Banc Funds Co. LLC Reduces Position in Banc of California, Inc. $BANC

Key Points

• Banc Funds Co. LLC reduced its Banc of California stake by 17% in Q3, selling 125,781 shares and now holding 615,764 shares worth $10.19M, representing 0.42% of the company and its 14th largest position.
• Other institutions increased exposure — Bank of America grew its stake 243.9% to 3,430,938 shares ($56.8M), AllianceBernstein rose 93.6%, Polar Asset opened a ~$2.05M position, and institutional ownership is 86.88%.
• Banc of California beat quarterly expectations and raised its dividend, reporting $0.42 EPS vs. $0.37 expected, announcing a quarterly dividend of $0.12 (annualized yield ~2.9%), and trading with a $2.54B market cap and a 52-week range of $11.52–$21.61.

Banc Funds Co. LLC reduced its holdings in Banc of California, Inc. (NYSE:BANC - Free Report) by 17.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 615,764 shares of the bank's stock after selling 125,781 shares during the period. Banc of California makes up 1.8% of Banc Funds Co. LLC's holdings, making the stock its 14th biggest position. Banc Funds Co. LLC owned 0.42% of Banc of California worth $10,191,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of America Corp DE grew its stake in Banc of California by 243.9% during the 3rd quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank's stock valued at $56,782,000 after acquiring an additional 2,433,394 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Banc of California by 93.6% in the 3rd quarter. Alliancebernstein L.P. now owns 522,129 shares of the bank's stock valued at $8,641,000 after acquiring an additional 252,476 shares during the last quarter. Schonfeld Strategic Advisors LLC lifted its stake in Banc of California by 13.9% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 19,587 shares of the bank's stock worth $324,000 after purchasing an additional 2,385 shares in the last quarter. Creative Planning lifted its stake in Banc of California by 99.0% in the 3rd quarter. Creative Planning now owns 23,994 shares of the bank's stock worth $397,000 after purchasing an additional 11,935 shares in the last quarter. Finally, Polar Asset Management Partners Inc. acquired a new position in shares of Banc of California during the 3rd quarter worth approximately $2,054,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Price Performance

Banc of California stock opened at $16.78 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a 52-week low of $11.52 and a 52-week high of $21.61. The firm has a market cap of $2.54 billion, a PE ratio of 14.22 and a beta of 0.72. The company's 50 day moving average is $19.60 and its two-hundred day moving average is $18.34.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, topping the consensus estimate of $0.37 by $0.05. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. The business had revenue of $292.93 million during the quarter, compared to the consensus estimate of $288.41 million. During the same quarter in the previous year, the firm posted $0.28 earnings per share. On average, research analysts expect that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 16th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Monday, March 16th. This is a positive change from Banc of California's previous quarterly dividend of $0.10. Banc of California's payout ratio is presently 33.90%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BANC. Barclays upped their price target on Banc of California from $21.00 to $25.00 and gave the company an "overweight" rating in a research report on Friday, December 19th. Weiss Ratings reissued a "hold (c)" rating on shares of Banc of California in a research note on Wednesday, January 21st. Wall Street Zen upgraded Banc of California from a "sell" rating to a "hold" rating in a report on Saturday, January 10th. Piper Sandler raised their target price on Banc of California from $24.00 to $25.00 and gave the stock an "overweight" rating in a research note on Monday, January 26th. Finally, JPMorgan Chase & Co. lifted their price target on Banc of California from $21.00 to $24.00 and gave the stock an "overweight" rating in a report on Tuesday, December 16th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $20.86.

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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