Hodges Capital Management Inc. Buys 140,911 Shares of Banc of California, Inc. $BANC

Hodges Capital Management Inc. increased its stake in shares of Banc of California, Inc. (NYSE:BANC) by 11.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,385,290 shares of the bank’s stock after buying an additional 140,911 shares during the quarter. Banc of California comprises approximately 2.3% of Hodges Capital Management Inc.’s investment portfolio, making the stock its 8th biggest position. Hodges Capital Management Inc. owned about 0.92% of Banc of California worth $26,722,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Navalign LLC acquired a new stake in Banc of California during the fourth quarter worth approximately $27,000. Triumph Capital Management acquired a new stake in Banc of California during the third quarter worth approximately $25,000. Orion Capital Management LLC acquired a new stake in Banc of California during the fourth quarter worth approximately $35,000. EverSource Wealth Advisors LLC grew 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 buying an additional 564 shares in the last quarter. Finally, Hantz Financial Services Inc. grew its position in Banc of California by 199.0% during the fourth quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock worth $42,000 after buying an additional 1,437 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Trading Up 0.6%

Shares of BANC stock opened at $19.66 on Thursday. The stock’s fifty day moving average price is $18.69 and its two-hundred day moving average price is $19.00. The company has a market cap of $3.03 billion, a PE ratio of 15.00 and a beta of 0.74. 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.

Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $286.95 million for the quarter, compared to the consensus estimate 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 revenue was up 7.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.26 EPS. Equities analysts predict that Banc of California, Inc. will post 1.72 EPS for the current fiscal year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. Banc of California’s dividend payout ratio (DPR) is 36.64%.

Analyst Ratings Changes

BANC has been the topic of a number of analyst reports. Piper Sandler increased their price target on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Weiss Ratings downgraded Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. JPMorgan Chase & Co. raised their target price on Banc of California from $20.50 to $22.00 and gave the company an “overweight” rating in a report on Friday, April 24th. DA Davidson reaffirmed a “buy” rating and issued a $24.00 target price on shares of Banc of California in a report on Tuesday, April 28th. Finally, Barclays reduced their target price on Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $22.31.

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.