California BanCorp (NASDAQ:CALB) Price Target Cut to $23.00

California BanCorp (NASDAQ:CALB) had its price target cut by research analysts at Keefe, Bruyette & Woods from $23.50 to $23.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 5.26% from the stock’s previous close.

A number of other research analysts have also commented on the company. DA Davidson lowered their price target on California BanCorp from $36.00 to $31.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Truist Financial restated an “overweight” rating and set a $26.00 price target (down from $27.00) on shares of California BanCorp in a research report on Monday. Four analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $26.25.

California BanCorp Stock Performance

Shares of CALB stock opened at $21.85 on Monday. California BanCorp has a 12-month low of $13.31 and a 12-month 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 firm has a market capitalization of $183.76 million, a price-to-earnings ratio of 9.22 and a beta of 0.92. The business has a 50 day simple moving average of $22.30 and a 200 day simple moving average of $22.92.

Hedge Funds Weigh In On California BanCorp

Large investors have recently made changes to their positions in the business. Wasatch Advisors LP lifted its stake in California BanCorp by 2.3% during 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. Kennedy Capital Management LLC lifted its position in shares of California BanCorp by 13.8% during the 3rd quarter. Kennedy Capital Management LLC now owns 120,689 shares of the company’s stock valued at $2,426,000 after acquiring an additional 14,610 shares during the last quarter. Mendon Capital Advisors Corp bought a new stake in shares of California BanCorp during the 4th quarter worth $583,000. 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 worth $210,000 after acquiring an additional 897 shares during the last quarter. Finally, Bedell Frazier Investment Counselling LLC acquired a new stake in shares of California BanCorp during the fourth quarter worth $216,000. Institutional investors 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.