California BanCorp (NASDAQ:BCAL) Hits New 1-Year High – Still a Buy?

Shares of California BanCorp (NASDAQ:BCAL) hit a new 52-week high on Wednesday. The stock traded as high as $22.51 and last traded at $22.57, with a volume of 5,797 shares. The stock had previously closed at $21.79.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on BCAL shares. Raymond James Financial started coverage on California BanCorp in a research report on Thursday, August 20th. They issued an “outperform” rating and a $25.00 target price for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of California BanCorp in a report on Monday, September 21st. Stephens boosted their price objective on shares of California BanCorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. DA Davidson increased their price objective on shares of California BanCorp from $23.50 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods increased their price target on California BanCorp from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $24.50.

California BanCorp Stock Up 1.7%

The company has a market cap of $712.77 million, a P/E ratio of 12.39 and a beta of 0.90. The company has a 50 day moving average price of $21.62 and a 200-day moving average price of $19.90.

California BanCorp (NASDAQ:BCAL) last released its earnings results on Wednesday, October 28th. The company reported $0.43 EPS for the quarter, meeting the consensus estimate of $0.43. California BanCorp had a net margin of 25.47% and a return on equity of 10.09%. The firm had revenue of $46.05 million for the quarter, compared to analysts’ expectations of $46.12 million. On average, research analysts expect that California BanCorp will post 1.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On California BanCorp

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC boosted its position in shares of California BanCorp by 25.1% in the 3rd quarter. Parallel Advisors LLC now owns 13,211 shares of the company’s stock valued at $282,000 after purchasing an additional 2,648 shares during the period. Rosenthal Henry Capital Advisors Inc. acquired a new stake in California BanCorp during the 3rd quarter worth about $1,347,000. Sterling Capital Management LLC raised its holdings in California BanCorp by 9.7% during the 3rd quarter. Sterling Capital Management LLC now owns 13,061 shares of the company’s stock worth $279,000 after buying an additional 1,159 shares during the period. Pinnacle Associates Ltd. lifted its stake in California BanCorp by 44.2% during the third quarter. Pinnacle Associates Ltd. now owns 74,204 shares of the company’s stock valued at $1,584,000 after buying an additional 22,761 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new stake in California BanCorp during the second quarter valued at about $51,000. 55.40% of the stock is owned by institutional investors and hedge funds.

About California BanCorp

California BanCorp (NASDAQ: BCAL) is a bank holding company headquartered in California. Through its principal subsidiary, California Bank of Commerce, the company provides commercial banking products and services to businesses, professionals, and individuals.

California Bank of Commerce offers business and personal deposit accounts, commercial and industrial lending, commercial real estate financing, construction loans, lines of credit, treasury management, online banking, and other cash-management services.