Bridgeway Capital Management LLC increased its holdings in Banc of California, Inc. (NYSE:BANC – Free Report) by 11.8% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 915,325 shares of the bank’s stock after purchasing an additional 96,372 shares during the quarter. Bridgeway Capital Management LLC’s holdings in Banc of California were worth $17,657,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the business. Polar Asset Management Partners Inc. boosted its position in shares of Banc of California by 238.0% in the 4th quarter. Polar Asset Management Partners Inc. now owns 419,530 shares of the bank’s stock worth $8,093,000 after buying an additional 295,394 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Banc of California by 50.1% in the 4th quarter. AQR Capital Management LLC now owns 475,056 shares of the bank’s stock worth $9,164,000 after buying an additional 158,584 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Banc of California by 14.6% in the 4th quarter. Cetera Investment Advisers now owns 15,855 shares of the bank’s stock worth $306,000 after buying an additional 2,023 shares in the last quarter. North Reef Capital Management LP purchased a new stake in shares of Banc of California in the 4th quarter worth about $22,312,000. Finally, Amundi boosted its position in shares of Banc of California by 11.1% in the 4th quarter. Amundi now owns 25,608 shares of the bank’s stock worth $494,000 after buying an additional 2,560 shares in the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.
Banc of California Price Performance
NYSE:BANC opened at $19.85 on Thursday. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of 15.15 and a beta of 0.74. 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’s 50-day moving average is $18.91 and its two-hundred day moving average is $19.06. Banc of California, Inc. has a 12-month low of $13.24 and a 12-month high of $21.61.
Banc of California Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.4%. Banc of California’s dividend payout ratio is currently 36.64%.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on the stock. Piper Sandler upped their target price on shares of Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Weiss Ratings lowered shares of Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Barclays reduced their target price on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. DA Davidson restated a “buy” rating and issued a $24.00 target price on shares of Banc of California in a report on Tuesday, April 28th. Finally, JPMorgan Chase & Co. upped their target price 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. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $22.31.
Get Our Latest Report on Banc of California
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.
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