Destination Wealth Management Sells Shares of Southern California Bancorp

Destination Wealth Management has significantly reduced its stake in Southern California Bancorp (NASDAQ:BCAL - Free Report) by 58.2% during the 4th quarter, following the latest 13F filing with the Securities and Exchange Commission. The firm's holdings now stand at 15,290 shares after divesting 21,276 shares during this period. According to the SEC filing, these shares are valued at approximately $253,000.

In addition to Destination Wealth Management, several other institutional investors have adjusted their positions regarding Southern California Bancorp. For instance, Empowered Funds LLC initiated a new investment in the company in the 3rd quarter, valued at around $160,000. SG Americas Securities LLC increased its stake in the company by 22.0% during the 4th quarter, now owning 10,163 shares valued at $168,000 after purchasing 1,833 additional shares. Creekside Partners also acquired a new stake worth about $190,000 in the same quarter. Similarly, Jane Street Group LLC made a new investment in Southern California Bancorp valued at approximately $202,000 during the 3rd quarter. MetLife Investment Management LLC significantly raised its holdings by 348.8% in the 3rd quarter, owning 14,719 shares now valued at $218,000 after adding 11,439 shares. Currently, institutional investors collectively own 55.40% of the stock.

Southern California Bancorp Price Performance

As for the stock performance, shares of BCAL opened at $15.60. The company boasts a market capitalization of $501.77 million, a price-to-earnings (P/E) ratio of 82.11, and a beta of 1.13. Over the past year, Southern California Bancorp's stock price has fluctuated between a low of $12.30 and a high of $18.49. The company’s 50-day moving average stands at $15.81, while the 200-day moving average is noted at $15.71.

Southern California Bancorp recently reported its quarterly earnings on January 29th, where it disclosed earnings per share (EPS) of $0.53, exceeding analysts' expectations of $0.45 by $0.08. The company recorded a return on equity of 8.97% along with a net margin of 2.94%. Projections estimate that Southern California Bancorp will achieve an EPS of 1.81 for the current fiscal year.

Wall Street Analyst Insights

In analyst commentary, DA Davidson adjusted their target price for Southern California Bancorp, lowering it from $22.00 to $20.00 while maintaining a "buy" rating for the stock in their report released on January 30th.

About Southern California Bancorp

Southern California Bancorp functions as the holding company for the Bank of Southern California, N.A., offering a variety of financial products aimed at individuals and businesses, including checking accounts, savings accounts, money market accounts, and certificates of deposit.

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