California BanCorp (NASDAQ:CALB) Sees Significant Drop in Short Interest

California BanCorp (NASDAQ:CALB) was the target of a significant 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 shares of the company are sold short. Based on an average daily trading volume, of 23,100 shares, the short-interest ratio is presently 0.8 days.

Wall Street Analyst Weigh In

CALB has been the topic of several recent research reports. DA Davidson dropped their price target on California BanCorp from $36.00 to $31.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Keefe, Bruyette & Woods cut their price target on California BanCorp from $23.50 to $23.00 and set an “outperform” rating for the company in a research note on Monday, May 6th. Finally, Truist Financial reaffirmed 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. Four research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $26.25.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CALB. Perigon Wealth Management LLC purchased a new position in California BanCorp during the 4th quarter valued at about $210,000. Barclays PLC grew its holdings in shares of California BanCorp by 9.4% during the third quarter. Barclays PLC now owns 10,472 shares of the company’s stock worth $210,000 after buying an additional 897 shares in the last quarter. Wasatch Advisors LP lifted its stake in shares of California BanCorp by 2.3% during the fourth quarter. Wasatch Advisors LP now owns 315,160 shares of the company’s stock valued at $7,803,000 after buying an additional 7,192 shares during the period. Kennedy Capital Management LLC boosted its position in California BanCorp by 13.8% during the third 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 last quarter. Finally, Bedell Frazier Investment Counselling LLC purchased a new stake in California BanCorp in the 4th quarter worth approximately $216,000. Hedge funds and other institutional investors own 59.52% of the company’s stock.

California BanCorp Price Performance

CALB traded up $0.23 on Monday, hitting $21.73. 83,070 shares of the company were exchanged, compared to its average volume of 32,896. California BanCorp has a fifty-two week low of $15.06 and a fifty-two week high of $27.82. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.06 and a current ratio of 1.06. The firm has a market capitalization of $184.05 million, a P/E ratio of 9.07 and a beta of 0.95. The business’s fifty day moving average is $21.53 and its 200 day moving average is $22.71.

California BanCorp (NASDAQ:CALB) last released its quarterly earnings results on Monday, April 29th. The company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.02. The business had revenue of $19.42 million for the quarter, compared to analysts’ expectations of $19.50 million. California BanCorp had a return on equity of 10.90% and a net margin of 17.16%. As a group, sell-side analysts anticipate that California BanCorp will post 2.17 EPS for the current year.

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.