California BanCorp’s (CALB) Overweight Rating Reiterated at Truist Financial

Truist Financial reiterated their overweight rating on shares of California BanCorp (NASDAQ:CALB) in a research note released on Monday morning, Benzinga reports. Truist Financial currently has a $26.00 target price on the stock, down from their previous target price of $27.00.

Several other equities research analysts have also recently weighed in on CALB. DA Davidson decreased their price target on California BanCorp from $36.00 to $31.00 and set a buy rating for the company in a research note on Wednesday, May 1st. Keefe, Bruyette & Woods decreased their target price on shares of California BanCorp from $26.50 to $23.50 and set an outperform rating for the company in a research report on Friday, April 5th. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of Buy and an average price target of $26.25.

California BanCorp Stock Performance

NASDAQ CALB opened at $21.85 on Monday. The company has a market capitalization of $183.76 million, a price-to-earnings ratio of 9.22 and a beta of 0.92. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.66. California BanCorp has a twelve month low of $13.31 and a twelve month high of $27.82. The stock has a fifty day simple moving average of $22.25 and a 200 day simple moving average of $22.92.

Institutional Investors Weigh In On California BanCorp

Several large investors have recently added to or reduced their stakes in the business. Wasatch Advisors LP boosted its holdings in shares of California BanCorp by 2.3% during the 4th 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. Kennedy Capital Management LLC boosted its stake 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 in the last quarter. Mendon Capital Advisors Corp acquired a new stake in California BanCorp in the fourth quarter worth $583,000. Barclays PLC increased its stake in 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. Finally, Bedell Frazier Investment Counselling LLC acquired a new position in shares of California BanCorp during the fourth quarter valued at about $216,000. 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.