California BanCorp (NASDAQ:CALB) Price Target Cut to $23.50 by Analysts at Keefe, Bruyette & Woods

California BanCorp (NASDAQ:CALB - Get Free Report) had its price target lowered by stock analysts at Keefe, Bruyette & Woods from $26.50 to $23.50 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price target would indicate a potential upside of 6.96% from the stock's current price.

California BanCorp Stock Performance

CALB traded up $0.36 during trading on Friday, hitting $21.97. The stock had a trading volume of 7,368 shares, compared to its average volume of 23,668. The company has a 50 day moving average price of $23.08 and a 200-day moving average price of $22.63. The firm has a market cap of $184.77 million, a price-to-earnings ratio of 8.52 and a beta of 0.92. California BanCorp has a one year low of $12.78 and a one year 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.

California BanCorp (NASDAQ:CALB - Get Free Report) last released its quarterly earnings results on Tuesday, January 30th. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.02. The business had revenue of $29.74 million during the quarter, compared to the consensus estimate of $20.10 million. California BanCorp had a return on equity of 11.55% and a net margin of 18.96%. As a group, research analysts predict that California BanCorp will post 2.25 EPS for the current year.

Insider Activity

In other news, EVP Scott Alexander Myers sold 2,564 shares of the company's stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $24.68, for a total transaction of $63,279.52. Following the completion of the sale, the executive vice president now directly owns 20,075 shares in the company, valued at approximately $495,451. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 10.75% of the company's stock.

Institutional Trading of California BanCorp

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in California BanCorp by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 326,107 shares of the company's stock worth $7,503,000 after purchasing an additional 2,103 shares in the last quarter. Wasatch Advisors Inc. increased its stake in shares of California BanCorp by 2,486.9% in the first quarter. Wasatch Advisors Inc. now owns 312,828 shares of the company's stock valued at $7,198,000 after buying an additional 300,735 shares during the period. State Street Corp increased its stake in shares of California BanCorp by 8.5% in the first quarter. State Street Corp now owns 20,707 shares of the company's stock valued at $476,000 after buying an additional 1,614 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of California BanCorp by 1.1% in the first quarter. The Manufacturers Life Insurance Company now owns 522,082 shares of the company's stock valued at $12,013,000 after buying an additional 5,826 shares during the period. Finally, Alliancebernstein L.P. increased its stake in shares of California BanCorp by 4.6% in the third quarter. Alliancebernstein L.P. now owns 552,916 shares of the company's stock valued at $11,180,000 after buying an additional 24,340 shares during the period. 59.52% of the stock is currently owned by institutional investors.

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.