California BanCorp (NASDAQ:CALB) Short Interest Update

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

California BanCorp Stock Performance

CALB stock traded up $0.57 on Friday, reaching $21.50. 988,103 shares of the company were exchanged, compared to its average volume of 34,342. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.06 and a quick ratio of 1.06. California BanCorp has a 12 month low of $14.52 and a 12 month high of $27.82. The stock’s fifty day moving average price is $21.53 and its 200 day moving average price is $22.71. The firm has a market capitalization of $182.11 million, a PE ratio of 9.07 and a beta of 0.95.

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

Wall Street Analyst Weigh In

CALB has been the subject of several recent analyst reports. DA Davidson decreased their price objective on shares of California BanCorp from $36.00 to $31.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. Truist Financial restated an “overweight” rating and set a $26.00 price target (down from $27.00) on shares of California BanCorp in a report on Monday, May 6th. Finally, Keefe, Bruyette & Woods dropped their price objective 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. Four research analysts have rated the stock with a buy rating, According to MarketBeat, California BanCorp currently has a consensus rating of “Buy” and a consensus target price of $26.25.

Hedge Funds Weigh In On California BanCorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC grew its holdings in shares of California BanCorp by 9.4% during the 3rd quarter. Barclays PLC now owns 10,472 shares of the company’s stock worth $210,000 after purchasing an additional 897 shares in the last quarter. Perigon Wealth Management LLC bought a new stake in California BanCorp in the 4th quarter valued at $210,000. Bedell Frazier Investment Counselling LLC bought a new stake in California BanCorp in the 4th quarter valued at $216,000. Mendon Capital Advisors Corp acquired a new position in shares of California BanCorp in the 4th quarter valued at $583,000. Finally, Kennedy Capital Management LLC lifted its holdings in shares of California BanCorp by 13.8% during the 3rd 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 period. 59.52% of the stock is currently owned by institutional investors.

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.