Royce & Associates LP Reduces Stock Holdings in Banc of California, Inc. $BANC

Royce & Associates LP trimmed its position in Banc of California, Inc. (NYSE:BANC) by 95.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 59,431 shares of the bank’s stock after selling 1,165,337 shares during the period. Royce & Associates LP’s holdings in Banc of California were worth $984,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. acquired a new position in Banc of California in the second quarter valued at approximately $17,400,000. FJ Capital Management LLC increased its holdings in shares of Banc of California by 265.8% during the 2nd quarter. FJ Capital Management LLC now owns 1,365,440 shares of the bank’s stock valued at $19,184,000 after purchasing an additional 992,154 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Banc of California by 21.5% during the 2nd quarter. Invesco Ltd. now owns 5,410,938 shares of the bank’s stock valued at $76,024,000 after purchasing an additional 957,693 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Banc of California by 67.9% in the 3rd quarter. American Century Companies Inc. now owns 2,001,716 shares of the bank’s stock valued at $33,128,000 after purchasing an additional 809,831 shares during the period. Finally, Qube Research & Technologies Ltd lifted its stake in shares of Banc of California by 101.0% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,392,277 shares of the bank’s stock valued at $19,561,000 after purchasing an additional 699,464 shares during the period. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

Shares of BANC stock opened at $17.09 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market capitalization of $2.59 billion, a PE ratio of 14.48 and a beta of 0.72. The firm’s 50-day moving average is $19.85 and its two-hundred day moving average is $18.29. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $21.61.

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

Banc of California Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th will be issued a dividend of $0.12 per share. This is a boost from Banc of California’s previous quarterly dividend of $0.10. The ex-dividend date is Monday, March 16th. This represents a $0.48 annualized dividend and a yield of 2.8%. Banc of California’s dividend payout ratio (DPR) is presently 33.90%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BANC shares. Piper Sandler upped their price objective on shares of Banc of California from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Keefe, Bruyette & Woods upped their price target on shares of Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. Wall Street Zen raised shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Barclays lifted their price objective on Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 19th. Finally, JPMorgan Chase & Co. boosted their price objective on Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.86.

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.