California BanCorp (NASDAQ:CALB) Short Interest Down 20.8% in June

California BanCorp (NASDAQ:CALB) was the recipient of a large decrease in short interest during the month of June. As of June 15th, there was short interest totalling 17,500 shares, a decrease of 20.8% from the May 31st total of 22,100 shares. Based on an average daily trading volume, of 23,100 shares, the days-to-cover ratio is currently 0.8 days. Currently, 0.3% of the shares of the company are sold short.

Analyst Ratings Changes

A number of brokerages recently commented on CALB. DA Davidson lowered their price objective on California BanCorp from $36.00 to $31.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. Truist Financial reissued an “overweight” rating and issued a $26.00 price target (down previously from $27.00) on shares of California BanCorp in a research note on Monday, May 6th. Finally, Keefe, Bruyette & Woods decreased their price target on California BanCorp from $23.50 to $23.00 and set an “outperform” rating for the company in a research note on Monday, May 6th. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat, California BanCorp currently has an average rating of “Buy” and a consensus price target of $26.25.

Institutional Trading of California BanCorp

Institutional investors have recently modified their holdings of the company. Perigon Wealth Management LLC acquired a new stake in shares of California BanCorp in the fourth quarter valued at $210,000. Barclays PLC lifted its holdings 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 last quarter. Wasatch Advisors LP lifted its holdings in shares of 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 holdings 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 purchasing an additional 14,610 shares during the last quarter. Finally, Bedell Frazier Investment Counselling LLC purchased a new stake in shares of California BanCorp during the fourth quarter valued at $216,000. Institutional investors and hedge funds own 59.52% of the company’s stock.

California BanCorp Price Performance

Shares of California BanCorp stock traded up $0.57 during trading on Friday, hitting $21.50. The stock had a trading volume of 988,103 shares, compared to its average volume of 34,342. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a market cap of $182.11 million, a P/E ratio of 9.07 and a beta of 0.95. The business has a fifty day moving average of $21.53 and a two-hundred day moving average of $22.73. California BanCorp has a fifty-two week low of $14.52 and a fifty-two week high of $27.82.

California BanCorp (NASDAQ:CALB) last announced its quarterly earnings data on Monday, April 29th. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.02. The business had revenue of $19.42 million during the quarter, compared to analyst estimates of $19.50 million. California BanCorp had a return on equity of 10.90% and a net margin of 17.16%. On average, sell-side analysts expect that California BanCorp will post 2.17 earnings per share for the current fiscal year.

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.