez sold 17,000 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $19.12, for a total value of $325,040.00. Following the transaction, the president owned 72,935 shares of the company’s stock, valued at approximately $1,394,517.20. This represents a 18.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.14% of the company’s stock.

Institutional Investors Weigh In On California BanCorp

Several large investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its position in shares of California BanCorp by 38.6% during the fourth quarter. Wellington Management Group LLP now owns 2,882,833 shares of the company’s stock worth $53,822,000 after purchasing an additional 802,947 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of California BanCorp by 4.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 795,309 shares of the company’s stock valued at $14,093,000 after purchasing an additional 34,945 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of California BanCorp by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 470,192 shares of the company’s stock valued at $8,331,000 after purchasing an additional 155,744 shares during the period. Mendon Capital Advisors Corp increased its stake 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 purchasing an additional 149,491 shares in the last quarter. Finally, Kennedy Capital Management LLC increased its stake in California BanCorp by 77.1% in the 3rd quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company’s stock worth $6,066,000 after purchasing an additional 158,270 shares in the last quarter. 55.40% of the stock is owned by institutional investors.

California BanCorp Trading Up 1.2%

The company has a fifty day simple moving average of $20.04 and a 200-day simple moving average of $18.97. The stock has a market cap of $684.58 million, a price-to-earnings ratio of 11.63 and a beta of 0.93.

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.