California BanCorp (NASDAQ:CALB – Get Free Report) was the target of a large growth in short interest in October. As of October 15th, there was short interest totalling 28,900 shares, a growth of 7.0% from the September 30th total of 27,000 shares. Based on an average trading volume of 10,000 shares, the short-interest ratio is presently 2.9 days. Approximately 0.4% of the company’s shares are short sold.
Institutional Investors Weigh In On California BanCorp
Several institutional investors have recently bought and sold shares of CALB. Bank of America Corp DE boosted its stake in California BanCorp by 68.9% in the first quarter. Bank of America Corp DE now owns 2,228 shares of the company’s stock valued at $43,000 after acquiring an additional 909 shares in the last quarter. UBS Group AG boosted its stake in 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 acquiring an additional 894 shares in the last quarter. Citigroup Inc. acquired a new stake in California BanCorp in the fourth quarter valued at approximately $127,000. Raymond James Financial Services Advisors Inc. acquired a new stake in California BanCorp in the second quarter valued at approximately $202,000. Finally, Dimensional Fund Advisors LP acquired a new stake in California BanCorp in the first quarter valued at approximately $207,000. 52.88% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on CALB. TheStreet upgraded shares of California BanCorp from a “c+” rating to a “b-” rating in a research note on Monday, October 9th. Piper Sandler increased their price objective on shares of California BanCorp from $19.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, July 31st. Finally, Keefe, Bruyette & Woods upgraded shares of California BanCorp from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $20.00 to $25.00 in a research note on Wednesday, August 2nd.
California BanCorp Price Performance
NASDAQ CALB opened at $20.47 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.03 and a current ratio of 1.03. The firm’s 50 day moving average price is $19.65 and its 200-day moving average price is $17.33. California BanCorp has a 52-week low of $12.78 and a 52-week high of $26.17. The company has a market cap of $171.54 million, a PE ratio of 7.21 and a beta of 0.99.
California BanCorp Company Profile
California BanCorp operates as the bank holding company for California Bank of Commerce that provides commercial banking services in California. It accepts various deposit products, including commercial checking, savings, and money market accounts, as well as certificates of deposit. The company offers asset-based lending loans; standby letters of credit; construction and development loans; real estate loans, such as commercial real estate loans and other loans; small business administration (SBA) loans, including SBA 7(a) and SBA 504 loans; consumer loans, such as secured and unsecured installment loans, and revolving lines of credit; and commercial and industrial loans, including term loans, working capital, accounts receivable and inventory financing, and other business loans to the dental and veterinary industries, contractors, and emerging companies.
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