Deutsche Bank AG Acquires New Stake in Banc of California, Inc. $BANC

Key Points

• Deutsche Bank AG acquired 160,324 shares of Banc of California in the second quarter, valued at approximately $3.28 million and representing 0.10% of the company. Institutional investors collectively own 86.88% of BANC.
• Analyst sentiment remains broadly positive, with an overall “Buy” consensus and an average price target of $22.62, although some firms recently downgraded the stock. BANC opened at $18.87, below its 50-day moving average of $20.04.
• Banc of California reported a significant quarterly loss of $1.61 per share versus expectations for $0.40 in earnings, while revenue fell 94% year over year to $16.41 million. The company declared a quarterly dividend of $0.12 per share, equivalent to a 2.5% annualized yield.

Deutsche Bank AG purchased a new stake in shares of Banc of California, Inc. (NYSE:BANC - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 160,324 shares of the bank's stock, valued at approximately $3,275,000. Deutsche Bank AG owned 0.10% of Banc of California as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BANC. Triumph Capital Management bought a new stake in shares of Banc of California during the 3rd quarter valued at $25,000. Navalign LLC bought a new position in Banc of California in the 4th quarter worth $27,000. Western Wealth Management LLC purchased a new position in Banc of California during the first quarter valued at $29,000. Orion Capital Management LLC purchased a new position in shares of Banc of California during the 4th quarter valued at about $35,000. Finally, Advisory Services Network LLC bought a new position in shares of Banc of California during the 3rd quarter valued at approximately $36,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BANC. Wall Street Zen lowered shares of Banc of California from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Weiss Ratings lowered shares of Banc of California from a "hold (c+)" rating to a "hold (c-)" rating in a research report on Friday, August 21st. JPMorgan Chase & Co. increased their price target on Banc of California from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 1st. Wells Fargo & Company initiated coverage on Banc of California in a research report on Monday, August 10th. They issued an "overweight" rating and a $23.00 price objective on the stock. Finally, Brean Capital cut Banc of California from a "buy" rating to a "neutral" rating in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $22.62.

Banc of California Price Performance

NYSE:BANC opened at $18.87 on Thursday. The business's 50-day moving average is $20.04 and its 200 day moving average is $19.13. Banc of California, Inc. has a 12 month low of $15.33 and a 12 month high of $21.93. The company has a market capitalization of $2.99 billion, a P/E ratio of -44.93 and a beta of 0.74. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20.

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

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a yield of 2.5%. Banc of California's dividend payout ratio is presently -114.29%.

Insider Buying and Selling

In other Banc of California news, insider Olivia I. Lindsay sold 6,000 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the sale, the insider directly 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 sale was disclosed in a legal filing with the SEC, which is available through this link. 2.78% of the stock is owned by company insiders.

Banc of California Company 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.

Want to see what other hedge funds are holding BANC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Banc of California, Inc. (NYSE:BANC - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source