California BanCorp (NASDAQ:BCAL) Sets New 1-Year High on Strong Earnings

California BanCorp (NASDAQ:BCAL) hit a new 52-week high during mid-day trading on Monday following a better than expected earnings announcement. The stock traded as high as $22.00 and last traded at $21.57, with a volume of 12766 shares traded. The stock had previously closed at $21.02.

The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.04. California BanCorp had a return on equity of 10.59% and a net margin of 25.68%.The business had revenue of $44.91 million for the quarter, compared to analyst estimates of $45.07 million.

California BanCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Monday, September 21st will be given a dividend of $0.12 per share. This is a positive change from California BanCorp’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Monday, September 21st. This represents a $0.48 annualized dividend and a dividend yield of 2.3%. California BanCorp’s payout ratio is presently 21.86%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of California BanCorp in a report on Wednesday, June 24th. Zacks Research upgraded shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Finally, DA Davidson boosted their target price on shares of California BanCorp from $21.50 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, April 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 MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $20.67.

Insider Buying and Selling

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

Institutional Trading of California BanCorp

Hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP boosted its stake in shares of California BanCorp by 38.6% during the 4th quarter. Wellington Management Group LLP now owns 2,882,833 shares of the company’s stock worth $53,822,000 after acquiring an additional 802,947 shares during the period. The Manufacturers Life Insurance Company raised its stake in 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 acquiring an additional 34,945 shares during the period. Dimensional Fund Advisors LP lifted its holdings in California BanCorp by 49.5% during 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 last quarter. Mendon Capital Advisors Corp boosted its position in California BanCorp by 58.7% during the first 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 during the period. Finally, Kennedy Capital Management LLC boosted its position in California BanCorp by 77.1% during the third 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 during the period. 55.40% of the stock is owned by institutional investors and hedge funds.

California BanCorp Stock Up 0.9%

The stock has a market capitalization of $682.33 million, a price-to-earnings ratio of 11.59 and a beta of 0.93. The company’s fifty day simple moving average is $20.09 and its 200 day simple moving average is $18.98.

About California BanCorp

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.