Assenagon Asset Management S.A. Acquires Shares of 1,065,432 Banc of California, Inc. $BANC

Key Points

• Assenagon Asset Management acquired 1.07 million Banc of California shares worth approximately $21.8 million, representing about 0.69% of the company. Institutional investors collectively own 86.88% of the stock.
• Banc of California reported a significant quarterly loss, with EPS of -$1.61 versus the $0.40 consensus estimate and revenue of $16.41 million, down 94% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $22.62 price target; the company also declared a quarterly dividend of $0.12 per share, yielding about 2.6%.

Assenagon Asset Management S.A. acquired a new position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,065,432 shares of the bank's stock, valued at approximately $21,767,000. Assenagon Asset Management S.A. owned approximately 0.69% of Banc of California as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in BANC. Triumph Capital Management boosted its stake in Banc of California by 32.8% in the fourth quarter. Triumph Capital Management now owns 2,025 shares of the bank's stock valued at $39,000 after acquiring an additional 500 shares in the last quarter. Crescent Grove Advisors LLC lifted its stake in Banc of California by 0.5% in the first quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank's stock valued at $1,810,000 after buying an additional 525 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings 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. CIBC Asset Management Inc grew its position in shares of Banc of California by 4.5% during the fourth quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank's stock worth $283,000 after acquiring an additional 637 shares during the last quarter. Finally, Maryland State Retirement & Pension System increased its stake 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 valued at $379,000 after purchasing an additional 783 shares during the period. Hedge funds and other institutional investors own 86.88% of the company's stock.

Insider Buying and Selling

In related news, insider Olivia I. Lindsay sold 6,000 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the sale, the insider directly owned 32,842 shares of the company's stock, valued at approximately $640,419. This represents a 15.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.78% of the company's stock.

Wall Street Analyst Weigh In

BANC has been the subject of several recent research reports. DA Davidson reiterated a "buy" rating and set a $24.00 target price on shares of Banc of California in a research note on Tuesday, April 28th. Wells Fargo & Company boosted their price target on Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. 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 note on Monday, April 27th. Citigroup decreased their price objective on Banc of California from $23.50 to $22.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Finally, Brean Capital downgraded Banc of California from a "buy" rating to a "neutral" rating in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $22.62.

Banc of California Stock Performance

NYSE:BANC opened at $18.72 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20. Banc of California, Inc. has a fifty-two week low of $14.35 and a fifty-two week high of $21.93. The stock has a market cap of $2.89 billion, a PE ratio of -44.58 and a beta of 0.74. The firm's fifty day simple moving average is $20.13 and its 200-day simple moving average is $19.23.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing the consensus estimate of $0.40 by ($2.01). Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The company had revenue of $16.41 million during the quarter, compared to analyst estimates of $295.32 million. During the same quarter last year, the business earned $0.31 EPS. The firm's revenue for the quarter was down 94.0% on a year-over-year basis. Analysts expect that Banc of California, Inc. will post 1.68 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a $0.12 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.48 annualized dividend and a dividend yield of 2.6%. Banc of California's payout ratio is currently -114.29%.

About Banc of California

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.

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