Perigon Wealth Management LLC Buys New Holdings in California BanCorp (NASDAQ:CALB)

Perigon Wealth Management LLC purchased a new position in California BanCorp (NASDAQ:CALB) during the fourth quarter, Holdings Channel reports. The fund purchased 8,484 shares of the company’s stock, valued at approximately $210,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CALB. Alliancebernstein L.P. grew its holdings in shares of California BanCorp by 14.8% in the second quarter. Alliancebernstein L.P. now owns 812,800 shares of the company’s stock worth $12,192,000 after purchasing an additional 104,737 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in 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 acquiring an additional 5,826 shares during the last quarter. Vanguard Group Inc. increased its position in shares of California BanCorp by 0.6% in the first quarter. Vanguard Group Inc. now owns 326,107 shares of the company’s stock valued at $7,503,000 after acquiring an additional 2,103 shares during the period. Wasatch Advisors Inc. raised its stake in shares of California BanCorp by 2,486.9% during the first quarter. Wasatch Advisors Inc. now owns 312,828 shares of the company’s stock valued at $7,198,000 after acquiring an additional 300,735 shares during the last quarter. Finally, Kennedy Capital Management LLC boosted its holdings in shares of California BanCorp by 13.8% during the third 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. Institutional investors own 59.52% of the company’s stock.

Insider Buying and Selling

In other California BanCorp news, EVP Scott Alexander Myers sold 2,564 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $24.68, for a total value of $63,279.52. Following the completion of the sale, the executive vice president now directly owns 20,075 shares in the company, valued at $495,451. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 10.75% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods cut their target price on California BanCorp from $26.50 to $23.50 and set an “outperform” rating on the stock in a research note on Friday, April 5th.

California BanCorp Stock Performance

Shares of CALB stock opened at $21.57 on Thursday. The firm has a market capitalization of $181.47 million, a price-to-earnings ratio of 8.43 and a beta of 0.92. The stock has a fifty day moving average of $22.60 and a 200 day moving average of $22.76. California BanCorp has a 52 week low of $12.78 and a 52 week high of $27.82. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.66.

California BanCorp (NASDAQ:CALB) last issued its quarterly earnings data on Tuesday, January 30th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.61 by $0.02. The business had revenue of $29.74 million during the quarter, compared to analyst estimates of $20.10 million. California BanCorp had a net margin of 18.96% and a return on equity of 11.55%. As a group, research analysts expect that California BanCorp will post 2.25 earnings per share for the current year.

California BanCorp 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.