OP Asset Management Ltd Invests $1.25 Million in Banc of California, Inc. $BANC

OP Asset Management Ltd purchased a new stake in Banc of California, Inc. (NYSE:BANC) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 70,927 shares of the bank’s stock, valued at approximately $1,247,000.

Several other hedge funds have also added to or reduced their stakes in the business. Triumph Capital Management bought a new position in Banc of California during the third quarter worth about $25,000. Navalign LLC bought a new stake in shares of Banc of California in the fourth quarter worth about $27,000. Orion Capital Management LLC bought a new stake in shares of Banc of California in the fourth quarter worth about $35,000. Advisory Services Network LLC acquired a new stake in shares of Banc of California during the third quarter worth about $36,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Banc of California by 38.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after purchasing an additional 564 shares during the period. Institutional investors and hedge funds own 86.88% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on BANC. Piper Sandler boosted their price objective on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Barclays cut their price target on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. DA Davidson reiterated a “buy” rating and issued a $24.00 price target on shares of Banc of California in a report on Tuesday, April 28th. JPMorgan Chase & Co. increased their price objective on shares of 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 cut shares of Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Banc of California presently has an average rating of “Buy” and a consensus target price of $22.31.

Banc of California Stock Down 1.8%

Shares of Banc of California stock opened at $20.44 on Tuesday. The firm has a market cap of $3.15 billion, a PE ratio of 15.60 and a beta of 0.75. The business’s 50 day simple moving average is $19.23 and its 200 day simple moving average is $19.15. 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.

Banc of California (NYSE:BANC) last issued its quarterly earnings results 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 net margin of 13.58% and a return on equity of 9.25%. The company had revenue of $286.95 million during the quarter, compared to analysts’ expectations of $291.28 million. During the same period last year, the business earned $0.26 EPS. The business’s quarterly revenue was up 7.9% on a year-over-year basis. On average, analysts predict that Banc of California, Inc. will post 1.71 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.3%. The ex-dividend date is Monday, June 15th. Banc of California’s payout ratio is presently 36.64%.

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.