California BanCorp (NASDAQ:BCAL) Shares Bought by Pacific Ridge Capital Partners LLC

Pacific Ridge Capital Partners LLC raised its position in California BanCorp (NASDAQ:BCAL) by 16.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 54,349 shares of the company’s stock after buying an additional 7,631 shares during the period. Pacific Ridge Capital Partners LLC owned about 0.17% of California BanCorp worth $779,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its holdings in California BanCorp by 6.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,998 shares of the company’s stock worth $244,000 after buying an additional 1,045 shares during the last quarter. Citadel Advisors LLC acquired a new stake in California BanCorp in the 4th quarter worth about $986,000. Bank of America Corp DE boosted its holdings in California BanCorp by 156.2% in the 4th quarter. Bank of America Corp DE now owns 55,089 shares of the company’s stock worth $911,000 after buying an additional 33,590 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in California BanCorp in the 4th quarter worth about $641,000. Finally, GAMMA Investing LLC boosted its holdings in California BanCorp by 1,581.0% in the 1st quarter. GAMMA Investing LLC now owns 3,883 shares of the company’s stock worth $56,000 after buying an additional 3,652 shares during the last quarter. 55.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Stephens lifted their price objective on California BanCorp from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Tuesday.

California BanCorp Price Performance

Shares of California BanCorp stock opened at $14.60 on Friday. The stock has a market cap of $473.23 million, a P/E ratio of 16.78 and a beta of 1.21. The stock’s 50 day simple moving average is $15.47 and its 200-day simple moving average is $15.01. California BanCorp has a 1-year low of $11.87 and a 1-year high of $18.49.

California BanCorp declared that its Board of Directors has authorized a stock buyback program on Thursday, May 1st that authorizes the company to buyback 1,600,000 outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

About California BanCorp

Southern California Bancorp operates as the holding company for Bank of Southern California, N.A. that provides various financial products to individuals, professionals, and small-to medium-sized businesses. The company offers checking, personal and business savings, and money market accounts, as well as certificates of deposit.