Perigon Wealth Management LLC Takes Position in California BanCorp (NASDAQ:CALB)

Perigon Wealth Management LLC bought a new position in shares of California BanCorp (NASDAQ:CALB) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 8,484 shares of the company’s stock, valued at approximately $210,000. Perigon Wealth Management LLC owned about 0.10% of California BanCorp at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Citigroup Inc. acquired a new stake in shares of California BanCorp in the third quarter valued at approximately $25,000. Qube Research & Technologies Ltd acquired a new stake in California BanCorp during the 3rd quarter valued at $34,000. Bank of America Corp DE boosted its position in California BanCorp by 68.9% during the first quarter. Bank of America Corp DE now owns 2,228 shares of the company’s stock worth $43,000 after purchasing an additional 909 shares during the period. UBS Group AG increased its holdings in shares of California BanCorp by 55.4% in the first quarter. UBS Group AG now owns 2,508 shares of the company’s stock valued at $49,000 after purchasing an additional 894 shares during the last quarter. Finally, Dimensional Fund Advisors LP acquired a new position in shares of California BanCorp in the first quarter valued at $207,000. 59.52% of the stock is owned by institutional investors.

California BanCorp Price Performance

Shares of NASDAQ CALB opened at $21.57 on Thursday. The firm has a market cap of $181.47 million, a P/E ratio of 8.43 and a beta of 0.92. The business’s 50 day moving average is $22.60 and its 200-day moving average is $22.76. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.66. California BanCorp has a 1-year low of $12.78 and a 1-year high of $27.82.

California BanCorp (NASDAQ:CALB) last posted its quarterly earnings data on Tuesday, January 30th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.02. The firm had revenue of $29.74 million for the quarter, compared to analysts’ expectations of $20.10 million. California BanCorp had a return on equity of 11.55% and a net margin of 18.96%. Equities research analysts predict that California BanCorp will post 2.25 earnings per share for the current year.

Insider Buying and Selling at California BanCorp

In other news, EVP Scott Alexander Myers sold 2,564 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $24.68, for a total transaction of $63,279.52. Following the transaction, the executive vice president now directly owns 20,075 shares of the company’s stock, valued at $495,451. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 10.75% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods cut their target price on shares of California BanCorp from $26.50 to $23.50 and set an “outperform” rating for the company in a research note on Friday, April 5th.

California BanCorp Profile

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.