Banc of California, Inc. $BANC Shares Sold by Bayview Asset Management LLC

Bayview Asset Management LLC lessened its holdings in Banc of California, Inc. (NYSE:BANC) by 27.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 725,000 shares of the bank’s stock after selling 268,130 shares during the period. Banc of California comprises approximately 3.2% of Bayview Asset Management LLC’s portfolio, making the stock its 2nd biggest position. Bayview Asset Management LLC’s holdings in Banc of California were worth $13,985,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Navalign LLC acquired a new stake in shares of Banc of California in the fourth quarter worth $27,000. Triumph Capital Management acquired a new stake in shares of Banc of California in the third quarter worth $25,000. Orion Capital Management LLC acquired a new stake in shares of Banc of California in the fourth quarter worth $35,000. EverSource Wealth Advisors LLC boosted its position in shares of Banc of California by 38.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after buying an additional 564 shares during the period. Finally, Hantz Financial Services Inc. boosted its position in shares of Banc of California by 199.0% in the fourth quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock worth $42,000 after buying an additional 1,437 shares during the period. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Price Performance

Shares of NYSE:BANC opened at $20.17 on Friday. Banc of California, Inc. has a 1 year low of $13.24 and a 1 year high of $21.61. The business has a fifty day simple moving average of $18.78 and a 200 day simple moving average of $19.02. 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 $3.11 billion, a price-to-earnings ratio of 15.39 and a beta of 0.74.

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

Banc of California Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 2.4%. Banc of California’s dividend payout ratio (DPR) is currently 36.64%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Barclays decreased 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. Piper Sandler increased their price objective on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Wells Fargo & Company increased their price objective on Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Monday, March 30th. Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Finally, DA Davidson reiterated a “buy” rating and set a $24.00 price objective on shares of Banc of California in a report on Tuesday, April 28th. 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 stock. According to MarketBeat, Banc of California currently has a consensus rating of “Buy” and a consensus target price of $22.31.

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.