Banc of California, Inc. $BANC Shares Bought by Empowered Funds LLC

Empowered Funds LLC grew its holdings in Banc of California, Inc. (NYSE:BANC) by 7.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 678,395 shares of the bank’s stock after buying an additional 46,510 shares during the period. Empowered Funds LLC owned 0.44% of Banc of California worth $11,926,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Triumph Capital Management acquired a new position in Banc of California during the third quarter worth about $25,000. Navalign LLC acquired a new stake in Banc of California in the 4th quarter valued at about $27,000. Orion Capital Management LLC acquired a new stake in Banc of California in the 4th quarter valued at about $35,000. Advisory Services Network LLC purchased a new position in Banc of California in the 3rd quarter worth approximately $36,000. Finally, EverSource Wealth Advisors LLC lifted 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 purchasing an additional 564 shares in the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California News Summary

Here are the key news stories impacting Banc of California this week:

• Positive Sentiment: Management highlighted 9% annualized average loan growth and 12% annualized deposit growth. Deposits increased by $799 million, or 2.9%, during the quarter, while average loans rose by $556.1 million, or 2.3%, indicating continued underlying franchise expansion. Banc of California Second-Quarter Results
• Positive Sentiment: The company repositioned $2.3 billion of securities, initiated sales of approximately $827 million in loans and retired $385 million of subordinated debt. Banc of California said the moves should enhance its long-term earnings profile and reduce balance-sheet inefficiencies. Banc of California Q2 Earnings Call Transcript
• Neutral Sentiment: Despite the reported loss, estimated Tier 1 and CET1 capital ratios were 11.67% and 9.25%, respectively. Book value per share was $18.38 and tangible book value per share was $16.44 at June 30, providing context for the bank’s capital position after the restructuring.
• Negative Sentiment: Banc of California reported a net loss available to common stockholders of $251.3 million, or $1.61 per diluted share, compared with a consensus estimate of $0.40 EPS and year-ago earnings of $0.31 per share. Banc of California Q2 Earnings Miss Estimates
• Negative Sentiment: Revenue fell sharply to $16.4 million from $286.9 million in the first quarter and was down 94% year over year. The securities repositioning generated a $256.7 million pretax loss, making the quarter’s results substantially weaker than expected and weighing on investor sentiment.

Banc of California Stock Down 12.2%

Shares of NYSE BANC opened at $18.59 on Thursday. The company has a market capitalization of $2.87 billion, a P/E ratio of 14.19 and a beta of 0.73. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The company has a 50 day simple moving average of $20.10 and a 200-day simple moving average of $19.30. Banc of California, Inc. has a 1 year low of $13.96 and a 1 year high of $21.93.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($2.01). The business had revenue of $164.05 million during the quarter, compared to analysts’ expectations of $295.32 million. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The company’s revenue was down 94.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.31 earnings per share. On average, equities research analysts predict that Banc of California, Inc. will post 1.71 earnings per share for the current year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Monday, June 15th. Banc of California’s dividend payout ratio (DPR) is presently 36.64%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on BANC shares. JPMorgan Chase & Co. upped their price target on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. DA Davidson reiterated a “buy” rating and set a $24.00 price objective on shares of Banc of California in a research report on Tuesday, April 28th. Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. Wells Fargo & Company boosted 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. Finally, Barclays dropped their target price on Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $22.69.

Banc of California 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.