California BanCorp (NASDAQ:BCAL) Stock Price Breaks Above 50-Day Moving Average – Time to Sell?

California BanCorp (NASDAQ:BCAL)’s stock price passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $21.62 and traded as high as $22.01. California BanCorp shares last traded at $21.88, with a volume of 215,596 shares.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Zacks Research downgraded shares of California BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 24th. Raymond James Financial initiated coverage on shares of California BanCorp in a research note on Thursday, August 20th. They set an “outperform” rating and a $25.00 target price on the stock. Keefe, Bruyette & Woods lifted their price target on shares of California BanCorp from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Weiss Ratings reiterated a “buy (b)” rating on shares of California BanCorp in a report on Monday, September 21st. Finally, DA Davidson increased their target price on California BanCorp from $23.50 to $25.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.50.

California BanCorp Stock Performance

The stock’s 50-day moving average is $21.62 and its two-hundred day moving average is $19.89. The stock has a market cap of $703.46 million, a PE ratio of 12.22 and a beta of 0.91.

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

Institutional Investors Weigh In On California BanCorp

A number of institutional investors have recently modified their holdings of BCAL. Rosenthal Henry Capital Advisors Inc. purchased a new stake in California BanCorp during the third quarter worth about $1,347,000. Sterling Capital Management LLC lifted its position in shares of California BanCorp by 9.7% during the third quarter. Sterling Capital Management LLC now owns 13,061 shares of the company’s stock worth $279,000 after purchasing an additional 1,159 shares in the last quarter. Pinnacle Associates Ltd. lifted its position in shares of California BanCorp by 44.2% during the third quarter. Pinnacle Associates Ltd. now owns 74,204 shares of the company’s stock worth $1,584,000 after purchasing an additional 22,761 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of California BanCorp during the second quarter worth about $51,000. Finally, Squarepoint Ops LLC boosted its stake in shares of California BanCorp by 178.2% in the second quarter. Squarepoint Ops LLC now owns 55,679 shares of the company’s stock valued at $1,160,000 after purchasing an additional 35,664 shares during the period. 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.