California BanCorp (NASDAQ:CALB) EVP Scott Alexander Myers Sells 3,254 Shares

California BanCorp (NASDAQ:CALB) EVP Scott Alexander Myers sold 3,254 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $18.66, for a total transaction of $60,719.64. Following the completion of the transaction, the executive vice president now owns 16,133 shares of the company’s stock, valued at approximately $301,041.78. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Scott Alexander Myers also recently made the following trade(s):

• On Wednesday, June 12th, Scott Alexander Myers sold 1,298 shares of California BanCorp stock. The stock was sold at an average price of $21.90, for a total transaction of $28,426.20.
• On Thursday, May 9th, Scott Alexander Myers sold 174 shares of California BanCorp stock. The stock was sold at an average price of $21.85, for a total transaction of $3,801.90.

California BanCorp Price Performance

Shares of CALB stock opened at $25.09 on Thursday. California BanCorp has a 12-month low of $18.05 and a 12-month high of $27.82. The firm has a market capitalization of $212.51 million, a price-to-earnings ratio of 10.59 and a beta of 0.95. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.27. The firm has a fifty day moving average of $22.01 and a 200-day moving average of $22.45.

California BanCorp (NASDAQ:CALB) last announced its quarterly earnings results on Monday, April 29th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.02. California BanCorp had a net margin of 7.47% and a return on equity of 4.97%. The company had revenue of $19.42 million during the quarter, compared to analyst estimates of $19.50 million. On average, equities research analysts forecast that California BanCorp will post 2.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on CALB. Keefe, Bruyette & Woods lowered their target price on shares of California BanCorp from $23.50 to $23.00 and set an “outperform” rating for the company in a report on Monday, May 6th. Truist Financial reaffirmed an “overweight” rating and set a $26.00 target price (down previously from $27.00) on shares of California BanCorp in a report on Monday, May 6th. Finally, DA Davidson lowered their target price 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. Four equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $26.25.

Hedge Funds Weigh In On California BanCorp

Several institutional investors and hedge funds have recently made changes to their positions in CALB. Mendon Capital Advisors Corp acquired a new position in shares of California BanCorp in the 4th quarter valued at $583,000. Bank of New York Mellon Corp acquired a new position in California BanCorp in the 2nd quarter worth $474,000. Vanguard Group Inc. boosted its stake in California BanCorp by 5.3% in the 1st quarter. Vanguard Group Inc. now owns 357,516 shares of the company’s stock worth $7,865,000 after purchasing an additional 18,100 shares during the period. Bedell Frazier Investment Counselling LLC acquired a new position in California BanCorp in the 4th quarter worth $216,000. Finally, Perigon Wealth Management LLC acquired a new position in California BanCorp in the 4th quarter worth $210,000. Institutional investors and hedge funds own 59.52% of the company’s stock.

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.