California BanCorp (NASDAQ:CALB) Forecasted to Earn Q2 2024 Earnings of $0.53 Per Share

California BanCorp (NASDAQ:CALB) – Analysts at DA Davidson issued their Q2 2024 earnings per share estimates for shares of California BanCorp in a research report issued to clients and investors on Wednesday, May 1st. DA Davidson analyst G. Tenner forecasts that the company will post earnings per share of $0.53 for the quarter. DA Davidson has a “Buy” rating and a $31.00 price target on the stock. The consensus estimate for California BanCorp’s current full-year earnings is $2.20 per share. DA Davidson also issued estimates for California BanCorp’s FY2024 earnings at $2.19 EPS and FY2025 earnings at $2.14 EPS.

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

California BanCorp Price Performance

CALB stock opened at $21.78 on Thursday. The stock has a 50-day moving average price of $22.34 and a two-hundred day moving average price of $22.86. The stock has a market cap of $183.13 million, a PE ratio of 9.19 and a beta of 0.92. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.66. California BanCorp has a 1 year low of $12.78 and a 1 year high of $27.82.

California BanCorp (NASDAQ:CALB) last released its earnings results on Tuesday, January 30th. The company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. The firm had revenue of $29.74 million during the quarter, compared to analysts’ expectations of $20.10 million. California BanCorp had a return on equity of 11.05% and a net margin of 17.16%.

Hedge Funds Weigh In On California BanCorp

Hedge funds have recently modified their holdings of the stock. Perigon Wealth Management LLC bought a new position in shares of California BanCorp in the 4th quarter valued at about $210,000. Bedell Frazier Investment Counselling LLC bought a new position in shares of California BanCorp in the 4th quarter valued at about $216,000. Barclays PLC grew its holdings in shares of California BanCorp by 9.4% in 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 in the last quarter. Mendon Capital Advisors Corp acquired a new stake in California BanCorp in the 4th quarter valued at about $583,000. Finally, Kennedy Capital Management LLC lifted 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 during the last quarter. 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.