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

California BanCorp (NASDAQ:CALB)‘s stock had its “overweight” rating restated by equities research analysts at Truist Financial in a research note issued to investors on Monday, Benzinga reports. They currently have a $26.00 target price on the stock, down from their previous target price of $27.00. Truist Financial’s price objective would indicate a potential upside of 19.43% from the company’s current price.

Several other brokerages also recently issued reports on CALB. DA Davidson dropped their target price on shares of California BanCorp from $36.00 to $31.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Keefe, Bruyette & Woods dropped 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 research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $26.38.

California BanCorp Price Performance

Shares of CALB opened at $21.77 on Monday. The stock has a market cap of $183.09 million, a PE ratio of 9.19 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. California BanCorp has a fifty-two week low of $12.78 and a fifty-two week high of $27.82. The firm’s 50-day simple moving average is $22.32 and its two-hundred day simple moving average is $22.88.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wasatch Advisors LP lifted its position in California BanCorp by 2.3% during 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. Kennedy Capital Management LLC lifted its position in California BanCorp by 13.8% during the third quarter. Kennedy Capital Management LLC now owns 120,689 shares of the company’s stock valued at $2,426,000 after purchasing an additional 14,610 shares during the period. Mendon Capital Advisors Corp bought a new position in California BanCorp during the fourth quarter valued at approximately $583,000. Barclays PLC lifted its position in California BanCorp by 9.4% during the third quarter. Barclays PLC now owns 10,472 shares of the company’s stock valued at $210,000 after purchasing an additional 897 shares during the period. Finally, Bedell Frazier Investment Counselling LLC bought a new position in California BanCorp during the fourth quarter valued at approximately $216,000. 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.