Hodges Capital Management Inc. Purchases 140,911 Shares of Banc of California, Inc. $BANC

Hodges Capital Management Inc. lifted its position in shares of Banc of California, Inc. (NYSE:BANC) by 11.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,385,290 shares of the bank’s stock after acquiring an additional 140,911 shares during the quarter. Banc of California makes up approximately 2.3% of Hodges Capital Management Inc.’s portfolio, making the stock its 8th biggest position. Hodges Capital Management Inc.’s holdings in Banc of California were worth $26,722,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Banc of California by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank’s stock valued at $191,970,000 after acquiring an additional 438,320 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Banc of California by 7.7% during the 3rd quarter. Invesco Ltd. now owns 5,829,231 shares of the bank’s stock valued at $96,474,000 after acquiring an additional 418,293 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Banc of California by 45.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock valued at $83,635,000 after acquiring an additional 1,576,914 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Banc of California by 8.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock valued at $53,879,000 after acquiring an additional 297,680 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of 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 valued at $56,782,000 after acquiring an additional 2,433,394 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Stock Performance

BANC stock opened at $19.66 on Thursday. The stock has a 50-day moving average price of $18.69 and a 200-day moving average price of $19.00. Banc of California, Inc. has a 1-year low of $13.24 and a 1-year high of $21.61. 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 firm has a market cap of $3.03 billion, a PE ratio of 15.00 and a beta of 0.74.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $286.95 million during the quarter, compared to analyst estimates of $291.28 million. During the same period last year, the company posted $0.26 EPS. The business’s quarterly revenue was up 7.9% on a year-over-year basis. As a group, equities research analysts expect that Banc of California, Inc. will post 1.72 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be given a $0.12 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. Banc of California’s dividend payout ratio (DPR) is 36.64%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BANC. Piper Sandler raised their price objective on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, April 27th. DA Davidson reaffirmed a “buy” rating and set a $24.00 target price on shares of Banc of California in a research report on Tuesday, April 28th. Barclays lowered their target price on Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. JPMorgan Chase & Co. raised their target price on Banc of California from $20.50 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. Finally, Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Banc of California currently has an average rating of “Buy” and a consensus price target of $22.31.

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.