Short Interest in California BanCorp (NASDAQ:CALB) Expands By 60.0%

California BanCorp (NASDAQ:CALB – Get Rating) saw a large growth in short interest during the month of December. As of December 30th, there was short interest totalling 5,600 shares, a growth of 60.0% from the December 15th total of 3,500 shares. Based on an average daily volume of 13,200 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.1% of the company’s stock are sold short.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Piper Sandler lowered their price target on California BanCorp to $23.00 in a report on Friday, September 30th. Keefe, Bruyette & Woods began coverage on California BanCorp in a report on Monday, December 19th. They issued a “market perform” rating and a $29.00 price objective for the company. Finally, Hovde Group boosted their target price on California BanCorp to $27.00 in a research report on Tuesday, November 1st.

California BanCorp Price Performance

Shares of NASDAQ:CALB opened at $23.53 on Friday. The business has a 50 day moving average price of $24.04 and a 200 day moving average price of $21.85. California BanCorp has a twelve month low of $18.51 and a twelve month high of $25.20. The company has a market cap of $195.98 million, a price-to-earnings ratio of 11.82 and a beta of 1.05. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.94.

California BanCorp (NASDAQ:CALB – Get Rating) last posted its quarterly earnings results on Thursday, October 27th. The company reported $0.66 EPS for the quarter, meeting the consensus estimate of $0.66. California BanCorp had a return on equity of 10.58% and a net margin of 21.66%. The firm had revenue of $19.85 million during the quarter, compared to analysts’ expectations of $16.50 million. Research analysts predict that California BanCorp will post 2.34 earnings per share for the current year.

Hedge Funds Weigh In On California BanCorp

Hedge funds have recently modified their holdings of the stock. Alliancebernstein L.P. increased its holdings in California BanCorp by 4.6% during the 3rd quarter. Alliancebernstein L.P. now owns 552,916 shares of the company’s stock valued at $11,180,000 after purchasing an additional 24,340 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of California BanCorp by 1.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 522,082 shares of the company’s stock worth $12,013,000 after purchasing an additional 5,826 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of California BanCorp by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 326,107 shares of the company’s stock worth $7,503,000 after purchasing an additional 2,103 shares during the last quarter. Wasatch Advisors Inc. boosted its position in shares of California BanCorp by 2,486.9% in the 1st quarter. Wasatch Advisors Inc. now owns 312,828 shares of the company’s stock worth $7,198,000 after purchasing an additional 300,735 shares during the last quarter. Finally, Intersect Capital LLC boosted its position in shares of California BanCorp by 2.9% in the 2nd quarter. Intersect Capital LLC now owns 166,202 shares of the company’s stock worth $3,203,000 after purchasing an additional 4,655 shares during the last quarter. 52.76% of the stock is owned by institutional investors and hedge funds.

California BanCorp Company Profile

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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 also 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.