59,500 Shares in Banc of California, Inc. $BANC Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System purchased a new stake in shares of Banc of California, Inc. (NYSE:BANC) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 59,500 shares of the bank’s stock, valued at approximately $1,046,000.

Several other institutional investors have also bought and sold shares of the business. Triumph Capital Management grew its stake in shares of Banc of California by 32.8% in the 4th quarter. Triumph Capital Management now owns 2,025 shares of the bank’s stock worth $39,000 after buying an additional 500 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of 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 buying an additional 564 shares in the last quarter. Crescent Grove Advisors LLC lifted its holdings in shares of Banc of California by 0.6% in the 4th quarter. Crescent Grove Advisors LLC now owns 101,750 shares of the bank’s stock valued at $1,973,000 after acquiring an additional 610 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Banc of California by 4.5% in the 4th quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank’s stock valued at $283,000 after acquiring an additional 637 shares during the last quarter. Finally, Maryland State Retirement & Pension System grew its position in Banc of California by 4.2% in the fourth quarter. Maryland State Retirement & Pension System now owns 19,630 shares of the bank’s stock worth $379,000 after acquiring an additional 783 shares in the last quarter. Institutional investors own 86.88% of the company’s stock.

Banc of California Stock Up 0.1%

Shares of NYSE BANC opened at $20.32 on Friday. Banc of California, Inc. has a 52-week low of $13.96 and a 52-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 50 day moving average price of $19.38 and a 200 day moving average price of $19.17. The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of 15.51 and a beta of 0.73.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates 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 revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.26 earnings per share. Sell-side analysts expect that Banc of California, Inc. will post 1.71 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were paid a dividend of $0.12 per share. The ex-dividend date was Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.4%. Banc of California’s dividend payout ratio (DPR) is currently 36.64%.

Analysts Set New Price Targets

A number of brokerages have issued reports on BANC. Piper Sandler upped their price objective on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. JPMorgan Chase & Co. boosted their target price on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday. Barclays decreased their price target 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. Weiss Ratings downgraded Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Finally, Wells Fargo & Company raised their price target on Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, March 30th. One research 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. Based on data from MarketBeat.com, Banc of California currently has an average rating of “Buy” and an average target price of $22.56.

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.