Mirabella Financial Services LLP Has $11.66 Million Stock Position in Banc of California, Inc. $BANC

Mirabella Financial Services LLP reduced its holdings in Banc of California, Inc. (NYSE:BANC) by 16.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 704,218 shares of the bank’s stock after selling 141,318 shares during the period. Banc of California accounts for about 0.4% of Mirabella Financial Services LLP’s portfolio, making the stock its 20th largest holding. Mirabella Financial Services LLP owned about 0.48% of Banc of California worth $11,655,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd lifted its stake in Banc of California by 145.1% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 4,181 shares of the bank’s stock valued at $69,000 after purchasing an additional 2,475 shares during the last quarter. Osaic Holdings Inc. grew its holdings in Banc of California by 210.8% in the 2nd quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank’s stock valued at $82,000 after buying an additional 3,940 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Banc of California by 7.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,804 shares of the bank’s stock valued at $179,000 after buying an additional 777 shares in the last quarter. Walleye Capital LLC bought a new position in Banc of California during the 2nd quarter worth $179,000. Finally, Occudo Quantitative Strategies LP bought a new stake in shares of Banc of California in the second quarter valued at about $203,000. Institutional investors own 86.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Piper Sandler lifted their price target on shares of Banc of California from $24.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Barclays raised their price objective on Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, December 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Banc of California in a report on Wednesday, January 21st. JPMorgan Chase & Co. increased their target price on Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. Finally, Keefe, Bruyette & Woods raised their price target on Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Banc of California currently has a consensus rating of “Moderate Buy” and an average target price of $20.86.

Banc of California Price Performance

Banc of California stock opened at $16.99 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $2.57 billion, a PE ratio of 14.39 and a beta of 0.72. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $21.61. The stock has a 50-day moving average price of $19.55 and a two-hundred day moving average price of $18.35.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.05. The company had revenue of $292.93 million for the quarter, compared to analysts’ expectations of $288.41 million. Banc of California had a return on equity of 8.66% and a net margin of 12.59%.During the same period in the previous year, the business posted $0.28 earnings per share. Analysts expect that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 16th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.48 annualized dividend and a yield of 2.8%. This is an increase from Banc of California’s previous quarterly dividend of $0.10. Banc of California’s dividend payout ratio is 40.68%.

About Banc of California

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.