Keefe, Bruyette & Woods Trims California BanCorp (NASDAQ:CALB) Target Price to $23.00

California BanCorp (NASDAQ:CALB) had its price objective trimmed by Keefe, Bruyette & Woods from $23.50 to $23.00 in a report published on Monday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other research firms have also issued reports on CALB. DA Davidson reduced their target price on California BanCorp from $36.00 to $31.00 and set a buy rating on the stock in a research note on Wednesday, May 1st. Truist Financial reaffirmed an overweight rating and issued a $26.00 target price (down previously from $27.00) on shares of California BanCorp in a research note on Monday. Four investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of Buy and an average target price of $26.25.

California BanCorp Stock Performance

CALB opened at $21.85 on Monday. California BanCorp has a 1-year low of $13.31 and a 1-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. The stock’s 50 day simple moving average is $22.25 and its 200 day simple moving average is $22.92. The stock has a market cap of $183.76 million, a P/E ratio of 9.22 and a beta of 0.92.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Barclays PLC lifted its stake in shares of California BanCorp by 9.4% during the 3rd quarter. Barclays PLC now owns 10,472 shares of the company’s stock worth $210,000 after purchasing an additional 897 shares during the period. Perigon Wealth Management LLC purchased a new position in shares of California BanCorp during the 4th quarter worth $210,000. Bedell Frazier Investment Counselling LLC purchased a new position in shares of California BanCorp during the 4th quarter worth $216,000. Mendon Capital Advisors Corp purchased a new position in shares of California BanCorp during the 4th quarter worth $583,000. Finally, Kennedy Capital Management LLC lifted its stake in shares of California BanCorp by 13.8% during the 3rd quarter. Kennedy Capital Management LLC now owns 120,689 shares of the company’s stock worth $2,426,000 after purchasing an additional 14,610 shares during the period. Hedge funds and other institutional investors own 59.52% of the company’s stock.

California BanCorp Company 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.