Bank of Montreal Can acquired a new stake in California BanCorp (NASDAQ:CALB – Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 24,032 shares of the company’s stock, valued at approximately $366,000. Bank of Montreal Can owned about 0.29% of California BanCorp at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alliancebernstein L.P. lifted its holdings in shares of California BanCorp by 0.5% during the 4th quarter. Alliancebernstein L.P. now owns 555,548 shares of the company’s stock worth $13,211,000 after acquiring an additional 2,632 shares during the period. The Manufacturers Life Insurance Company increased its position in California BanCorp by 1.1% during 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 in the last quarter. Vanguard Group Inc. increased its position in California BanCorp by 0.6% during 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 in the last quarter. Wasatch Advisors Inc. increased its position in California BanCorp by 2,486.9% during 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 in the last quarter. Finally, Geode Capital Management LLC grew its position in California BanCorp by 4.2% in the first quarter. Geode Capital Management LLC now owns 56,684 shares of the company’s stock valued at $1,106,000 after acquiring an additional 2,307 shares in the last quarter. 52.88% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several brokerages have issued reports on CALB. Keefe, Bruyette & Woods raised 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 report on Wednesday, August 2nd. TheStreet raised shares of California BanCorp from a “c+” rating to a “b-” rating in a research report on Monday, October 9th. Finally, Piper Sandler raised their price target on shares of California BanCorp from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 1st.
California BanCorp Stock Performance
CALB stock opened at $22.65 on Monday. California BanCorp has a 1 year low of $12.78 and a 1 year high of $26.17. The stock’s fifty day moving average is $20.40 and its two-hundred day moving average is $17.74. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.14 and a current ratio of 1.03. The stock has a market capitalization of $190.15 million, a price-to-earnings ratio of 7.98 and a beta of 0.99.
California BanCorp (NASDAQ:CALB – Get Free Report) last issued its quarterly earnings data on Thursday, October 26th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.01. California BanCorp had a net margin of 21.06% and a return on equity of 13.22%. The business had revenue of $19.87 million for the quarter, compared to analysts’ expectations of $19.50 million. On average, research analysts predict that California BanCorp will post 2.56 EPS for the current year.
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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