UBS Group AG Grows Stock Position in Banc of California, Inc. $BANC

UBS Group AG lifted its stake in Banc of California, Inc. (NYSE:BANC) by 28.4% in the fourth quarter, HoldingsChannel reports. The firm owned 598,427 shares of the bank’s stock after acquiring an additional 132,328 shares during the quarter. UBS Group AG’s holdings in Banc of California were worth $11,544,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jupiter Asset Management Ltd. purchased a new stake in Banc of California during the 3rd quarter worth about $912,000. Polar Asset Management Partners Inc. purchased a new stake in Banc of California during the 3rd quarter worth about $2,054,000. ARGA Investment Management LP purchased a new stake in Banc of California during the 3rd quarter worth about $1,730,000. Y Intercept Hong Kong Ltd lifted its holdings in Banc of California by 308.4% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 70,856 shares of the bank’s stock worth $1,173,000 after buying an additional 53,506 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in Banc of California by 445.0% during the 4th quarter. SG Americas Securities LLC now owns 144,758 shares of the bank’s stock worth $2,792,000 after buying an additional 118,198 shares during the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Banc of California Stock Down 2.2%

Banc of California stock opened at $18.27 on Friday. Banc of California, Inc. has a fifty-two week low of $13.24 and a fifty-two week high of $21.61. 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 company has a market capitalization of $2.82 billion, a P/E ratio of 13.94 and a beta of 0.75. The stock has a 50-day simple moving average of $17.99 and a 200-day simple moving average of $18.74.

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

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, June 15th. Banc of California’s payout ratio is presently 36.64%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on BANC shares. Wells Fargo & Company lifted their price target on Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Monday, March 30th. Barclays decreased their price target 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. Keefe, Bruyette & Woods lifted their price target on Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, January 23rd. JPMorgan Chase & Co. lifted their price target on Banc of California from $20.50 to $22.00 and gave the stock an “overweight” rating in a report on Friday, April 24th. Finally, DA Davidson reaffirmed a “buy” rating and set a $24.00 price target 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, eight have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $21.83.

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.