DA Davidson Lowers Earnings Forecast for Southern California Bancorp

On October 30th, investment analysts from DA Davidson announced a reduction in their earnings estimates for Southern California Bancorp (NASDAQ:BCAL). In a recent report issued to clients and investors, DA Davidson analyst G. Tenner now forecasts that the company will earn $0.60 per share in the fiscal year 2024, a drop from the previous estimate of $0.90 per share.

The current consensus among analysts for Southern California Bancorp's full-year earnings remains higher at $1.03 per share, indicating that DA Davidson has adopted a more cautious approach compared to the general market expectations.

Southern California Bancorp reported its most recent quarterly earnings on August 12th, where it disclosed earnings of only $0.03 per share. The company also noted a negative net margin of 4.51%, alongside a positive return on equity of 6.72%. During this quarter, the company achieved revenues totaling $22.18 million.

In a related note, Keefe, Bruyette & Woods also revised their outlook for Southern California Bancorp. They lowered their price target for the stock from $23.00 to $19.00 while maintaining an 'outperform' rating.

Current Stock Performance

On the market, shares of Southern California Bancorp (BCAL) opened at $14.62 on Friday. The company now has a market capitalization of approximately $271.20 million. Its price-to-earnings ratio stands at -182.75, with a beta of 0.74. The stock has demonstrated a 50-day moving average of $14.48 and a 200-day moving average of $14.20. Over the past year, Southern California Bancorp's share price has fluctuated between a low of $12.30 and a high of $18.00.

Institutional Interest

In recent months, various institutional investors and hedge funds have adjusted their shares in Southern California Bancorp. Notably, Keystone Wealth Services LLC acquired a new stake valued at $617,000 during the third quarter. Rhumbline Advisers also invested approximately $166,000 in the second quarter, while Bank of New York Mellon Corp bought in with about $461,000 during the same period. Additionally, Hennessy Advisors Inc. increased its holdings by 8.8% and now owns 124,000 shares worth $1.67 million after purchasing an extra 10,000 shares. Overall, institutional investors hold about 55.40% of the stock.

Insider Trading Activity

In related online news, Director Lester Machado sold 10,000 shares of Southern California Bancorp on August 20th at an average price of $14.37, totaling $143,700. Post-transaction, Machado retained 15,437 shares valued at around $221,829.69, marking no significant change in his overall position. This activity has been disclosed in formal filings with the Securities and Exchange Commission, available for public viewing.

Company Overview

Southern California Bancorp acts as the parent company for Bank of Southern California N.A. The bank provides a range of financial services targeting individuals, professionals, and small to medium-sized enterprises. It offers various accounts, including checking, savings, and certificates of deposit.

Earnings, Stocks, Forecast