Banc of California, Inc. $BANC Shares Sold by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund lowered its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 37.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 273,567 shares of the bank's stock after selling 163,235 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned 0.18% of Banc of California worth $4,809,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Bank of America Corp DE grew its stake in Banc of California by 243.9% in 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 during the last quarter. Dimensional Fund Advisors LP lifted its holdings 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 valued at $83,635,000 after purchasing an additional 1,576,914 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Banc of California in the second quarter valued at about $17,400,000. North Reef Capital Management LP acquired a new stake in shares of Banc of California in the fourth quarter valued at approximately $22,312,000. Finally, Millennium Management LLC grew its position in shares of Banc of California by 276.5% in the third quarter. Millennium Management LLC now owns 1,278,974 shares of the bank's stock valued at $21,167,000 after purchasing an additional 939,318 shares during the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Banc of California Stock Down 12.2%

BANC stock opened at $18.59 on Thursday. The company has a 50 day moving average price of $20.10 and a two-hundred day moving average price of $19.30. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $2.87 billion, a P/E ratio of 14.19 and a beta of 0.73. Banc of California, Inc. has a one year low of $13.96 and a one year high of $21.93.

Banc of California (NYSE:BANC - Get Free Report) last issued 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). Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The business had revenue of $164.05 million for the quarter, compared to analysts' expectations of $295.32 million. During the same period in the prior year, the company earned $0.31 EPS. The company's revenue for the quarter was down 94.0% compared to the same quarter last year. As a group, sell-side analysts expect that Banc of California, Inc. will post 1.71 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were given a dividend of $0.12 per share. The ex-dividend date was Monday, June 15th. This represents a $0.48 annualized dividend and a yield of 2.6%. Banc of California's dividend payout ratio is 36.64%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BANC. JPMorgan Chase & Co. lifted their price objective on Banc of California from $22.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. DA Davidson reiterated a "buy" rating and set a $24.00 target price on shares of Banc of California in a report on Tuesday, April 28th. Wells Fargo & Company raised their price target on Banc of California from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Barclays cut their price target on Banc of California from $25.00 to $23.00 and set an "overweight" rating for the company in a report on Tuesday, April 7th. Finally, 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 report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Banc of California currently has a consensus rating of "Buy" and an average target price of $22.69.

Banc of California News Roundup

Here are the key news stories impacting Banc of California this week:

• Positive Sentiment: Management highlighted 9% annualized average loan growth and 12% annualized deposit growth. Deposits increased by $799 million, or 2.9%, during the quarter, while average loans rose by $556.1 million, or 2.3%, indicating continued underlying franchise expansion. Banc of California Second-Quarter Results
• Positive Sentiment: The company repositioned $2.3 billion of securities, initiated sales of approximately $827 million in loans and retired $385 million of subordinated debt. Banc of California said the moves should enhance its long-term earnings profile and reduce balance-sheet inefficiencies. Banc of California Q2 Earnings Call Transcript
• Neutral Sentiment: Despite the reported loss, estimated Tier 1 and CET1 capital ratios were 11.67% and 9.25%, respectively. Book value per share was $18.38 and tangible book value per share was $16.44 at June 30, providing context for the bank’s capital position after the restructuring.
• Negative Sentiment: Banc of California reported a net loss available to common stockholders of $251.3 million, or $1.61 per diluted share, compared with a consensus estimate of $0.40 EPS and year-ago earnings of $0.31 per share. Banc of California Q2 Earnings Miss Estimates
• Negative Sentiment: Revenue fell sharply to $16.4 million from $286.9 million in the first quarter and was down 94% year over year. The securities repositioning generated a $256.7 million pretax loss, making the quarter’s results substantially weaker than expected and weighing on investor sentiment.

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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