Destination Wealth Management Reduces Stake in Southern California Bancorp

Destination Wealth Management has significantly reduced its holdings in Southern California Bancorp (NASDAQ:BCAL - Free Report) by 58.2% in the fourth quarter, based on its latest 13F filing submitted to the Securities and Exchange Commission. After selling 21,276 shares during this period, the fund now holds 15,290 shares of the company.

As per the recent filing, Destination Wealth Management's ownership in Southern California Bancorp is valued at approximately $253,000.

Other institutional investors have also made adjustments to their positions in the company. Empowered Funds LLC acquired a new stake in Southern California Bancorp in the third quarter, which is valued at around $160,000. SG Americas Securities LLC raised its holdings in the bank by 22.0% during the fourth quarter; it now possesses 10,163 shares valued at $168,000 after adding 1,833 shares. Creekside Partners also entered the Southern California Bancorp market with a new stake valued at approximately $190,000 in the third quarter. In the same quarter, Jane Street Group LLC purchased shares worth about $202,000. Additionally, MetLife Investment Management LLC increased its stake in the bank by a substantial 348.8% in the third quarter, now owning 14,719 shares valued at $218,000 after acquiring an extra 11,439 shares. Currently, institutional investors own a collective 55.40% of the stock.

Southern California Bancorp Stock Performance

On Friday, shares of BCAL opened at $15.60. The company boasts a market capitalization of $501.77 million and has a price-to-earnings (PE) ratio of 82.11, with a beta of 1.13. The stock has experienced a one-year low of $12.30 and a peak of $18.49. Presently, the 50-day moving average stands at $15.81, while the 200-day moving average is $15.71.

Southern California Bancorp (NASDAQ:BCAL - Get Free Report) recently showcased its financial performance on January 29th, when it reported quarterly earnings of $0.53 per share. This figure exceeded the consensus estimate of $0.45 by $0.08. The company recorded a return on equity of 8.97% and a net margin of 2.94%. Analysts predict that Southern California Bancorp will post an earnings per share (EPS) of 1.81 for the ongoing year.

Analysts' Opinions on Southern California Bancorp

In a separate report released on January 30th, DA Davidson altered its price target for Southern California Bancorp from $22.00 to $20.00 while maintaining a "buy" rating for the company.

About Southern California Bancorp

Southern California Bancorp operates as the holding company for the Bank of Southern California, N.A., which provides a wide range of financial products and services suited for individuals, professionals, and small to medium-sized enterprises. The offerings include checking accounts, savings accounts—both personal and business, money market accounts, and certificates of deposit.

Investment, Stocks, Finance