California BanCorp (NASDAQ:CALB) Hedging initiated at Piper Sandler
Piper Sandler equity research analysts initiated a hedge on the shares of California BanCorp (NASDAQ:CALB – Get a rating) in a report released on Tuesday, Target Stock Advisor reports. The company has set an “overweight” rating and a price target of $22.00 on the stock. Piper Sandler’s price target would suggest a potential upside of 14.23% from the stock’s previous close.
NASDAQ:CALB opened at $19.26 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt ratio of 0.56. The company has a market capitalization of $159.67 million, a P/E ratio of 11.26 and a beta of 1.11. California BanCorp has a 52 week minimum of $16.98 and a 52 week maximum of $24.00. The stock’s fifty-day moving average is $20.07 and its two-hundred-day moving average is $21.23.
California BanCorp (NASDAQ:CALB – Get a rating) last released its quarterly earnings data on Thursday, April 28. The company reported earnings per share of $0.44 for the quarter. California BanCorp had a return on equity of 9.55% and a net margin of 20.94%. The company had revenue of $17.06 million in the quarter.
A number of large investors have recently changed their stock holdings. Petiole USA ltd acquired a new position in shares of California BanCorp during the fourth quarter valued at approximately $654,000. Alliancebernstein LP increased its holdings of California BanCorp stock by 5.7% during the fourth quarter. Alliancebernstein LP now owns 463,811 shares of the company worth $9,847,000 after acquiring an additional 24,951 shares during the period. Kennedy Capital Management Inc. increased its position in California BanCorp shares by 6.2% in the fourth quarter. Kennedy Capital Management Inc. now owns 53,040 shares of the company valued at $1,126,000 after acquiring 3,091 additional shares during the period. Vanguard Group Inc. increased its stake in shares of California BanCorp by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 326,107 shares of the company worth $7,503,000 after purchasing an additional 2,103 shares during the period. Finally, Wasatch Advisors Inc. increased its stake in California BanCorp by 2,486.9% in the 1st quarter. Wasatch Advisors Inc. now owns 312,828 shares of the company worth $7,198,000 after purchasing an additional 300,735 shares in the last quarter. Hedge funds and other institutional investors own 52.52% of the company’s shares.
About California BanCorp (Get a rating)
California BanCorp operates as a bank holding company for California Bank of Commerce which provides commercial banking services in California. It accepts various deposit products, including business checks, savings and money market accounts, and certificates of deposit. The company also offers asset-based 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 commercial loans to the dental and veterinary industries, entrepreneurs and emerging businesses.
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