California BanCorp (NASDAQ:CALB) PT Lowered to $31.00

California BanCorp (NASDAQ:CALB) had its price target lowered by DA Davidson from $36.00 to $31.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a buy rating on the stock. DA Davidson also issued estimates for California BanCorp’s Q2 2024 earnings at $0.53 EPS, FY2024 earnings at $2.19 EPS and FY2025 earnings at $2.14 EPS.

Separately, Keefe, Bruyette & Woods lowered their price objective on shares of California BanCorp from $26.50 to $23.50 and set an outperform rating for the company in a research report on Friday, April 5th.

California BanCorp Stock Performance

NASDAQ CALB opened at $21.78 on Wednesday. California BanCorp has a 1-year low of $12.78 and a 1-year high of $27.82. The company has a market cap of $183.13 million, a PE ratio of 9.19 and a beta of 0.92. The stock’s 50 day simple moving average is $22.34 and its 200-day simple moving average is $22.86. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.09 and a quick ratio of 1.09.

California BanCorp (NASDAQ:CALB) last posted its quarterly earnings results on Tuesday, January 30th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.61 by $0.02. The business had revenue of $29.74 million for the quarter, compared to analyst estimates of $20.10 million. California BanCorp had a return on equity of 11.05% and a net margin of 17.16%. As a group, equities research analysts anticipate that California BanCorp will post 2.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CALB. Wasatch Advisors LP raised its position in California BanCorp by 2.3% in the 4th quarter. Wasatch Advisors LP now owns 315,160 shares of the company’s stock valued at $7,803,000 after purchasing an additional 7,192 shares in the last quarter. Kennedy Capital Management LLC increased its stake in shares of California BanCorp by 13.8% during the third quarter. Kennedy Capital Management LLC now owns 120,689 shares of the company’s stock worth $2,426,000 after buying an additional 14,610 shares during the period. Mendon Capital Advisors Corp acquired a new stake in California BanCorp in the fourth quarter valued at approximately $583,000. Barclays PLC lifted its stake in California BanCorp by 9.4% in the third quarter. Barclays PLC now owns 10,472 shares of the company’s stock worth $210,000 after acquiring an additional 897 shares during the last quarter. Finally, Bedell Frazier Investment Counselling LLC acquired a new position in California BanCorp during the 4th quarter worth approximately $216,000. 59.52% of the stock is owned by institutional investors and hedge funds.

California BanCorp Company Profile

California BanCorp operates as the bank holding company for California Bank of Commerce that provides commercial banking services to businesses and professionals in California. It accepts various deposit products, including commercial checking, savings, and money market accounts, as well as certificates of deposit.