California BanCorp (NASDAQ:BCAL) Hits New 12-Month High – What’s Next?

California BanCorp (NASDAQ:BCAL) hit a new 52-week high on Tuesday . The stock traded as high as $19.91 and last traded at $19.4350, with a volume of 23757 shares trading hands. The stock had previously closed at $19.10.

Wall Street Analysts Forecast Growth

BCAL has been the topic of a number of analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of California BanCorp in a research note on Monday. DA Davidson set a $21.00 target price on California BanCorp in a report on Wednesday, October 29th. Keefe, Bruyette & Woods raised their price objective on shares of California BanCorp from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Friday, October 31st. Wall Street Zen cut shares of California BanCorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Finally, Zacks Research raised shares of California BanCorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 19th. Two investment analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, California BanCorp presently has an average rating of “Buy” and a consensus price target of $20.33.

California BanCorp Stock Down 0.6%

The company’s 50-day moving average is $17.67 and its two-hundred day moving average is $16.44. The company has a market capitalization of $626.36 million, a P/E ratio of 9.99 and a beta of 1.20.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.09. The business had revenue of $45.11 million during the quarter, compared to analysts’ expectations of $44.02 million. California BanCorp had a net margin of 26.26% and a return on equity of 11.85%. On average, sell-side analysts predict that California BanCorp will post 1.81 EPS for the current year.

Hedge Funds Weigh In On California BanCorp

A number of large investors have recently modified their holdings of BCAL. BNP Paribas Financial Markets boosted its stake in California BanCorp by 12.4% in the third quarter. BNP Paribas Financial Markets now owns 4,942 shares of the company’s stock worth $82,000 after buying an additional 545 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of California BanCorp by 6.2% during the 1st quarter. Empowered Funds LLC now owns 11,969 shares of the company’s stock valued at $172,000 after purchasing an additional 704 shares during the last quarter. Goldman Sachs Group Inc. raised its position in California BanCorp by 1.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 69,655 shares of the company’s stock worth $998,000 after purchasing an additional 846 shares during the period. Parallel Advisors LLC lifted its stake in California BanCorp by 12.9% in the second quarter. Parallel Advisors LLC now owns 10,097 shares of the company’s stock worth $159,000 after purchasing an additional 1,157 shares during the last quarter. Finally, CWM LLC boosted its position in California BanCorp by 143.9% during the third quarter. CWM LLC now owns 2,263 shares of the company’s stock valued at $38,000 after buying an additional 1,335 shares during the period. 55.40% of the stock is owned by hedge funds and other institutional investors.

About California BanCorp

Southern California Bancorp operates as the holding company for Bank of Southern California, N.A. that provides various financial products to individuals, professionals, and small-to medium-sized businesses. The company offers checking, personal and business savings, and money market accounts, as well as certificates of deposit.