California BanCorp (NASDAQ:CALB) Receives Overweight Rating from Truist Financial

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

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

California BanCorp Price Performance

Shares of NASDAQ CALB opened at $21.88 on Monday. The stock has a fifty day moving average price of $22.23 and a 200 day moving average price of $22.91. California BanCorp has a 1-year low of $13.31 and a 1-year high of $27.82. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market cap of $184.01 million, a PE ratio of 9.23 and a beta of 0.92.

Institutional Trading of California BanCorp

Several hedge funds and other institutional investors have recently made changes to their positions in CALB. Barclays PLC lifted its position in shares of California BanCorp by 9.4% during the 3rd quarter. Barclays PLC now owns 10,472 shares of the company’s stock valued at $210,000 after acquiring an additional 897 shares during the period. Kennedy Capital Management LLC increased its stake in California BanCorp by 13.8% in the 3rd quarter. Kennedy Capital Management LLC now owns 120,689 shares of the company’s stock valued at $2,426,000 after purchasing an additional 14,610 shares in the last quarter. Perigon Wealth Management LLC acquired a new position in California BanCorp during the fourth quarter worth $210,000. Bedell Frazier Investment Counselling LLC purchased a new stake in California BanCorp during the fourth quarter worth $216,000. Finally, Wasatch Advisors LP grew its holdings in California BanCorp by 2.3% in the fourth quarter. Wasatch Advisors LP now owns 315,160 shares of the company’s stock valued at $7,803,000 after purchasing an additional 7,192 shares during the last quarter. Institutional investors and hedge funds 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.