California BanCorp (NASDAQ:BCAL – Get Free Report) shares reached a new 52-week high on Monday . The stock traded as high as $21.50 and last traded at $21.0850, with a volume of 177394 shares traded. The stock had previously closed at $20.86.
Analyst Ratings Changes
BCAL has been the topic of several analyst reports. Weiss Ratings reiterated 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 research note on Tuesday, June 30th. Finally, DA Davidson upped their price objective 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 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 an average rating of “Buy” and a consensus price target of $20.67.
California BanCorp Trading Down 1.4%
California BanCorp (NASDAQ:BCAL – Get Free Report) last released its earnings results on Friday, May 8th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.01. California BanCorp had a net margin of 25.68% and a return on equity of 10.59%. The business had revenue of $44.22 million during the quarter. As a group, research analysts forecast that California BanCorp will post 1.7 earnings per share for the current fiscal year.
California BanCorp Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 23rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, June 23rd. This represents a $0.40 annualized dividend and a yield of 1.9%. California BanCorp’s dividend payout ratio is 21.86%.
Insider Activity at California BanCorp
In other news, President Richard Hernandez sold 17,000 shares of California BanCorp 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 sale, the president owned 72,935 shares of the company’s stock, valued at approximately $1,394,517.20. This trade represents a 18.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.14% of the company’s stock.
Institutional Trading of California BanCorp
Several institutional investors have recently made changes to their positions in BCAL. Cullen Frost Bankers Inc. bought a new stake in California BanCorp in the fourth quarter valued at about $36,000. Royal Bank of Canada lifted its stake in California BanCorp by 215.4% during the first quarter. Royal Bank of Canada now owns 2,094 shares of the company’s stock worth $37,000 after purchasing an additional 1,430 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in California BanCorp by 26,512.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,129 shares of the company’s stock valued at $34,000 after purchasing an additional 2,121 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in 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 purchasing an additional 1,862 shares in the last quarter. Finally, Daytona Street Capital LLC bought a new stake in shares of California BanCorp in the 4th quarter valued at approximately $90,000. 55.40% of the stock is currently owned by institutional investors and hedge funds.
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.
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