Banc of California, Inc. $BANC Stock Position Boosted by Hodges Capital Management Inc.

Key Points

• Hodges Capital Management increased its stake in Banc of California by 5.6% in the first quarter, adding 77,012 shares and bringing its total holdings to 1,462,302 shares.
• Banc of California reported better-than-expected quarterly EPS of $0.39 versus the $0.38 estimate, with revenue up 7.9% year over year, though revenue came in slightly below expectations.
• The company paid a quarterly dividend of $0.12 per share, equal to a 2.4% annualized yield, while analysts currently hold a consensus Buy rating with a $22.56 price target.

Hodges Capital Management Inc. raised its holdings in Banc of California, Inc. (NYSE:BANC - Free Report) by 5.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,462,302 shares of the bank's stock after buying an additional 77,012 shares during the period. Banc of California comprises about 2.1% of Hodges Capital Management Inc.'s holdings, making the stock its 9th largest position. Hodges Capital Management Inc. owned 0.97% of Banc of California worth $25,707,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of BANC. Vanguard Group Inc. increased its holdings in shares of Banc of California by 4.6% in the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank's stock valued at $191,970,000 after acquiring an additional 438,320 shares during the last quarter. Invesco Ltd. lifted its stake in Banc of California by 3.1% during the fourth quarter. Invesco Ltd. now owns 6,010,260 shares of the bank's stock worth $115,938,000 after purchasing an additional 181,029 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Banc of California by 16.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,863,656 shares of the bank's stock worth $113,111,000 after purchasing an additional 810,254 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Banc of California by 8.5% in the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank's stock valued at $53,879,000 after purchasing an additional 297,680 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in 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 valued at $56,782,000 after purchasing an additional 2,433,394 shares in the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Stock Performance

Shares of Banc of California stock opened at $20.32 on Monday. The firm's fifty day simple moving average is $19.38 and its 200-day simple moving average is $19.17. Banc of California, Inc. has a 12 month low of $13.96 and a 12 month high of $21.61. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of 15.51 and a beta of 0.73. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 earnings per share (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 the consensus estimate of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. Banc of California's revenue for the quarter was up 7.9% on a year-over-year basis. During the same period last year, the firm posted $0.26 EPS. As a group, equities analysts forecast that Banc of California, Inc. will post 1.71 earnings per share for the current year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.4%. Banc of California's dividend payout ratio (DPR) is currently 36.64%.

Wall Street Analysts Forecast Growth

BANC has been the topic of a number of research analyst reports. Barclays cut 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 report on Tuesday, April 7th. JPMorgan Chase & Co. upped their target price on shares of Banc of California from $22.00 to $24.00 and gave the company an "overweight" rating in a report on Wednesday, July 1st. DA Davidson reaffirmed a "buy" rating and issued a $24.00 target price on shares of Banc of California in a research report on Tuesday, April 28th. Weiss Ratings lowered shares of Banc of California from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, June 4th. Finally, Wells Fargo & Company boosted their price target on shares of Banc of California from $20.00 to $22.00 and gave the company an "overweight" rating in a research report on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Banc of California has a consensus rating of "Buy" and a consensus price target of $22.56.

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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