Banc of California, Inc. $BANC Shares Sold by Gator Capital Management LLC

Gator Capital Management LLC lowered its position in shares of Banc of California, Inc. (NYSE:BANC) by 16.5% in the 4th quarter, Holdings Channel reports. The fund owned 271,710 shares of the bank’s stock after selling 53,655 shares during the period. Banc of California comprises 1.1% of Gator Capital Management LLC’s investment portfolio, making the stock its 26th biggest holding. Gator Capital Management LLC’s holdings in Banc of California were worth $5,241,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in BANC. Bank of America Corp DE lifted its holdings in shares of Banc of California by 243.9% during the 3rd quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock valued at $56,782,000 after purchasing an additional 2,433,394 shares in the last quarter. Dimensional Fund Advisors LP raised its position in 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. Balyasny Asset Management L.P. purchased a new stake in Banc of California during the 2nd quarter valued at $17,400,000. Millennium Management LLC grew its position in shares of Banc of California by 276.5% during the third quarter. Millennium Management LLC now owns 1,278,974 shares of the bank’s stock valued at $21,167,000 after purchasing an additional 939,318 shares in the last quarter. Finally, Bridgeway Capital Management LLC bought a new stake in shares of Banc of California during the third quarter valued at approximately $13,554,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Trading Up 1.5%

NYSE BANC opened at $20.17 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $3.11 billion, a PE ratio of 15.39 and a beta of 0.74. The firm’s fifty day moving average is $18.78 and its two-hundred day moving average is $19.02. Banc of California, Inc. has a one year low of $13.24 and a one year high of $21.61.

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

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Monday, June 15th. Banc of California’s dividend payout ratio (DPR) is 36.64%.

Wall Street Analysts Forecast Growth

BANC has been the topic of a number of analyst reports. DA Davidson restated a “buy” rating and issued a $24.00 price objective on shares of Banc of California in a report on Tuesday, April 28th. Wells Fargo & Company lifted their price target on shares of Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, March 30th. 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. Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Finally, Barclays cut their price target on Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. One investment 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 company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $22.31.

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.