California BanCorp (NASDAQ:CALB) Short Interest Update

California BanCorp (NASDAQ:CALB) was the target of a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 17,500 shares, a drop of 20.8% from the May 31st total of 22,100 shares. Approximately 0.3% of the shares of the company are short sold. Based on an average trading volume of 23,100 shares, the short-interest ratio is currently 0.8 days.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CALB. DA Davidson decreased their price target on shares of California BanCorp from $36.00 to $31.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Keefe, Bruyette & Woods lowered their price target on California BanCorp from $23.50 to $23.00 and set an “outperform” rating on the stock in a research note on Monday, May 6th. Finally, Truist Financial reaffirmed an “overweight” rating and issued a $26.00 price target (down previously from $27.00) on shares of California BanCorp in a report on Monday, May 6th. Four equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $26.25.

California BanCorp Price Performance

NASDAQ:CALB traded up $0.23 during mid-day trading on Monday, hitting $21.73. The company’s stock had a trading volume of 83,070 shares, compared to its average volume of 32,896. The company has a market capitalization of $184.05 million, a price-to-earnings ratio of 9.07 and a beta of 0.95. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.27. California BanCorp has a fifty-two week low of $15.06 and a fifty-two week high of $27.82. The stock has a fifty day moving average of $21.53 and a 200-day moving average of $22.71.

California BanCorp (NASDAQ:CALB) last released its quarterly earnings data on Monday, April 29th. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.02. The company had revenue of $19.42 million for the quarter, compared to analyst estimates of $19.50 million. California BanCorp had a return on equity of 10.90% and a net margin of 17.16%. As a group, equities analysts forecast that California BanCorp will post 2.17 EPS for the current fiscal year.

Institutional Investors Weigh In On California BanCorp

Several institutional investors and hedge funds have recently made changes to their positions in CALB. Vanguard Group Inc. grew its stake in shares of California BanCorp by 5.3% during the first quarter. Vanguard Group Inc. now owns 357,516 shares of the company’s stock valued at $7,865,000 after purchasing an additional 18,100 shares during the last quarter. Wasatch Advisors LP grew its holdings in California BanCorp by 2.3% during the fourth 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 period. Kennedy Capital Management LLC increased its stake in California BanCorp by 13.8% in the third quarter. Kennedy Capital Management LLC now owns 120,689 shares of the company’s stock valued at $2,426,000 after purchasing an additional 14,610 shares in the last quarter. Mendon Capital Advisors Corp bought a new stake in shares of California BanCorp in the fourth quarter worth about $583,000. Finally, Barclays PLC raised its position in shares of 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 purchasing an additional 897 shares during the period. 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.