California BanCorp (NASDAQ:CALB) Rating Reiterated by Truist Financial

California BanCorp (NASDAQ:CALB)‘s stock had its “overweight” rating restated by equities research analysts at Truist Financial in a report released on Monday, Benzinga reports. They currently have a $26.00 price target on the stock, down from their previous price target of $27.00. Truist Financial’s price target would indicate a potential upside of 18.99% from the company’s previous close.

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

California BanCorp Stock Down 0.7 %

CALB opened at $21.85 on Monday. The stock has a market capitalization of $183.76 million, a price-to-earnings 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 debt-to-equity ratio of 0.66, a current ratio of 1.09 and a quick ratio of 1.09. The business has a 50-day moving average of $22.30 and a two-hundred day moving average of $22.92.

Hedge Funds Weigh In On California BanCorp

Several hedge funds and other institutional investors have recently bought and sold shares of CALB. Barclays PLC raised its stake in shares of California BanCorp by 9.4% during 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 during the period. Perigon Wealth Management LLC acquired a new stake in California BanCorp during the 4th quarter valued at $210,000. Bedell Frazier Investment Counselling LLC acquired a new position in California BanCorp in the 4th quarter worth $216,000. Mendon Capital Advisors Corp purchased a new position in California BanCorp in the 4th quarter valued at about $583,000. Finally, Kennedy Capital Management LLC grew its stake in shares of California BanCorp by 13.8% during the third 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 in the last quarter. 59.52% of the stock is 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.