Vanguard Group Inc. Increases Position in Banc of California, Inc. $BANC

Vanguard Group Inc. boosted its holdings in Banc of California, Inc. (NYSE:BANC) by 4.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,951,795 shares of the bank’s stock after purchasing an additional 438,320 shares during the quarter. Vanguard Group Inc. owned about 0.07% of Banc of California worth $191,970,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of BANC. Royal Bank of Canada grew its holdings in Banc of California by 9.4% in the first quarter. Royal Bank of Canada now owns 74,043 shares of the bank’s stock worth $1,050,000 after purchasing an additional 6,364 shares during the period. AQR Capital Management LLC grew its holdings in shares of Banc of California by 209.4% during the first quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock valued at $1,462,000 after buying an additional 69,739 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Banc of California by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock valued at $1,173,000 after buying an additional 3,611 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Banc of California by 8.5% during the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock valued at $53,879,000 after buying an additional 297,680 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Banc of California by 1.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock valued at $6,270,000 after buying an additional 4,263 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Wall Street Analyst Weigh In

BANC has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price target on shares of Banc of California from $20.50 to $22.00 and gave the company an “overweight” rating in a report on Friday, April 24th. Keefe, Bruyette & Woods boosted their price target on Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, January 23rd. Barclays decreased their price target on Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Piper Sandler boosted their price target on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $21.83.

Banc of California Trading Up 0.1%

NYSE:BANC opened at $19.05 on Monday. The company has a market cap of $2.86 billion, a PE ratio of 14.55 and a beta of 0.75. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a 50 day simple moving average of $18.00 and a two-hundred day simple moving average of $18.67. Banc of California, Inc. has a 12 month low of $13.24 and a 12 month high of $21.61.

Banc of California (NYSE:BANC) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $286.95 million during the quarter, compared to analyst estimates of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 EPS. Research analysts forecast that Banc of California, Inc. will post 1.72 earnings per share for the current year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be paid a dividend of $0.12 per share. The ex-dividend date is Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a yield of 2.5%. Banc of California’s payout ratio is currently 36.64%.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.