Banc of California, Inc. $BANC Position Increased by Algert Global LLC

Key Points

• Institutional ownership increased: Algert Global raised its Banc of California position by 56.3% to 825,810 shares, while several other major investors also added or initiated stakes. Institutional investors now own 86.88% of the stock.
• Quarterly results fell well short of expectations: The bank reported a $1.61 loss per share versus analysts’ expected $0.40 profit, while revenue plunged 94% year over year to $16.41 million.
• Analysts remain broadly positive: The stock has an average “Buy” rating and a $22.62 price target, compared with its reported opening price of $18.66. Banc of California also declared a quarterly dividend of $0.12 per share, yielding approximately 2.6% annually.

Algert Global LLC grew its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 56.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 825,810 shares of the bank's stock after buying an additional 297,480 shares during the quarter. Algert Global LLC owned approximately 0.54% of Banc of California worth $16,871,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in Banc of California during the 2nd quarter valued at $462,252,000. Bank of America Corp DE boosted its position in shares of Banc of California by 243.9% in the third quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank's stock worth $56,782,000 after buying an additional 2,433,394 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Banc of California by 45.4% in the third quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank's stock worth $83,635,000 after buying an additional 1,576,914 shares during the period. William Blair Investment Management LLC purchased a new position in shares of Banc of California during the second quarter valued at $25,521,000. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Banc of California during the second quarter valued at $17,400,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Stock Performance

Shares of NYSE BANC opened at $18.66 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86. Banc of California, Inc. has a one year low of $15.33 and a one year high of $21.93. The business's 50-day moving average price is $20.08 and its two-hundred day moving average price is $19.15. The company has a market capitalization of $2.96 billion, a P/E ratio of -44.44 and a beta of 0.74.

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

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.12 per share. 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 dividend payout ratio is -114.29%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on BANC shares. Citigroup reduced their price objective on Banc of California from $23.50 to $22.00 and set a "buy" rating for the company in a research note on Friday, July 31st. Wells Fargo & Company assumed coverage on Banc of California in a research note on Monday, August 10th. They set an "overweight" rating and a $23.00 target price on the stock. Piper Sandler upped their target price on Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, April 27th. DA Davidson reissued a "buy" rating and issued a $24.00 price target on shares of Banc of California in a research report on Tuesday, April 28th. Finally, JPMorgan Chase & Co. raised their price target on shares of Banc of California from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Wednesday, July 1st. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Banc of California has an average rating of "Buy" and an average price target of $22.62.

Insider Activity at Banc of California

In other news, insider Olivia I. Lindsay sold 6,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the transaction, the insider owned 32,842 shares in the company, valued at approximately $640,419. This trade represents a 15.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.78% of the stock is currently owned by company insiders.

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.

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