Wasatch Advisors LP Sells 539 Shares of California BanCorp (NASDAQ:CALB)

Wasatch Advisors LP trimmed its holdings in shares of California BanCorp (NASDAQ:CALB) by 0.2% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 314,621 shares of the company’s stock after selling 539 shares during the quarter. Wasatch Advisors LP’s holdings in California BanCorp were worth $6,922,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Mendon Capital Advisors Corp bought a new position in shares of California BanCorp in the fourth quarter worth approximately $583,000. Bedell Frazier Investment Counselling LLC bought a new position in shares of California BanCorp in the fourth quarter worth approximately $216,000. Perigon Wealth Management LLC bought a new position in shares of California BanCorp in the fourth quarter worth approximately $210,000. Finally, Kennedy Capital Management LLC boosted its position in shares of California BanCorp by 13.8% in the third quarter. Kennedy Capital Management LLC now owns 120,689 shares of the company’s stock worth $2,426,000 after purchasing an additional 14,610 shares during the period. 59.52% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. DA Davidson dropped their price target on shares of California BanCorp from $36.00 to $31.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Truist Financial reaffirmed an “overweight” rating and set a $26.00 price target (down previously from $27.00) on shares of California BanCorp in a research note on Monday, May 6th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of 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 analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $26.25.

California BanCorp Stock Down 0.4 %

California BanCorp stock traded down $0.08 during midday trading on Tuesday, hitting $21.65. 49,008 shares of the company’s stock were exchanged, compared to its average volume of 33,023. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.06 and a current ratio of 1.06. California BanCorp has a 12 month low of $15.06 and a 12 month high of $27.82. The firm has a 50-day moving average of $21.54 and a two-hundred day moving average of $22.67. The company has a market cap of $183.38 million, a PE ratio of 9.14 and a beta of 0.95.

California BanCorp (NASDAQ:CALB) last issued its earnings results 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 analysts’ expectations of $19.50 million. As a group, analysts expect that California BanCorp will post 2.17 earnings per share for the current fiscal year.

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.