Quantbot Technologies LP Purchases 34,728 Shares of Banc of California, Inc. $BANC

Quantbot Technologies LP boosted its position in Banc of California, Inc. (NYSE:BANC) by 29.5% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 152,591 shares of the bank’s stock after purchasing an additional 34,728 shares during the period. Quantbot Technologies LP owned about 0.10% of Banc of California worth $2,525,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd boosted its stake in shares of Banc of California by 145.1% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 4,181 shares of the bank’s stock worth $69,000 after buying an additional 2,475 shares during the last quarter. Osaic Holdings Inc. increased its position in shares of Banc of California by 210.8% during the second quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank’s stock valued at $82,000 after acquiring an additional 3,940 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in Banc of California by 7.7% during the third quarter. PNC Financial Services Group Inc. now owns 10,804 shares of the bank’s stock worth $179,000 after acquiring an additional 777 shares during the period. Walleye Capital LLC purchased a new position in Banc of California in the second quarter worth $179,000. Finally, Occudo Quantitative Strategies LP bought a new position in Banc of California in the 2nd quarter valued at $203,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

BANC opened at $18.03 on Wednesday. The firm has a 50-day moving average price of $19.97 and a 200-day moving average price of $18.28. Banc of California, Inc. has a twelve month low of $11.52 and a twelve month high of $21.61. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of 15.28 and a beta of 0.72.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, topping the consensus estimate of $0.37 by $0.05. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. The company had revenue of $292.93 million during the quarter, compared to the consensus estimate of $288.41 million. During the same period last year, the firm earned $0.28 EPS. Equities analysts expect that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Increases Dividend

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on BANC. Wall Street Zen raised shares of Banc of California from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Barclays lifted their price objective on shares of Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 19th. Piper Sandler increased their target price on shares of Banc of California from $24.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. JPMorgan Chase & Co. lifted their price target on shares of Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.86.

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.