Banc of California, Inc. $BANC Shares Acquired by Mendon Capital Advisors Corp

Mendon Capital Advisors Corp grew its stake in Banc of California, Inc. (NYSE:BANC) by 10.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 275,000 shares of the bank’s stock after buying an additional 25,000 shares during the period. Banc of California accounts for 1.4% of Mendon Capital Advisors Corp’s holdings, making the stock its 27th biggest position. Mendon Capital Advisors Corp’s holdings in Banc of California were worth $4,834,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Triumph Capital Management grew its holdings in shares of 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 during the last quarter. Crescent Grove Advisors LLC increased 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 valued at $1,810,000 after acquiring an additional 525 shares during the period. EverSource Wealth Advisors LLC raised its stake in Banc of California by 38.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after acquiring an additional 564 shares during the last quarter. CIBC Asset Management Inc raised its stake in Banc of California by 4.5% in the 4th quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank’s stock worth $283,000 after acquiring an additional 637 shares during the last quarter. Finally, Maryland State Retirement & Pension System lifted its position in 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 worth $379,000 after acquiring an additional 783 shares during the period. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BANC. Weiss Ratings downgraded Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. 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 raised their price objective on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. DA Davidson reaffirmed a “buy” rating and set a $24.00 target price on shares of Banc of California in a report on Tuesday, April 28th. Finally, Barclays dropped their target price on Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. One equities 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’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $22.69.

Banc of California Stock Down 0.0%

Shares of BANC opened at $21.28 on Monday. Banc of California, Inc. has a 52 week low of $13.96 and a 52 week high of $21.93. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of 16.24 and a beta of 0.73. The stock’s 50-day moving average price is $20.01 and its 200-day moving average price is $19.30.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.3%. The ex-dividend date was Monday, June 15th. Banc of California’s dividend payout ratio is currently 36.64%.

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.