California BanCorp (NASDAQ:CALB) Price Target Cut to $31.00 by Analysts at DA Davidson

California BanCorp (NASDAQ:CALB) had its price target reduced by DA Davidson from $36.00 to $31.00 in a report issued on Wednesday morning, Benzinga reports. DA Davidson currently has a buy rating on the stock. DA Davidson also issued estimates for California BanCorp’s Q2 2024 earnings at $0.53 EPS, FY2024 earnings at $2.19 EPS and FY2025 earnings at $2.14 EPS.

Separately, Keefe, Bruyette & Woods lowered their price target on California BanCorp from $26.50 to $23.50 and set an outperform rating on the stock in a research report on Friday, April 5th.

California BanCorp Stock Performance

NASDAQ:CALB opened at $21.78 on Wednesday. The firm has a market capitalization of $183.13 million, a PE ratio of 9.19 and a beta of 0.92. California BanCorp has a 1 year low of $12.78 and a 1 year high of $27.82. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.66. The firm’s fifty day simple moving average is $22.32 and its 200 day simple moving average is $22.87.

Institutional Investors Weigh In On California BanCorp

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

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.