Banc of California, Inc. $BANC Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. trimmed its stake in shares of Banc of California, Inc. (NYSE:BANC) by 3.0% in the third quarter, Holdings Channel reports. The fund owned 9,513,475 shares of the bank’s stock after selling 298,051 shares during the period. Vanguard Group Inc. owned 0.06% of Banc of California worth $157,448,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

BANC has been the topic of a number of research reports. Piper Sandler upped their target price on Banc of California from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Monday, January 26th. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, January 21st. Barclays lifted their price objective on Banc of California from $21.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 19th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.86.

Banc of California Stock Performance

Shares of BANC stock opened at $18.03 on Wednesday. The firm has a 50-day moving average of $19.97 and a 200-day moving average of $18.28. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market cap of $2.73 billion, a P/E ratio of 15.28 and a beta of 0.72. Banc of California, Inc. has a one year low of $11.52 and a one year high of $21.61.

Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. The firm had revenue of $292.93 million during the quarter, compared to analyst estimates of $288.41 million. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. During the same quarter last year, the business earned $0.28 earnings per share. Equities research analysts forecast that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be paid a $0.12 dividend. This is a boost from Banc of California’s previous quarterly dividend of $0.10. The ex-dividend date is Monday, March 16th. This represents a $0.48 annualized dividend and a dividend yield of 2.7%. Banc of California’s dividend payout ratio (DPR) is currently 33.90%.

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.