Jupiter Asset Management Ltd. Acquires 111,988 Shares of Banc of California, Inc. $BANC

Jupiter Asset Management Ltd. boosted its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 203.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 167,101 shares of the bank’s stock after purchasing an additional 111,988 shares during the quarter. Jupiter Asset Management Ltd. owned about 0.11% of Banc of California worth $3,223,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Navalign LLC bought a new stake in Banc of California during the 4th quarter valued at approximately $27,000. Triumph Capital Management bought a new stake in Banc of California during the 3rd quarter valued at approximately $25,000. Orion Capital Management LLC bought a new stake in Banc of California during the 4th quarter valued at approximately $35,000. EverSource Wealth Advisors LLC raised its stake in Banc of California by 38.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after purchasing an additional 564 shares during the period. Finally, Hantz Financial Services Inc. raised its stake in Banc of California by 199.0% during the 4th quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock valued at $42,000 after purchasing an additional 1,437 shares during the period. Institutional investors own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

BANC has been the topic of several recent analyst reports. Barclays decreased their target price on Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Piper Sandler raised their price target on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, April 27th. DA Davidson restated a “buy” rating and set a $24.00 price target on shares of Banc of California in a report on Tuesday, April 28th. Wells Fargo & Company raised their price target on Banc of California from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, March 30th. Finally, JPMorgan Chase & Co. raised their price target on Banc of California from $20.50 to $22.00 and gave the company an “overweight” rating in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Banc of California currently has a consensus rating of “Buy” and an average target price of $22.31.

Banc of California Price Performance

Shares of Banc of California stock opened at $19.20 on Friday. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of 14.65 and a beta of 0.75. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a 50 day moving average price of $18.35 and a 200-day moving average price of $18.86. Banc of California, Inc. has a one year low of $13.24 and a one year high of $21.61.

Banc of California (NYSE:BANC) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $286.95 million during the quarter, compared to analysts’ expectations of $291.28 million. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The company’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.26 EPS. Equities analysts expect that Banc of California, Inc. will post 1.72 EPS for the current year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be issued a $0.12 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. Banc of California’s payout ratio is 36.64%.

Banc of California Company 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.