California BanCorp (NASDAQ:CALB) Sees Significant Drop in Short Interest

California BanCorp (NASDAQ:CALB) saw a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 29,200 shares, a decline of 15.6% from the August 15th total of 34,600 shares. Approximately 0.4% of the shares of the stock are short sold. Based on an average trading volume of 7,900 shares, the short-interest ratio is presently 3.7 days.

Institutional Trading of California BanCorp

Several institutional investors and hedge funds have recently made changes to their positions in CALB. Wasatch Advisors Inc. raised its position in shares of California BanCorp by 2,486.9% during the 1st quarter. Wasatch Advisors Inc. now owns 312,828 shares of the company’s stock valued at $7,198,000 after acquiring an additional 300,735 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of California BanCorp by 14.8% during the 2nd quarter. Alliancebernstein L.P. now owns 812,800 shares of the company’s stock valued at $12,192,000 after acquiring an additional 104,737 shares during the last quarter. Kennedy Capital Management LLC raised its position in shares of California BanCorp by 50.3% during the 2nd quarter. Kennedy Capital Management LLC now owns 106,079 shares of the company’s stock valued at $1,591,000 after acquiring an additional 35,485 shares during the last quarter. Robertson Stephens Wealth Management LLC bought a new stake in shares of California BanCorp during the 1st quarter valued at $657,000. Finally, Susquehanna International Group LLP raised its position in shares of California BanCorp by 160.0% during the 1st quarter. Susquehanna International Group LLP now owns 42,701 shares of the company’s stock valued at $833,000 after acquiring an additional 26,276 shares during the last quarter. Institutional investors own 52.88% of the company’s stock.

Analyst Upgrades and Downgrades

CALB has been the subject of a number of research analyst reports. Piper Sandler lifted their target price on shares of California BanCorp from $19.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, July 31st. Keefe, Bruyette & Woods upgraded shares of California BanCorp from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $20.00 to $25.00 in a research note on Wednesday, August 2nd. Finally, DA Davidson restated a “buy” rating on shares of California BanCorp in a research report on Wednesday, June 21st.

California BanCorp Trading Up 0.4 %

CALB stock traded up $0.07 during trading on Monday, hitting $19.40. The company had a trading volume of 2,626 shares, compared to its average volume of 16,169. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.29. The firm has a 50-day moving average price of $18.25 and a 200-day moving average price of $17.41. California BanCorp has a 12 month low of $12.78 and a 12 month high of $26.17. The stock has a market cap of $162.57 million, a price-to-earnings ratio of 6.78 and a beta of 1.03.

California BanCorp (NASDAQ:CALB) last posted its quarterly earnings data on Thursday, July 27th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.03. California BanCorp had a net margin of 22.50% and a return on equity of 13.78%. The firm had revenue of $19.78 million during the quarter, compared to analysts’ expectations of $20.40 million. As a group, analysts predict that California BanCorp will post 2.54 earnings per share for the current year.

California BanCorp Company Profile

California BanCorp operates as the bank holding company for California Bank of Commerce that provides commercial banking services in California. It accepts various deposit products, including commercial checking, savings, and money market accounts, as well as certificates of deposit. The company offers asset-based lending loans; standby letters of credit; construction and development loans; real estate loans, such as commercial real estate loans and other loans; small business administration (SBA) loans, including SBA 7(a) and SBA 504 loans; consumer loans, such as secured and unsecured installment loans, and revolving lines of credit; and commercial and industrial loans, including term loans, working capital, accounts receivable and inventory financing, and other business loans to the dental and veterinary industries, contractors, and emerging companies.