DA Davidson raised the firm’s price target on Southern California Bancorp (BCAL) to $23 from $20 and keeps a Buy rating on the shares. The company’s Q4 earnings decline was impacted by lower than projected revenue, and higher expenses, though the highlight of the earnings announcement wass the merger with California Bancorp (CALB), the analyst tells investors in a research note. The transaction is attractive strategically and financially, the firm added.
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Read More on BCAL:
- Southern California Bancorp reports Q4 EPS 24c v. 46c last year
- SOUTHERN CALIFORNIA BANCORP REPORTS NET INCOME OF $4.4 MILLION FOR THE FOURTH QUARTER AND $25.9 MILLION FOR THE FULL YEAR OF 2023
- SOUTHERN CALIFORNIA BANCORP AND CALIFORNIA BANCORP ANNOUNCE A MERGER OF EQUALS TO CREATE A PREMIER CALIFORNIA BUSINESS BANK
- California BanCorp and Southern California Bancorp enter merger agreement
- BCAL Upcoming Earnings Report: What to Expect?