Hsbc Holdings PLC Takes $1.64 Million Position in Banc of California, Inc. $BANC

Hsbc Holdings PLC bought a new position in Banc of California, Inc. (NYSE:BANC) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 84,965 shares of the bank’s stock, valued at approximately $1,643,000.

A number of other institutional investors and hedge funds have also modified their holdings of BANC. Triumph Capital Management acquired a new position in Banc of California during the third quarter valued at $25,000. Navalign LLC acquired a new stake in Banc of California during the 4th quarter worth about $27,000. Orion Capital Management LLC acquired a new stake in Banc of California during the 4th quarter worth about $35,000. Advisory Services Network LLC purchased a new position in Banc of California during the 3rd quarter valued at about $36,000. Finally, EverSource Wealth Advisors LLC grew its stake in Banc of California by 38.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after acquiring an additional 564 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Stock Up 0.1%

BANC stock opened at $20.45 on Wednesday. The firm has a market cap of $3.15 billion, a PE ratio of 15.61 and a beta of 0.74. Banc of California, Inc. has a 1 year low of $13.96 and a 1 year high of $21.61. The company has a fifty day simple moving average of $19.26 and a 200 day simple moving average of $19.15. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The firm had revenue of $286.95 million for the quarter, compared to the consensus estimate of $291.28 million. During the same period in the prior year, the business posted $0.26 earnings per share. The business’s quarterly revenue was up 7.9% on a year-over-year basis. Sell-side analysts anticipate that Banc of California, Inc. will post 1.71 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be issued a dividend of $0.12 per share. 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 currently 36.64%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on BANC shares. Piper Sandler upped their target price on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Barclays decreased their price target on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. JPMorgan Chase & Co. upped their price objective on shares of Banc of California from $20.50 to $22.00 and gave the company an “overweight” rating in a research note on Friday, April 24th. DA Davidson reiterated a “buy” rating and issued a $24.00 target price on shares of Banc of California in a research report on Tuesday, April 28th. Finally, Wells Fargo & Company lifted their target price on shares of Banc of California from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $22.31.

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.