Basswood Capital Management L.L.C. Takes $11.78 Million Position in Banc of California, Inc. $BANC

Basswood Capital Management L.L.C. purchased a new position in shares of Banc of California, Inc. (NYSE:BANC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 576,403 shares of the bank’s stock, valued at approximately $11,776,000. Basswood Capital Management L.L.C. owned about 0.36% of Banc of California as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Triumph Capital Management raised its stake in Banc of California by 32.8% during the fourth quarter. Triumph Capital Management now owns 2,025 shares of the bank’s stock valued at $39,000 after buying an additional 500 shares in the last quarter. Crescent Grove Advisors LLC grew its position in shares of Banc of California by 0.5% in the 1st quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank’s stock worth $1,810,000 after acquiring an additional 525 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Banc of California by 38.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after acquiring an additional 564 shares during the last quarter. CIBC Asset Management Inc increased its holdings in shares of Banc of California by 4.5% in the 4th quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank’s stock valued at $283,000 after acquiring an additional 637 shares during the last quarter. Finally, Maryland State Retirement & Pension System raised its position in shares of Banc of California by 4.2% during the 4th quarter. Maryland State Retirement & Pension System now owns 19,630 shares of the bank’s stock valued at $379,000 after acquiring an additional 783 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the sale, the insider directly owned 32,842 shares in the company, valued at $640,419. This trade represents a 15.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.78% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Wells Fargo & Company began coverage on shares of Banc of California in a research note on Monday, August 10th. They set an “overweight” rating and a $23.00 target price for the company. Brean Capital cut shares of Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. Weiss Ratings downgraded shares of Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. Finally, Wall Street Zen lowered shares of Banc of California from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $22.62.

Banc of California Price Performance

Shares of BANC opened at $18.87 on Thursday. The company has a market cap of $2.99 billion, a P/E ratio of -44.93 and a beta of 0.74. The stock has a fifty day moving average price of $20.04 and a 200 day moving average price of $19.13. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86. Banc of California, Inc. has a 12 month low of $15.33 and a 12 month high of $21.93.

Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The company had revenue of $16.41 million during the quarter, compared to the consensus estimate of $295.32 million. During the same quarter in the previous year, the business posted $0.31 earnings per share. The business’s quarterly revenue was down 94.0% compared to the same quarter last year. On average, research analysts forecast that Banc of California, Inc. will post 1.68 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 15th. Banc of California’s dividend payout ratio (DPR) is -114.29%.

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.