Bessemer Group Inc. Buys 90,146 Shares of Banc of California, Inc. $BANC

Key Points

• Bessemer Group Inc. boosted its stake in Banc of California by 30.4% in the first quarter, buying 90,146 additional shares and bringing its total holding to 386,677 shares worth about $6.8 million.
• Institutional interest in BANC remains strong, with several other funds also adding positions and 86.88% of the stock now held by institutional investors.
• Analysts remain broadly bullish on the bank, with a consensus Buy rating and average price target of $22.69; the stock also recently beat earnings expectations, posting $0.39 EPS versus the $0.38 estimate.

Bessemer Group Inc. increased its position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 30.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 386,677 shares of the bank's stock after buying an additional 90,146 shares during the quarter. Bessemer Group Inc. owned 0.26% of Banc of California worth $6,798,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BANC. Triumph Capital Management bought a new stake in shares of Banc of California in the 3rd quarter worth approximately $25,000. Navalign LLC bought a new stake in shares of Banc of California during the fourth quarter valued at approximately $27,000. Orion Capital Management LLC bought a new stake in shares of Banc of California during the fourth quarter valued at approximately $35,000. Advisory Services Network LLC acquired a new position in shares of Banc of California in the third quarter valued at $36,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Banc of California by 38.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank's stock valued at $39,000 after purchasing an additional 564 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BANC has been the subject of several research reports. Barclays reduced their target price on Banc of California from $25.00 to $23.00 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. Wells Fargo & Company increased 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, July 6th. JPMorgan Chase & Co. raised their price objective 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. Piper Sandler raised their price objective on shares of Banc of California from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. Finally, DA Davidson reiterated a "buy" rating and set a $24.00 target price on shares of Banc of California in a research report on Tuesday, April 28th. 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 company's stock. Based on data from MarketBeat, Banc of California currently has a consensus rating of "Buy" and a consensus price target of $22.69.

Banc of California Price Performance

Banc of California stock opened at $21.23 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $3.27 billion, a PE ratio of 16.21 and a beta of 0.73. Banc of California, Inc. has a one year low of $13.96 and a one year high of $21.61. The business has a 50 day simple moving average of $19.73 and a 200 day simple moving average of $19.24.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The business had revenue of $286.95 million for the quarter, compared to analyst estimates of $291.28 million. During the same quarter in the previous year, the firm earned $0.26 EPS. Banc of California's quarterly revenue was up 7.9% on a year-over-year basis. On average, sell-side analysts forecast that Banc of California, Inc. will post 1.71 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were issued a $0.12 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.48 annualized dividend and a dividend yield of 2.3%. Banc of California's dividend payout ratio is presently 36.64%.

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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