There was a significant drop in the number of short positions held in California BanCorp in September (NASDAQ: CALB). As of September 30, there was total short interest of 5,600 shares, down 11.1% from the total short interest of 6,300 shares that existed the previous day. Currently, only 0.1% of the company’s shares are sold short in the market. The day-to-cover ratio is currently 2.1 days as the average daily volume of shares traded is 2,700. In light of this, the ratio has been calculated.
On Thursday, July 28, the latest quarterly earnings report from California BanCorp (NASDAQ: CALB) was made available to the general public. The company reported earnings per share for the quarter at $0.51, $0.10 higher than the consensus estimate of $0.41 among analysts. Additionally, the company’s sales for the quarter were significantly higher than analysts’ forecast of $16.50 million, rising to $17.62 million instead. California BanCorp’s return on equity was 9.37%, while the company’s net margin was 20.18%. In the current fiscal year, equity research professionals expect California BanCorp to earn $2.3 per share. These projections are based on historical data.
In a research note published on September 30, Piper Sandler reduced her price target on California BanCorp from $23.00 to $23.00.
The cost of a share of California BanCorp was reduced by $0.10 during Monday’s trading, bringing the current price to $20.65. The total number of company shares that changed hands was 6,785, significantly higher than the company’s average volume of 5,554 shares. The low point for California BanCorp in the last 52 weeks is $17.56, while the 52-week high for the company is $24.00. The debt ratio is calculated at 0.97, the quick ratio is calculated at 1.07 and the current ratio is also calculated at 1.07. The company’s stock price moving averages over the past 50 days are $20.54; over the past 200 days, these averages are $20.65. The company has a PE ratio of 11.95 and its beta is 1.04. Its market cap currently sits at $171.83 million.
Over the past few months, many prominent investors have made recent changes to their CALB investments. During the first three months of the year, Wasatch Advisors Inc. increased the percentage of California Bancorp shares it held to 2,486.1%. Wasatch Advisors, Inc. currently has 312,828 shares outstanding, giving a market value for the entire company of $7,200,000. Compared to the total number of shares it held at the end of the reporting period immediately preceding this, this represents an increase of 300,735 shares. During the second quarter, LFS Asset Management acquired a new position in California BanCorp, worth approximately $649 thousand. Petiole USA Ltd. increased the percentage of shares held by California BanCorp by 22.5% during the second quarter of the fiscal year. Petiole USA Ltd now controls an additional 6,914 shares of the company, bringing its total number of shares to 37,704, with a current market value of $717,000; these shares were acquired throughout the period in question. The Manufacturers Life Insurance Company increased the number of California BanCorp shares held by 1.1% in the first three months of 2018. The Manufacturers Life Insurance Company now owns 522,082 shares of the company, which it acquired in purchasing 5,826 additional shares. Based on the current market price, that gives them a value of $12,013,000. And finally, during the second quarter, Intersect Capital LLC increased its stake in California BanCorp by purchasing an additional 2.9% of its shares. Following the purchase of an additional 4,655 shares during the period, Intersect Capital LLC now owns 166,202 shares of the company. Based on the current market price, this gives the business a value of $3,203,000. Most of the company’s shares are held by institutional investors and hedge funds, which account for 52.88% of the total.
California Bank of Commerce, a state commercial bank, and California Bancorp, a bank holding company, are subsidiaries of California BanCorp. California BanCorp is the parent company. It can process deposits of various products, including business checking accounts, savings and money market accounts, in addition to certificates of deposit and other business accounts. In addition, the organization may offer asset-based loans, standby letters of credit, construction and development loans, real estate loans, including commercial real estate loans, and loans for other types of properties. , among other types of loans. Consumers can obtain loans from the company through revolving lines of credit, secured and unsecured installment loans, and unsecured lines of credit. It also helps businesses and industries with money by providing loans for a certain term, working capital, accounts receivable, and inventory financing, among other financial products.