Centerbridge Partners L.P. Sells 1,342,690 Shares of Banc of California, Inc. $BANC

Key Points

• Centerbridge Partners trimmed its position in Banc of California by 29.9%, selling 1,342,690 shares and now holding 3,149,920 shares (≈2.13% of the company), which still represents 51.5% of Centerbridge's portfolio (≈$52.13M).
• Banc of California raised its quarterly dividend to $0.12 from $0.10 (annualized $0.48, yield 2.9%); the ex-dividend/record/payable dates are March 16 / March 16 / April 1, respectively.
• Analysts have pushed up price targets (JPMorgan, Piper Sandler, Barclays, KBW) and the stock has a consensus "Moderate Buy" with a $20.86 target, while the bank recently beat earnings with $0.42 EPS versus $0.37 expected.

Centerbridge Partners L.P. trimmed its position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 29.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,149,920 shares of the bank's stock after selling 1,342,690 shares during the quarter. Banc of California accounts for 51.5% of Centerbridge Partners L.P.'s portfolio, making the stock its largest position. Centerbridge Partners L.P. owned approximately 2.13% of Banc of California worth $52,131,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd raised its position in shares of Banc of California by 145.1% during the third quarter. Aster Capital Management DIFC Ltd now owns 4,181 shares of the bank's stock worth $69,000 after purchasing an additional 2,475 shares during the period. Osaic Holdings Inc. lifted its holdings in shares of Banc of California by 210.8% during the 2nd quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank's stock valued at $82,000 after purchasing an additional 3,940 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Banc of California by 7.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,804 shares of the bank's stock valued at $179,000 after purchasing an additional 777 shares during the period. Walleye Capital LLC acquired a new position in shares of Banc of California in the 2nd quarter valued at approximately $179,000. Finally, Occudo Quantitative Strategies LP bought a new stake in Banc of California during the 2nd quarter worth approximately $203,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Trading Down 0.1%

NYSE BANC opened at $16.78 on Friday. Banc of California, Inc. has a 52 week low of $11.52 and a 52 week high of $21.61. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. The stock's 50 day moving average price is $19.60 and its two-hundred day moving average price is $18.34. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of 14.22 and a beta of 0.72.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.05. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. The company had revenue of $292.93 million during the quarter, compared to analysts' expectations of $288.41 million. During the same period last year, the business earned $0.28 EPS. As a group, analysts anticipate that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 16th will be issued a dividend of $0.12 per share. The ex-dividend date is Monday, March 16th. This is a positive change from Banc of California's previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a yield of 2.9%. Banc of California's dividend payout ratio is currently 33.90%.

Analyst Ratings Changes

Several analysts have commented on BANC shares. JPMorgan Chase & Co. raised their target price on shares of Banc of California from $21.00 to $24.00 and gave the stock an "overweight" rating in a report on Tuesday, December 16th. Piper Sandler upped their price target on shares of Banc of California from $24.00 to $25.00 and gave the company an "overweight" rating in a report on Monday, January 26th. Barclays increased their price objective on shares of Banc of California from $21.00 to $25.00 and gave the stock an "overweight" rating in a research report on Friday, December 19th. Keefe, Bruyette & Woods boosted their price objective on shares of Banc of California from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Friday, January 23rd. Finally, Wall Street Zen raised shares of Banc of California from a "sell" rating to a "hold" rating in a research note on Saturday, January 10th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $20.86.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.