OP Asset Management Ltd Acquires Shares of 70,927 Banc of California, Inc. $BANC

OP Asset Management Ltd bought a new position in shares of Banc of California, Inc. (NYSE:BANC) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 70,927 shares of the bank’s stock, valued at approximately $1,247,000.

Other hedge funds have also modified their holdings of the company. Navalign LLC bought a new position in Banc of California in the 4th quarter worth approximately $27,000. Triumph Capital Management acquired a new position in Banc of California during the 3rd quarter worth $25,000. Orion Capital Management LLC bought a new position in Banc of California in the 4th quarter valued at $35,000. EverSource Wealth Advisors LLC boosted its position in Banc of California by 38.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after buying an additional 564 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its stake in shares of Banc of California by 199.0% in the 4th quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock valued at $42,000 after buying an additional 1,437 shares during the period. 86.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Weiss Ratings downgraded Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. JPMorgan Chase & Co. raised their price target on Banc of California from $20.50 to $22.00 and gave the company an “overweight” rating in a report on Friday, April 24th. Piper Sandler boosted their price objective on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. DA Davidson restated a “buy” rating and set a $24.00 target price on shares of Banc of California in a research report on Tuesday, April 28th. Finally, Barclays reduced 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 analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $22.31.

Banc of California Stock Performance

Shares of Banc of California stock opened at $20.44 on Tuesday. The firm has a fifty day moving average of $19.23 and a two-hundred day moving average of $19.15. 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 stock has a market capitalization of $3.15 billion, a price-to-earnings ratio of 15.60 and a beta of 0.75. Banc of California, Inc. has a 52 week low of $13.96 and a 52 week high of $21.61.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $286.95 million for 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 firm’s revenue was up 7.9% on a year-over-year basis. During the same period last year, the company earned $0.26 EPS. As a group, equities research analysts predict that Banc of California, Inc. will post 1.71 EPS for the current year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.3%. Banc of California’s dividend payout ratio 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.