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

California BanCorp (NASDAQ:CALB) had its price target decreased by DA Davidson from $36.00 to $31.00 in a research note published on Wednesday, Benzinga reports. DA Davidson currently has a buy rating on the stock.

Separately, Keefe, Bruyette & Woods cut their target price on shares of 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 Price Performance

Shares of NASDAQ CALB opened at $21.53 on Wednesday. The stock has a market capitalization of $181.07 million, a price-to-earnings ratio of 9.08 and a beta of 0.92. The business has a 50-day moving average of $22.39 and a 200-day moving average of $22.87. 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 has a fifty-two week low of $12.78 and a fifty-two week high of $27.82.

California BanCorp (NASDAQ:CALB) last announced its quarterly earnings data on Tuesday, January 30th. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.02. The company had revenue of $29.74 million during the quarter, compared to analysts’ expectations of $20.10 million. California BanCorp had a return on equity of 11.05% and a net margin of 17.16%. As a group, sell-side analysts predict that California BanCorp will post 2.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On California BanCorp

Several hedge funds have recently bought and sold shares of the company. Wasatch Advisors LP lifted its stake 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 during the last quarter. Kennedy Capital Management LLC lifted its position in 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 acquiring an additional 14,610 shares during the last quarter. Mendon Capital Advisors Corp acquired a new stake in California BanCorp during the fourth quarter worth approximately $583,000. Barclays PLC lifted its position in California BanCorp by 9.4% during 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 stake in California BanCorp during the fourth quarter worth approximately $216,000. 59.52% of the stock is currently owned by institutional investors and hedge funds.

About California BanCorp

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.