California BanCorp Forecasted to Post Q2 2024 Earnings of $0.53 Per Share (NASDAQ:CALB)

California BanCorp (NASDAQ:CALB) – Stock analysts at DA Davidson issued their Q2 2024 EPS estimates for shares of California BanCorp in a research note issued to investors on Wednesday, May 1st. DA Davidson analyst G. Tenner forecasts that the company will post earnings of $0.53 per share for the quarter. DA Davidson has a “Buy” rating and a $31.00 price objective on the stock. The consensus estimate for California BanCorp’s current full-year earnings is $2.25 per share. DA Davidson also issued estimates for California BanCorp’s FY2024 earnings at $2.19 EPS and FY2025 earnings at $2.14 EPS.

Separately, Keefe, Bruyette & Woods reduced their price objective on shares of California BanCorp from $26.50 to $23.50 and set an “outperform” rating on the stock in a report on Friday, April 5th.

California BanCorp Stock Down 0.8 %

NASDAQ CALB opened at $21.53 on Thursday. 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. The business’s fifty day simple moving average is $22.39 and its 200-day simple moving average is $22.87. The firm has a market cap of $181.07 million, a PE ratio of 9.08 and a beta of 0.92.

California BanCorp (NASDAQ:CALB) last announced its earnings results on Tuesday, January 30th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.02. California BanCorp had a net margin of 17.16% and a return on equity of 11.05%. The company had revenue of $29.74 million for the quarter, compared to analysts’ expectations of $20.10 million.

Hedge Funds Weigh In On California BanCorp

A number of institutional investors and hedge funds have recently made changes to their positions in CALB. Barclays PLC boosted its holdings in California BanCorp by 9.4% in the third quarter. Barclays PLC now owns 10,472 shares of the company’s stock valued at $210,000 after purchasing an additional 897 shares in the last quarter. Wasatch Advisors LP boosted its holdings in shares of California BanCorp by 2.3% in the fourth quarter. Wasatch Advisors LP now owns 315,160 shares of the company’s stock valued at $7,803,000 after acquiring an additional 7,192 shares during the period. Perigon Wealth Management LLC acquired a new stake in shares of California BanCorp in the fourth quarter valued at approximately $210,000. Bedell Frazier Investment Counselling LLC acquired a new stake in shares of California BanCorp in the fourth quarter valued at approximately $216,000. Finally, Kennedy Capital Management LLC boosted its holdings in shares of California BanCorp by 13.8% in the third quarter. Kennedy Capital Management LLC now owns 120,689 shares of the company’s stock valued at $2,426,000 after acquiring an additional 14,610 shares during the period. 59.52% of the stock is owned by institutional investors and hedge funds.

California BanCorp Company 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.