Financiere des Professionnels Fonds d investissement inc. Makes New Investment in Banc of California, Inc. $BANC

Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of Banc of California, Inc. (NYSE:BANC) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 159,409 shares of the bank’s stock, valued at approximately $2,802,000.

Other institutional investors have also recently bought and sold shares of the company. Triumph Capital Management acquired a new stake in Banc of California in the 3rd quarter valued at $25,000. Navalign LLC purchased a new stake in shares of Banc of California in the fourth quarter worth about $27,000. Orion Capital Management LLC purchased a new stake in shares of Banc of California in the fourth quarter worth about $35,000. Advisory Services Network LLC acquired a new stake in shares of Banc of California in the third quarter valued at about $36,000. Finally, EverSource Wealth Advisors LLC raised its holdings 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 during the period. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BANC. Wells Fargo & Company lifted their price target on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Barclays lowered their target price on Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. JPMorgan Chase & Co. boosted their price target on Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Weiss Ratings downgraded Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Finally, DA Davidson restated a “buy” rating and set a $24.00 price objective on shares of Banc of California in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $22.69.

Banc of California Price Performance

Shares of BANC opened at $21.46 on Friday. The firm has a market capitalization of $3.31 billion, a price-to-earnings ratio of 16.39 and a beta of 0.73. 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, Inc. has a one year low of $13.96 and a one year high of $21.61. The stock’s fifty day moving average is $19.69 and its 200-day moving average is $19.22.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $286.95 million during the quarter, compared to the consensus estimate of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.26 earnings per share. Equities analysts anticipate that Banc of California, Inc. will post 1.71 EPS for the current year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, June 15th. Banc of California’s dividend payout ratio is currently 36.64%.

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.