Empowered Funds LLC Takes $14.45 Million Position in Banc of California, Inc. $BANC

Empowered Funds LLC acquired a new stake in Banc of California, Inc. (NYSE:BANC) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 707,397 shares of the bank’s stock, valued at approximately $14,452,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BANC. Navalign LLC bought a new stake in Banc of California during the 4th quarter valued at approximately $27,000. Triumph Capital Management acquired a new stake in shares of Banc of California in the third quarter worth $25,000. Western Wealth Management LLC acquired a new stake in shares of Banc of California in the first quarter worth $29,000. Orion Capital Management LLC bought a new position in Banc of California during the fourth quarter worth $35,000. Finally, EverSource Wealth Advisors LLC increased its position in Banc of California by 38.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after acquiring an additional 564 shares during the period. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Banc of California

In related news, insider Olivia I. Lindsay sold 6,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total value of $117,000.00. Following the completion of the sale, the insider owned 32,842 shares in the company, valued at approximately $640,419. This represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.78% of the stock is currently owned by company insiders.

Banc of California Trading Down 0.6%

Shares of BANC stock opened at $18.62 on Friday. The company has a market capitalization of $2.95 billion, a P/E ratio of -44.33 and a beta of 0.74. Banc of California, Inc. has a 12-month low of $15.33 and a 12-month high of $21.93. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20. The firm has a 50-day moving average price of $19.98 and a 200 day moving average price of $19.11.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($2.01). The business had revenue of $16.41 million during the quarter, compared to the consensus estimate of $295.32 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The company’s revenue for the quarter was down 94.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.31 EPS. Research analysts forecast that Banc of California, Inc. will post 1.68 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.12 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.48 annualized dividend and a dividend yield of 2.6%. Banc of California’s payout ratio is presently -114.29%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BANC. Weiss Ratings downgraded shares of Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a report on Friday, August 21st. JPMorgan Chase & Co. boosted their price target on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Wall Street Zen cut Banc of California from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Barclays reduced their price objective on Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Monday, August 3rd. Finally, Wells Fargo & Company initiated coverage on Banc of California in a report on Monday, August 10th. They set an “overweight” rating and a $23.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $22.62.

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.