California BanCorp (NASDAQ:CALB – Get a rating) was the target of a significant drop in short-term interest in August. As of August 15, there was short interest totaling 2,700 shares, down 41.3% from July 31’s total of 4,600 shares. Currently, 0.0% of the company’s shares are sold short. Based on an average daily trading volume of 4,000 shares, the day-to-cover ratio is currently 0.7 days.
California BanCorp Price Performance
The NASDAQ CALB traded down $0.31 during Friday’s session, hitting $20.04. 3,088 shares of the company were traded, against an average volume of 6,063. The company has a debt ratio of 0.97, a quick ratio of 1.07 and a current ratio of 1.07. The stock’s 50-day moving average price is $20.00 and its two-hundred-day moving average price is $21.07. The company has a market capitalization of $166.75 million, a price/earnings ratio of 11.65 and a beta of 1.11. California BanCorp has a 1 year minimum of $16.98 and a 1 year maximum of $24.00.
California BanCorp (NASDAQ:CALB – Get a rating) last released its quarterly earnings data on Thursday, July 28. The company reported earnings per share of $0.51 for the quarter, beating consensus analyst estimates of $0.46 by $0.05. California BanCorp had a return on equity of 9.37% and a net margin of 20.18%. As a group, analysts expect California BanCorp to post EPS of 2.26 for the current year.
Analyst upgrades and downgrades
Separately, Piper Sandler threw a cover on California BanCorp in a Tuesday, July 12 report. They set an “overweight” rating and a price target of $22.00 on the stock.
Institutional entries and exits
Institutional investors have recently changed their stake in the company. The Manufacturers Life Insurance Company increased its stake in California BanCorp shares by 1.1% in the first quarter. The Manufacturers Life Insurance Company now owns 522,082 shares of the company valued at $12,013,000 after acquiring 5,826 additional shares in the last quarter. Vanguard Group Inc. increased its position in California BanCorp by 0.6% in the first quarter. Vanguard Group Inc. now owns 326,107 shares of the company worth $7,503,000 after buying 2,103 additional shares in the last quarter. Wasatch Advisors Inc. raised its position in California BanCorp by 2,486.9% in Q1. 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. State Street Corp raised its position in California BanCorp by 8.5% in the first quarter. State Street Corp now owns 20,707 shares of the company worth $476,000 after purchasing an additional 1,614 shares in the last quarter. Finally, LFS Asset Management bought a new position in California BanCorp in Q2 for a value of approximately $649,000. Institutional investors hold 52.52% of the company’s shares.
About California BanCorp
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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