SG Americas Securities LLC increased its stake in Banc of California, Inc. (NYSE:BANC – Free Report) by 137.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 344,033 shares of the bank’s stock after acquiring an additional 199,275 shares during the quarter. SG Americas Securities LLC’s holdings in Banc of California were worth $6,048,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in BANC. Bank of America Corp DE raised its holdings in Banc of California by 243.9% during the 3rd quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock worth $56,782,000 after purchasing an additional 2,433,394 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Banc of California by 45.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock valued at $83,635,000 after purchasing an additional 1,576,914 shares during the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Banc of California in the 2nd quarter valued at $17,400,000. North Reef Capital Management LP acquired a new stake in shares of Banc of California during the fourth quarter worth $22,312,000. Finally, Millennium Management LLC increased its position in shares of Banc of California by 276.5% during the third quarter. Millennium Management LLC now owns 1,278,974 shares of the bank’s stock worth $21,167,000 after buying an additional 939,318 shares during the period. 86.88% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several research firms recently issued reports on BANC. 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. Piper Sandler increased their price target on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Wells Fargo & Company lifted their price objective on Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, March 30th. JPMorgan Chase & Co. boosted their price objective on Banc of California from $20.50 to $22.00 and gave the company an “overweight” rating in a research note on Friday, April 24th. Finally, Barclays decreased their target price 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. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $22.31.
Banc of California Price Performance
BANC stock opened at $20.84 on Monday. The company has a market capitalization of $3.21 billion, a P/E ratio of 15.90 and a beta of 0.75. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California, Inc. has a 52-week low of $13.96 and a 52-week high of $21.61. The business has a 50-day simple moving average of $19.19 and a two-hundred day simple moving average of $19.14.
Banc of California (NYSE:BANC – Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The business had revenue of $286.95 million during the quarter, compared to analyst estimates of $291.28 million. During the same period in the prior year, the firm posted $0.26 EPS. Banc of California’s quarterly revenue was up 7.9% compared to the same quarter last year. Research analysts expect that Banc of California, Inc. will post 1.71 EPS for the current fiscal year.
Banc of California Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be issued a $0.12 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.48 annualized dividend and a dividend yield of 2.3%. Banc of California’s dividend payout ratio is currently 36.64%.
Banc of California 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.
Read More
- Five stocks we like better than Banc of California
- As Stablecoins Keep Growing, These 2 Stocks Benefit
- Apple Just Handed These 4 Memory Stocks Their Best News of the Year
- Costco’s Secret Growth Engine May Be Running Out of Gas
- Why Alphabet’s Pullback May Be an Opportunity in Disguise
Want to see what other hedge funds are holding BANC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Banc of California, Inc. (NYSE:BANC – Free Report).
Receive News & Ratings for Banc of California Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Banc of California and related companies with MarketBeat.com's FREE daily email newsletter.
