Wasatch Advisors LP Has $6.92 Million Holdings in California BanCorp (NASDAQ:CALB)

Wasatch Advisors LP decreased its position in shares of California BanCorp (NASDAQ:CALB) by 0.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 314,621 shares of the company’s stock after selling 539 shares during the period. Wasatch Advisors LP owned about 3.74% of California BanCorp worth $6,922,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Perigon Wealth Management LLC bought a new position in California BanCorp in the fourth quarter valued at approximately $210,000. 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 acquiring an additional 14,610 shares during the last quarter. Bedell Frazier Investment Counselling LLC bought a new position in California BanCorp in the fourth quarter valued at approximately $216,000. Finally, Mendon Capital Advisors Corp bought a new position in California BanCorp in the fourth quarter valued at approximately $583,000. 59.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CALB shares. DA Davidson decreased their price objective on shares of California BanCorp from $36.00 to $31.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Keefe, Bruyette & Woods cut 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 report on Monday, May 6th. Finally, Truist Financial restated an “overweight” rating and issued a $26.00 target price (down previously from $27.00) on shares of California BanCorp in a research report on Monday, May 6th. Four equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, California BanCorp currently has a consensus rating of “Buy” and a consensus price target of $26.25.

California BanCorp Price Performance

California BanCorp stock traded down $0.08 during mid-day trading on Tuesday, reaching $21.65. The company had a trading volume of 49,008 shares, compared to its average volume of 33,023. California BanCorp has a fifty-two week low of $15.06 and a fifty-two week high of $27.82. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.27. The company has a market cap of $183.38 million, a P/E ratio of 9.14 and a beta of 0.95. The business has a fifty day simple moving average of $21.54 and a 200 day simple moving average of $22.67.

California BanCorp (NASDAQ:CALB) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 17.16% and a return on equity of 10.90%. On average, equities research analysts predict that California BanCorp will post 2.17 earnings per share for the current year.

California BanCorp 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.