Centerbridge Partners L.P. Has $67.71 Million Stock Holdings in Banc of California, Inc. $BANC

Key Points

• Centerbridge Partners L.P. increased its stake in Banc of California by 18.7%, acquiring 752,239 shares to hold a total of 4,771,784 shares, which represents 13.0% of their holdings.
• Wall Street analysts have shown confidence in Banc of California, with multiple firms raising their price targets; Wells Fargo set a new price objective of $18.00, maintaining an "overweight" rating.
• Banc of California declared a quarterly dividend of $0.10 per share, reflecting an annual yield of 2.4%, and will be paid on October 1st to shareholders of record.

Centerbridge Partners L.P. increased its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 18.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,771,784 shares of the bank's stock after buying an additional 752,239 shares during the period. Banc of California accounts for approximately 13.0% of Centerbridge Partners L.P.'s investment portfolio, making the stock its 3rd biggest holding. Centerbridge Partners L.P. owned about 3.00% of Banc of California worth $67,712,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. CWM LLC raised its holdings in shares of Banc of California by 41.7% in the 1st quarter. CWM LLC now owns 8,049 shares of the bank's stock worth $114,000 after purchasing an additional 2,367 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Banc of California during the first quarter valued at about $123,000. Xponance Inc. bought a new stake in Banc of California in the first quarter worth $148,000. Quantinno Capital Management LP bought a new stake in Banc of California in the fourth quarter worth $156,000. Finally, Cetera Investment Advisers bought a new position in shares of Banc of California during the fourth quarter valued at about $178,000. Institutional investors own 86.88% of the company's stock.

Insider Buying and Selling at Banc of California

In other news, insider Hamid Hussain sold 20,000 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $16.59, for a total value of $331,800.00. Following the transaction, the insider owned 66,444 shares in the company, valued at $1,102,305.96. This represents a 23.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.69% of the stock is owned by corporate insiders.

Banc of California Stock Up 0.4%

Shares of BANC stock traded up $0.08 on Tuesday, hitting $16.86. The stock had a trading volume of 1,429,975 shares, compared to its average volume of 2,355,469. Banc of California, Inc. has a 52-week low of $11.52 and a 52-week high of $18.08. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.90. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 25.95 and a beta of 0.71. The stock's 50 day moving average is $15.35 and its 200-day moving average is $14.31.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.03. The business had revenue of $272.85 million during the quarter, compared to the consensus estimate of $278.43 million. Banc of California had a net margin of 8.30% and a return on equity of 7.37%. The business's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.12 earnings per share. As a group, research analysts expect that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.4%. The ex-dividend date is Monday, September 15th. Banc of California's payout ratio is presently 61.54%.

Analysts Set New Price Targets

Several brokerages recently issued reports on BANC. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $18.00 target price (up previously from $17.00) on shares of Banc of California in a report on Friday, July 25th. JPMorgan Chase & Co. upped their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Wells Fargo & Company upped their price objective on shares of Banc of California from $16.00 to $18.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Jefferies Financial Group initiated coverage on shares of Banc of California in a research note on Wednesday, May 21st. They issued a "buy" rating and a $18.00 price target on the stock. Finally, Barclays lifted their price objective on shares of Banc of California from $18.00 to $19.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $17.33.

About Banc of California

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.