Algert Global LLC Decreases Stake in Banc of California, Inc. $BANC

Algert Global LLC lowered its position in shares of Banc of California, Inc. (NYSE:BANC) by 42.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 477,020 shares of the bank’s stock after selling 357,180 shares during the quarter. Algert Global LLC owned 0.32% of Banc of California worth $7,895,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BANC. Invesco Ltd. grew its stake in Banc of California by 7.7% in the 3rd quarter. Invesco Ltd. now owns 5,829,231 shares of the bank’s stock valued at $96,474,000 after purchasing an additional 418,293 shares during the period. Dimensional Fund Advisors LP increased its position 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 purchasing an additional 1,576,914 shares during the last quarter. Goldman Sachs Group Inc. raised its stake 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 worth $53,879,000 after purchasing an additional 297,680 shares during the period. American Century Companies Inc. raised its stake in shares of Banc of California by 67.9% during the 3rd quarter. American Century Companies Inc. now owns 2,001,716 shares of the bank’s stock worth $33,128,000 after purchasing an additional 809,831 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Banc of California by 45.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,652,137 shares of the bank’s stock worth $27,343,000 after buying an additional 517,523 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

Banc of California stock opened at $16.99 on Tuesday. The firm has a market capitalization of $2.57 billion, a P/E ratio of 14.39 and a beta of 0.72. Banc of California, Inc. has a one year low of $11.52 and a one year high of $21.61. 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 business has a fifty day moving average price of $19.55 and a 200-day moving average price of $18.35.

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

Banc of California Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be given a dividend of $0.12 per share. This is a boost from Banc of California’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Monday, March 16th. Banc of California’s dividend payout ratio (DPR) is currently 40.68%.

Analysts Set New Price Targets

BANC has been the subject of several research reports. JPMorgan Chase & Co. increased their price target on shares of Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, January 21st. Piper Sandler boosted their target price on shares of Banc of California from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Wall Street Zen raised shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Keefe, Bruyette & Woods raised 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 note on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.86.

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.