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

California BanCorp (NASDAQ:CALB) had its price objective lowered by DA Davidson from $36.00 to $31.00 in a research report released on Wednesday morning, 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 cut their price target on California BanCorp from $26.50 to $23.50 and set an outperform rating for the company in a research note on Friday, April 5th.

California BanCorp Stock Performance

Shares of CALB opened at $21.78 on Wednesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.66. California BanCorp has a 12-month low of $12.78 and a 12-month high of $27.82. The company’s 50 day simple moving average is $22.34 and its 200-day simple moving average is $22.86. The firm has a market cap of $183.13 million, a PE ratio of 9.19 and a beta of 0.92.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC lifted its stake in shares of California BanCorp by 9.4% in the 3rd quarter. Barclays PLC now owns 10,472 shares of the company’s stock valued at $210,000 after purchasing an additional 897 shares in the last quarter. Perigon Wealth Management LLC acquired a new position in shares of California BanCorp in the 4th quarter valued at about $210,000. Bedell Frazier Investment Counselling LLC acquired a new position in California BanCorp during the 4th quarter valued at approximately $216,000. Mendon Capital Advisors Corp acquired a new stake in shares of California BanCorp in the fourth quarter valued at approximately $583,000. Finally, Kennedy Capital Management LLC grew its stake in shares of California BanCorp by 13.8% in the third quarter. Kennedy Capital Management LLC now owns 120,689 shares of the company’s stock worth $2,426,000 after purchasing an additional 14,610 shares in the last quarter. Institutional investors and hedge funds own 59.52% of the company’s stock.

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.