SG Americas Securities LLC Has $6.05 Million Position in Banc of California, Inc. $BANC

SG Americas Securities LLC increased its position in shares of Banc of California, Inc. (NYSE:BANC) by 137.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 344,033 shares of the bank’s stock after acquiring an additional 199,275 shares during the period. SG Americas Securities LLC owned about 0.23% of Banc of California worth $6,048,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Royal Bank of Canada lifted its stake in Banc of California by 9.4% during the first quarter. Royal Bank of Canada now owns 74,043 shares of the bank’s stock worth $1,050,000 after purchasing an additional 6,364 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Banc of California by 209.4% in the 1st quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock valued at $1,462,000 after purchasing an additional 69,739 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Banc of California by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock valued at $1,173,000 after purchasing an additional 3,611 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Banc of California by 8.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock worth $53,879,000 after buying an additional 297,680 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Banc of California by 1.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock worth $6,270,000 after buying an additional 4,263 shares during the last quarter. 86.88% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on BANC. Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. Barclays dropped their target price 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. Piper Sandler raised their price target on shares of Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Wells Fargo & Company upped their price objective 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. Finally, DA Davidson reissued a “buy” rating and issued a $24.00 price objective on shares of Banc of California in a research note on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $22.31.

Banc of California Stock Performance

NYSE:BANC opened at $20.84 on Monday. The stock has a market cap of $3.21 billion, a P/E ratio of 15.90 and a beta of 0.75. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock’s 50-day moving average is $19.19 and its 200-day moving average is $19.14. Banc of California, Inc. has a 1-year low of $13.96 and a 1-year high of $21.61.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $286.95 million during the quarter, compared to analyst estimates of $291.28 million. During the same quarter last year, the business earned $0.26 EPS. The firm’s quarterly revenue was up 7.9% on a year-over-year basis. Equities research analysts anticipate that Banc of California, Inc. will post 1.71 earnings per share for the current year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors 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 annualized dividend and a dividend yield of 2.3%. Banc of California’s payout ratio is currently 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.