Southern California Bancorp initiated with an Equal Weight at Stephens

Stephens initiated coverage of Southern California Bancorp with an Equal Weight rating and $17 price target. The company is a SoCal pure-play that has experienced “significant growth” at mid-20% loan/deposit CAGR and has laid the infrastructure for continued above-peer growth, the analyst tells investors in a research note. Despite the newer entrance to the public markets, Southern California Bancorp carries an “impressive” executive team, all of which carry impressive track records at prior institutions, the firm adds, though it also sees its 1.2-times tangible book value multiple as “fair”.