Keefe, Bruyette & Woods Trims California BanCorp (NASDAQ:CALB) Target Price to $23.00

California BanCorp (NASDAQ:CALB) had its target price cut by Keefe, Bruyette & Woods from $23.50 to $23.00 in a report published on Monday morning, Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts have also issued reports about the stock. Truist Financial restated an overweight rating and issued a $26.00 price target (down from $27.00) on shares of California BanCorp in a research report on Monday. DA Davidson reduced their price target on shares of California BanCorp from $36.00 to $31.00 and set a buy rating on the stock in a research report on Wednesday, May 1st. Four equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus price target of $26.25.

California BanCorp Price Performance

NASDAQ:CALB opened at $21.85 on Monday. The firm has a market cap of $183.76 million, a PE ratio of 9.22 and a beta of 0.92. California BanCorp has a 12 month low of $13.31 and a 12 month high of $27.82. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.66. The company’s 50-day moving average price is $22.25 and its two-hundred day moving average price is $22.92.

Hedge Funds Weigh In On California BanCorp

A number of large investors have recently modified their holdings of CALB. Barclays PLC lifted its position 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 purchasing an additional 897 shares in the last quarter. Perigon Wealth Management LLC acquired a new position in California BanCorp in the fourth quarter valued at approximately $210,000. Bedell Frazier Investment Counselling LLC acquired a new position in California BanCorp in the fourth quarter valued at approximately $216,000. Mendon Capital Advisors Corp acquired a new position in California BanCorp in the fourth quarter valued at approximately $583,000. Finally, Kennedy Capital Management LLC lifted its holdings 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 buying an additional 14,610 shares during the period. 59.52% of the stock is currently owned by institutional investors and hedge funds.

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.