Intech Investment Management LLC Buys 97,392 Shares of Banc of California, Inc. $BANC

Intech Investment Management LLC increased its stake in Banc of California, Inc. (NYSE:BANC) by 82.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 215,769 shares of the bank’s stock after purchasing an additional 97,392 shares during the quarter. Intech Investment Management LLC owned about 0.14% of Banc of California worth $4,162,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Triumph Capital Management bought a new position in Banc of California in the 3rd quarter worth about $25,000. Navalign LLC bought a new stake in shares of Banc of California during the fourth quarter valued at about $27,000. Orion Capital Management LLC bought a new stake in shares of Banc of California during the fourth quarter valued at about $35,000. Advisory Services Network LLC purchased a new stake in shares of Banc of California in the third quarter worth about $36,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Banc of California by 38.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after acquiring an additional 564 shares during the period. 86.88% of the stock is currently owned by institutional investors.

Banc of California Stock Performance

Banc of California stock opened at $18.83 on Tuesday. Banc of California, Inc. has a fifty-two week low of $13.24 and a fifty-two week high of $21.61. 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 market cap of $2.90 billion, a P/E ratio of 14.37 and a beta of 0.75. The firm’s fifty day moving average price is $18.39 and its 200-day moving average price is $18.88.

Banc of California (NYSE:BANC) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $286.95 million during the quarter, compared to analyst estimates of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 earnings per share. On average, equities research analysts expect that Banc of California, Inc. will post 1.72 earnings per share for the current fiscal 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 paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, June 15th. Banc of California’s payout ratio is 36.64%.

Analyst Ratings Changes

Several equities analysts recently commented on BANC shares. Piper Sandler boosted their price objective 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. DA Davidson reiterated a “buy” rating and issued a $24.00 target price on shares of Banc of California in a research note on Tuesday, April 28th. Wells Fargo & Company raised their price target on shares of Banc of California from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, March 30th. Barclays reduced their price target on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Finally, JPMorgan Chase & Co. increased their price objective on Banc of California from $20.50 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $22.31.

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.