Bessemer Group Inc. Has $6.80 Million Stake in Banc of California, Inc. $BANC

Bessemer Group Inc. grew its position in Banc of California, Inc. (NYSE:BANC) by 30.4% in the first quarter, HoldingsChannel.com reports. The fund owned 386,677 shares of the bank’s stock after buying an additional 90,146 shares during the quarter. Bessemer Group Inc.’s holdings in Banc of California were worth $6,798,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Triumph Capital Management boosted its holdings in shares of Banc of California by 32.8% in the 4th quarter. Triumph Capital Management now owns 2,025 shares of the bank’s stock worth $39,000 after acquiring an additional 500 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings 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 purchasing an additional 564 shares in the last quarter. Crescent Grove Advisors LLC raised its position in Banc of California by 0.6% in the 4th quarter. Crescent Grove Advisors LLC now owns 101,750 shares of the bank’s stock valued at $1,973,000 after purchasing an additional 610 shares during the last quarter. CIBC Asset Management Inc raised its position in Banc of California by 4.5% in the 4th quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank’s stock valued at $283,000 after purchasing an additional 637 shares during the last quarter. Finally, Maryland State Retirement & Pension System raised its position in Banc of California by 4.2% in the 4th quarter. Maryland State Retirement & Pension System now owns 19,630 shares of the bank’s stock valued at $379,000 after purchasing an additional 783 shares during the last quarter. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Stock Performance

BANC stock opened at $21.23 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The company has a 50 day moving average price of $19.73 and a 200 day moving average price of $19.24. Banc of California, Inc. has a fifty-two week low of $13.96 and a fifty-two week high of $21.61. The stock has a market capitalization of $3.27 billion, a PE ratio of 16.21 and a beta of 0.73.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm 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 business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period last year, the company earned $0.26 EPS. Analysts forecast that Banc of California, Inc. will post 1.71 EPS for the current year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Monday, June 15th. Banc of California’s dividend payout ratio is 36.64%.

Wall Street Analysts Forecast Growth

BANC has been the topic of several research analyst reports. Weiss Ratings cut Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Barclays lowered their target price 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. Wells Fargo & Company lifted their price target on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Piper Sandler upped their price target on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. 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 company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $22.69.

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.