California BanCorp (NASDAQ:BCAL) Sees Strong Trading Volume – Still a Buy?

California BanCorp (NASDAQ:BCAL) saw strong trading volume on Wednesday . 1,411,132 shares changed hands during mid-day trading, an increase of 601% from the previous session’s volume of 201,271 shares.The stock last traded at $18.44 and had previously closed at $18.43.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on BCAL shares. Zacks Research downgraded shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. DA Davidson set a $21.00 target price on California BanCorp in a research note on Wednesday, October 29th. Keefe, Bruyette & Woods raised 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. Wall Street Zen cut California BanCorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of California BanCorp in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $20.33.

California BanCorp Price Performance

The firm has a market cap of $593.07 million, a P/E ratio of 9.52 and a beta of 1.19. The company’s 50 day moving average is $19.04 and its two-hundred day moving average is $17.64.

California BanCorp (NASDAQ:BCAL) last released its quarterly earnings data on Wednesday, February 4th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.06. The company had revenue of $45.90 million during the quarter. California BanCorp had a net margin of 26.26% and a return on equity of 11.85%. Research analysts predict that California BanCorp will post 1.81 EPS for the current year.

California BanCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 24th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.2%. The ex-dividend date was Wednesday, December 24th. California BanCorp’s dividend payout ratio is currently 20.62%.

Institutional Investors Weigh In On California BanCorp

A number of hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP grew its stake in California BanCorp by 199.4% during the third quarter. Wellington Management Group LLP now owns 2,079,886 shares of the company’s stock worth $34,692,000 after buying an additional 1,385,202 shares during the last quarter. FJ Capital Management LLC grew its position in California BanCorp by 20.2% during the 2nd quarter. FJ Capital Management LLC now owns 1,271,636 shares of the company’s stock worth $20,041,000 after acquiring an additional 213,711 shares during the last quarter. Kennedy Capital Management LLC increased its holdings in California BanCorp by 77.1% during the 3rd quarter. Kennedy Capital Management LLC now owns 363,664 shares of the company’s stock valued at $6,066,000 after purchasing an additional 158,270 shares in the last quarter. Dimensional Fund Advisors LP raised its position in California BanCorp by 44.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 218,677 shares of the company’s stock valued at $3,648,000 after purchasing an additional 67,238 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its stake in California BanCorp by 86.2% in the third quarter. Bridgeway Capital Management LLC now owns 111,936 shares of the company’s stock worth $1,867,000 after purchasing an additional 51,826 shares in the last quarter. Institutional investors and hedge funds own 55.40% of the company’s stock.

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.