Endeavour Capital Advisors Inc. Reduces Position in Banc of California, Inc. $BANC

Endeavour Capital Advisors Inc. decreased its position in Banc of California, Inc. (NYSE:BANC) by 28.4% in the 4th quarter, HoldingsChannel reports. The firm owned 463,243 shares of the bank’s stock after selling 183,815 shares during the period. Banc of California makes up about 2.5% of Endeavour Capital Advisors Inc.’s holdings, making the stock its 17th largest holding. Endeavour Capital Advisors Inc.’s holdings in Banc of California were worth $8,936,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Triumph Capital Management acquired a new stake in Banc of California in the 3rd quarter worth about $25,000. Navalign LLC purchased a new stake in Banc of California during the fourth quarter worth approximately $27,000. Orion Capital Management LLC acquired a new stake in Banc of California in the 4th quarter valued at $35,000. Advisory Services Network LLC acquired a new stake in shares of Banc of California in the third quarter valued at about $36,000. Finally, EverSource Wealth Advisors LLC grew its position in Banc of California by 38.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after acquiring an additional 564 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. DA Davidson reaffirmed a “buy” rating and set a $24.00 target price on shares of Banc of California in a research report on Tuesday, April 28th. JPMorgan Chase & Co. increased their target price on shares of Banc of California from $20.50 to $22.00 and gave the stock an “overweight” rating in a report on Friday, April 24th. Piper Sandler raised their target price on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research note 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. Finally, Barclays lowered their target price on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $22.31.

Banc of California Price Performance

NYSE BANC opened at $18.83 on Tuesday. 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 company has a market cap of $2.90 billion, a PE ratio of 14.37 and a beta of 0.75. Banc of California, Inc. has a 1 year low of $13.24 and a 1 year high of $21.61. The stock’s 50-day moving average price is $18.18 and its two-hundred day moving average price is $18.82.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $286.95 million for the quarter, compared to analysts’ expectations of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.26 EPS. On average, analysts predict that Banc of California, Inc. will post 1.72 EPS for the current year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a yield of 2.5%. Banc of California’s payout ratio is presently 36.64%.

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.