Fifth Third Bancorp Has $884,000 Position in Banc of California, Inc. $BANC

Fifth Third Bancorp lifted its holdings in Banc of California, Inc. (NYSE:BANC) by 4,791.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 50,279 shares of the bank’s stock after buying an additional 49,251 shares during the period. Fifth Third Bancorp’s holdings in Banc of California were worth $884,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Banc of California by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank’s stock valued at $191,970,000 after purchasing an additional 438,320 shares in the last quarter. Invesco Ltd. increased its holdings in Banc of California by 3.1% in the fourth quarter. Invesco Ltd. now owns 6,010,260 shares of the bank’s stock worth $115,938,000 after purchasing an additional 181,029 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Banc of California by 16.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,863,656 shares of the bank’s stock valued at $113,111,000 after buying an additional 810,254 shares during the period. Goldman Sachs Group Inc. lifted its stake in Banc of California by 8.5% in the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock valued at $53,879,000 after buying an additional 297,680 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Banc of California by 243.9% during the 3rd quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock worth $56,782,000 after buying an additional 2,433,394 shares in the last quarter. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Stock Performance

Shares of Banc of California stock opened at $21.28 on Monday. The company has a market cap of $3.28 billion, a PE ratio of 16.24 and a beta of 0.73. Banc of California, Inc. has a 52 week low of $13.96 and a 52 week high of $21.93. The business has a 50 day moving average price of $20.01 and a 200-day moving average price of $19.30. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have recently commented on BANC shares. Piper Sandler raised their price objective 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. Weiss Ratings downgraded Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. JPMorgan Chase & Co. upped their target price on Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Barclays reduced 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 research report on Tuesday, April 7th. Finally, DA Davidson restated a “buy” rating and set a $24.00 price target on shares of Banc of California in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $22.69.

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.