AlphaQuest LLC Trims Stock Position in Banc of California, Inc. $BANC

AlphaQuest LLC lessened its stake in Banc of California, Inc. (NYSE:BANC) by 94.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,565 shares of the bank’s stock after selling 45,822 shares during the period. AlphaQuest LLC’s holdings in Banc of California were worth $42,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Osaic Holdings Inc. raised its position in Banc of California by 210.8% during the second quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank’s stock valued at $82,000 after acquiring an additional 3,940 shares in the last quarter. CWM LLC grew its stake in shares of Banc of California by 9.1% during the 2nd quarter. CWM LLC now owns 8,783 shares of the bank’s stock worth $123,000 after purchasing an additional 734 shares during the period. Walleye Capital LLC acquired a new stake in shares of Banc of California during the 2nd quarter worth approximately $179,000. Occudo Quantitative Strategies LP purchased a new position in shares of Banc of California during the 2nd quarter valued at approximately $203,000. Finally, Cerity Partners LLC acquired a new position in shares of Banc of California in the 2nd quarter valued at $209,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Trading Down 1.1%

Shares of BANC stock opened at $19.99 on Monday. Banc of California, Inc. has a fifty-two week low of $11.52 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 0.90. The stock’s fifty day moving average is $20.04 and its two-hundred day moving average is $17.90. The firm has a market capitalization of $3.02 billion, a P/E ratio of 16.94 and a beta of 0.72.

Banc of California (NYSE:BANC) last released its earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. The business had revenue of $292.93 million during the quarter, compared to analyst estimates of $288.41 million. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. During the same quarter in the prior year, the firm earned $0.28 earnings per share. Research analysts expect that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Monday, March 16th. This is a positive change from Banc of California’s previous quarterly dividend of $0.10. Banc of California’s payout ratio is currently 33.90%.

Analysts Set New Price Targets

BANC has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price target on shares of Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. Piper Sandler increased their target price on shares of Banc of California from $24.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. DA Davidson raised their target price on Banc of California from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, October 24th. Barclays upped their price target on Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 19th. Finally, Keefe, Bruyette & Woods increased their price target on Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.86.

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.