Bayview Asset Management LLC Sells 268,130 Shares of Banc of California, Inc. $BANC

Bayview Asset Management LLC cut its holdings in Banc of California, Inc. (NYSE:BANC) by 27.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 725,000 shares of the bank’s stock after selling 268,130 shares during the quarter. Banc of California comprises about 3.2% of Bayview Asset Management LLC’s investment portfolio, making the stock its 2nd biggest holding. Bayview Asset Management LLC owned 0.48% of Banc of California worth $13,985,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. FORA Capital LLC bought a new stake in Banc of California in the fourth quarter worth about $326,000. Smartleaf Asset Management LLC raised its position in Banc of California by 32.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,893 shares of the bank’s stock worth $115,000 after acquiring an additional 1,449 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in Banc of California in the fourth quarter worth about $2,275,000. First Trust Advisors LP raised its position in Banc of California by 38.7% in the fourth quarter. First Trust Advisors LP now owns 445,460 shares of the bank’s stock worth $8,593,000 after acquiring an additional 124,342 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Banc of California by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,255,525 shares of the bank’s stock worth $24,219,000 after acquiring an additional 29,604 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wells Fargo & Company boosted 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 report on Monday, March 30th. Barclays reduced their price objective 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. JPMorgan Chase & Co. raised their price objective on Banc of California from $20.50 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Piper Sandler raised their price objective on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Finally, Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Banc of California has an average rating of “Buy” and a consensus target price of $22.31.

Banc of California Stock Performance

BANC opened at $20.17 on Friday. The firm has a market cap of $3.11 billion, a PE ratio of 15.39 and a beta of 0.74. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The business has a fifty day simple moving average of $18.78 and a 200-day simple moving average of $19.02. Banc of California, Inc. has a fifty-two week low of $13.24 and a fifty-two week high of $21.61.

Banc of California (NYSE:BANC) last released 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 business had revenue of $286.95 million during the quarter, compared to analyst estimates of $291.28 million. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The company’s revenue was up 7.9% compared to the same quarter last year. During the same period last year, the company posted $0.26 EPS. As a group, equities analysts predict that Banc of California, Inc. will post 1.72 EPS for the current fiscal year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend 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%.

Banc of California 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.