55,113 Shares in Banc of California, Inc. $BANC Purchased by Jupiter Asset Management Ltd.

Jupiter Asset Management Ltd. purchased a new stake in Banc of California, Inc. (NYSE:BANC) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 55,113 shares of the bank’s stock, valued at approximately $912,000.

A number of other hedge funds have also recently bought and sold shares of the business. Osaic Holdings Inc. raised its position in shares of Banc of California by 210.8% in the 2nd quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank’s stock valued at $82,000 after purchasing an additional 3,940 shares in the last quarter. CWM LLC grew its position in shares of Banc of California by 9.1% during the second quarter. CWM LLC now owns 8,783 shares of the bank’s stock worth $123,000 after buying an additional 734 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Banc of California by 7.7% during the third quarter. PNC Financial Services Group Inc. now owns 10,804 shares of the bank’s stock worth $179,000 after buying an additional 777 shares in the last quarter. Walleye Capital LLC bought a new stake in shares of Banc of California in the second quarter worth $179,000. Finally, Occudo Quantitative Strategies LP acquired a new stake in Banc of California in the second quarter valued at $203,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

BANC has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, January 21st. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Piper Sandler increased their price target on shares of Banc of California from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. JPMorgan Chase & Co. boosted their price objective on Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Finally, Keefe, Bruyette & Woods upped their price objective on Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Banc of California presently has a consensus rating of “Moderate Buy” and an average price target of $20.86.

Banc of California Trading Up 1.2%

Banc of California stock opened at $20.06 on Monday. Banc of California, Inc. has a 1 year low of $11.52 and a 1 year high of $21.61. The firm’s 50-day moving average is $20.08 and its 200-day moving average is $18.09. 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 company has a market cap of $3.03 billion, a P/E ratio of 17.00 and a beta of 0.72.

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

Banc of California Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend 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%.

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.