Destination Wealth Management Reduces Holdings in Southern California Bancorp

Destination Wealth Management has significantly reduced its investment in Southern California Bancorp (NASDAQ:BCAL) by 58.2% during the fourth quarter. This information comes from the latest 13F filing submitted to the Securities and Exchange Commission (SEC). After selling off 21,276 shares, the fund now holds 15,290 shares of the company.

As of the most recent filing, Destination Wealth Management's remaining stake in Southern California Bancorp is valued at approximately $253,000.

In addition to Destination Wealth Management, other institutional investors have also adjusted their positions in Southern California Bancorp. For example, Empowered Funds LLC acquired a new position in the shares during the third quarter, valued at about $160,000. Moving to the fourth quarter, SG Americas Securities LLC increased its holdings in the bank by 22.0%, now owning 10,163 shares valued at $168,000 after adding 1,833 shares during this time. Creekside Partners also purchased a new stake in the same quarter valued at about $190,000. Furthermore, Jane Street Group LLC entered a new position during the third quarter, which is valued at around $202,000.

Another noteworthy investor is MetLife Investment Management LLC, which raised its stakes by an impressive 348.8% in the third quarter. It now owns 14,719 shares valued at $218,000 after acquiring an additional 11,439 shares during that period. Approximately 55.40% of Southern California Bancorp's stock is currently held by institutional investors.

Southern California Bancorp Price Performance

As of the last trading session, shares of BCAL opened at $15.60. The company has a market capitalization of $501.77 million, a price-to-earnings (P/E) ratio of 82.11, and a beta of 1.13. The shares have experienced a 1-year trading range, from a low of $12.30 to a high of $18.49. The stock has a 50-day moving average of $15.81 and a 200-day moving average of $15.71.

Southern California Bancorp recently reported its quarterly earnings on January 29th. The company posted earnings of $0.53 per share, which exceeded the consensus estimate of $0.45 by $0.08. In terms of profitability, Southern California Bancorp achieved a return on equity of 8.97% and a net margin of 2.94%. Analysts are forecasting that the company will report earnings of 1.81 per share for the current year.

Wall Street Analyst Opinions

In related news, analysts at DA Davidson have revised their target price for Southern California Bancorp from $22.00 to $20.00 while maintaining a "buy" rating for the stock as of January 30th.

About Southern California Bancorp

Southern California Bancorp serves as the holding company for Bank of Southern California, N.A., offering a variety of financial products to individuals, professionals, and small to medium-sized businesses. Services include checking accounts, personal and business savings accounts, money market accounts, and certificates of deposit.

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