Bank of America Corp DE Acquires 842,879 Shares of Banc of California, Inc. $BANC

Key Points

• Bank of America increased its Banc of California stake by 219.1% in the first quarter, purchasing 842,879 additional shares and bringing its total ownership to 1.23 million shares, or approximately 0.8% of the company.
• Institutional investors own 86.88% of Banc of California, while analyst sentiment remains positive overall, with a consensus “Buy” rating and an average price target of $22.62.
• Banc of California reported a sharp quarterly loss of $1.61 per share, missing the $0.40 consensus estimate, while revenue fell 94% year over year to $16.41 million. The bank declared a quarterly dividend of $0.12 per share, yielding approximately 2.5% annually.

Bank of America Corp DE grew its stake in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 219.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,227,555 shares of the bank's stock after purchasing an additional 842,879 shares during the quarter. Bank of America Corp DE owned approximately 0.80% of Banc of California worth $21,580,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BANC. Dimensional Fund Advisors LP grew its stake in Banc of California by 45.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank's stock worth $83,635,000 after acquiring an additional 1,576,914 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Banc of California during the second quarter worth approximately $17,400,000. North Reef Capital Management LP bought a new stake in shares of Banc of California during the fourth quarter valued at approximately $22,312,000. Millennium Management LLC raised its stake in shares of Banc of California by 276.5% during the third quarter. Millennium Management LLC now owns 1,278,974 shares of the bank's stock valued at $21,167,000 after acquiring an additional 939,318 shares in the last quarter. Finally, Bridgeway Capital Management LLC bought a new position in shares of Banc of California during the 3rd quarter worth $13,554,000. Institutional investors own 86.88% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BANC. Brean Capital cut shares of Banc of California from a "buy" rating to a "neutral" rating in a report on Thursday, July 30th. Wells Fargo & Company began coverage on Banc of California in a research report on Monday, August 10th. They set an "overweight" rating and a $23.00 target price on the stock. Barclays cut their price target on Banc of California from $23.00 to $22.00 and set an "overweight" rating on the stock in a report on Monday, August 3rd. Citigroup reduced their price target on Banc of California from $23.50 to $22.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Finally, DA Davidson restated a "buy" rating and set a $24.00 price objective on shares of Banc of California in a research note on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Banc of California presently has an average rating of "Buy" and a consensus price target of $22.62.

Insider Activity at Banc of California

In related news, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the completion of the sale, the insider owned 32,842 shares of the company's stock, valued at $640,419. The trade was a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.78% of the stock is owned by company insiders.

Banc of California Stock Performance

BANC opened at $19.29 on Wednesday. Banc of California, Inc. has a 52-week low of $15.33 and a 52-week high of $21.93. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20. The company has a market cap of $3.06 billion, a P/E ratio of -45.94 and a beta of 0.74. The firm's 50-day moving average price is $20.17 and its 200-day moving average price is $19.19.

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

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Tuesday, September 15th. Banc of California's dividend payout ratio (DPR) is presently -114.29%.

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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