Truist Financial Reaffirms Overweight Rating for California BanCorp (NASDAQ:CALB)

Truist Financial restated their overweight rating on shares of California BanCorp (NASDAQ:CALB - Free Report) in a research report report published on Monday morning, Benzinga reports. Truist Financial currently has a $26.00 price objective on the stock, down from their prior price objective of $27.00.

A number of other analysts also recently issued reports on the company. DA Davidson cut their target price 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. Keefe, Bruyette & Woods reduced their target price 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. Four analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of Buy and an average target price of $26.25.

California BanCorp Price Performance

Shares of CALB stock traded up $0.24 during trading hours on Monday, reaching $22.01. The company had a trading volume of 6,200 shares, compared to its average volume of 23,936. California BanCorp has a 12-month low of $13.31 and a 12-month high of $27.82. The company has a market capitalization of $185.10 million, a price-to-earnings ratio of 9.29 and a beta of 0.92. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a fifty day moving average of $22.32 and a 200-day moving average of $22.90.

Institutional Investors Weigh In On California BanCorp

A number of institutional investors and hedge funds have recently made changes to their positions in CALB. Barclays PLC lifted its position in shares of California BanCorp by 9.4% during the third quarter. Barclays PLC now owns 10,472 shares of the company's stock worth $210,000 after purchasing an additional 897 shares in the last quarter. Kennedy Capital Management LLC boosted its position in California BanCorp by 13.8% in the 3rd quarter. Kennedy Capital Management LLC now owns 120,689 shares of the company's stock valued at $2,426,000 after buying an additional 14,610 shares during the period. Perigon Wealth Management LLC purchased a new stake in shares of California BanCorp during the fourth quarter worth $210,000. Bedell Frazier Investment Counselling LLC acquired a new stake in shares of California BanCorp in the fourth quarter valued at $216,000. Finally, Wasatch Advisors LP boosted its holdings in California BanCorp by 2.3% in 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 period. 59.52% of the stock is owned by hedge funds and other 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.