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

California BanCorp (NASDAQ:CALB) had its price target dropped by equities researchers at DA Davidson from $36.00 to $31.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. DA Davidson’s price target indicates a potential upside of 42.86% from the company’s previous close.

Separately, Keefe, Bruyette & Woods decreased their target price on 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 remained flat at $21.70 on Wednesday. The company’s stock had a trading volume of 7,307 shares, compared to its average volume of 24,462. California BanCorp has a 1-year low of $12.78 and a 1-year high of $27.82. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.09 and a current ratio of 1.09. The firm’s 50-day simple moving average is $22.41 and its 200-day simple moving average is $22.86. The firm has a market capitalization of $182.50 million, a price-to-earnings ratio of 9.16 and a beta of 0.92.

California BanCorp (NASDAQ:CALB) last announced its earnings results on Tuesday, January 30th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.02. California BanCorp had a return on equity of 11.05% and a net margin of 17.16%. The firm had revenue of $29.74 million during the quarter, compared to analyst estimates of $20.10 million. On average, research analysts forecast that California BanCorp will post 2.25 EPS for the current fiscal year.

Insider Activity at California BanCorp

In other California BanCorp news, EVP Scott Alexander Myers sold 2,564 shares of California BanCorp stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $24.68, for a total value of $63,279.52. Following the completion of the sale, the executive vice president now owns 20,075 shares of the company’s stock, valued at approximately $495,451. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 10.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On California BanCorp

Institutional investors and hedge funds have recently modified their holdings of the company. Perigon Wealth Management LLC purchased a new position in shares of California BanCorp in the 4th quarter worth $210,000. Barclays PLC boosted 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 worth $210,000 after buying an additional 897 shares during the last quarter. Kennedy Capital Management LLC boosted its stake in shares of California BanCorp by 13.8% in the 3rd 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 last quarter. Wasatch Advisors LP boosted its stake in shares of California BanCorp by 2.3% in the 4th quarter. Wasatch Advisors LP now owns 315,160 shares of the company’s stock worth $7,803,000 after buying an additional 7,192 shares during the last quarter. Finally, Bedell Frazier Investment Counselling LLC purchased a new position in California BanCorp during the fourth quarter valued at $216,000. 59.52% of the stock is currently owned by hedge funds and other institutional investors.

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.