Banc of California, Inc. $BANC Shares Acquired by Bridgeway Capital Management LLC

Key Points

• Bridgeway Capital Management increased its stake in Banc of California by 11.8% in the fourth quarter, buying 96,372 additional shares and bringing its total holding to 915,325 shares worth about $17.7 million.
• Banc of California reported better-than-expected quarterly earnings of $0.39 per share, slightly topping estimates, while revenue rose 7.9% year over year to $286.95 million.
• The bank also announced a quarterly dividend of $0.12 per share, and analysts remain broadly positive with a consensus Buy rating and average price target of $22.31.

Bridgeway Capital Management LLC increased its holdings in Banc of California, Inc. (NYSE:BANC - Free Report) by 11.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 915,325 shares of the bank's stock after acquiring an additional 96,372 shares during the quarter. Bridgeway Capital Management LLC owned approximately 0.60% of Banc of California worth $17,657,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Triumph Capital Management increased its stake in Banc of California by 32.8% in the 4th quarter. Triumph Capital Management now owns 2,025 shares of the bank's stock valued at $39,000 after buying an additional 500 shares during the period. EverSource Wealth Advisors LLC increased its stake in Banc of California by 38.7% in 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. Crescent Grove Advisors LLC increased its stake in 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 buying an additional 610 shares during the period. CIBC Asset Management Inc increased its stake in 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 buying an additional 637 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in Banc of California by 7.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,804 shares of the bank's stock valued at $179,000 after buying an additional 777 shares during the period. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Price Performance

Shares of NYSE BANC opened at $19.85 on Thursday. The firm has a market capitalization of $3.06 billion, a P/E ratio of 15.15 and a beta of 0.74. Banc of California, Inc. has a one year low of $13.24 and a one year high of $21.61. The company's fifty day moving average is $18.91 and its two-hundred day moving average is $19.06. 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 (NYSE:BANC - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $286.95 million for 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 business's revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.26 EPS. Analysts forecast that Banc of California, Inc. will post 1.72 EPS for the current fiscal year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be given a $0.12 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. Banc of California's payout ratio is currently 36.64%.

Wall Street Analysts Forecast Growth

BANC has been the topic of several recent research reports. Piper Sandler boosted their price objective on shares of Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. DA Davidson reissued a "buy" rating and issued a $24.00 price objective on shares of Banc of California in a research note on Tuesday, April 28th. Wells Fargo & Company boosted their price objective on shares of Banc of California from $20.00 to $22.00 and gave the company an "overweight" rating in a research note on Monday, March 30th. JPMorgan Chase & Co. boosted their price objective on shares of Banc of California from $20.50 to $22.00 and gave the company an "overweight" rating in a research note on Friday, April 24th. Finally, Barclays dropped their price objective on shares of Banc of California from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Banc of California has an average rating of "Buy" and a consensus target price of $22.31.

Banc of California Company 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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