Dimensional Fund Advisors LP Raises Position in Banc of California, Inc. $BANC

Dimensional Fund Advisors LP lifted its position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 10.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,464,447 shares of the bank's stock after acquiring an additional 600,791 shares during the quarter. Dimensional Fund Advisors LP owned 4.31% of Banc of California worth $113,640,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in BANC. Royal Bank of Canada raised its stake in shares of Banc of California by 9.4% during the 1st quarter. Royal Bank of Canada now owns 74,043 shares of the bank's stock worth $1,050,000 after buying an additional 6,364 shares in the last quarter. AQR Capital Management LLC raised its position in Banc of California by 209.4% in the first quarter. AQR Capital Management LLC now owns 103,044 shares of the bank's stock worth $1,462,000 after acquiring an additional 69,739 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Banc of California by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank's stock valued at $1,173,000 after acquiring an additional 3,611 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Banc of California by 8.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank's stock worth $53,879,000 after purchasing an additional 297,680 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Banc of California by 1.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank's stock valued at $6,270,000 after purchasing an additional 4,263 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company's stock.

Banc of California Trading Up 1.9%

Banc of California stock opened at $21.19 on Wednesday. The stock has a 50-day moving average price of $20.11 and a 200 day moving average price of $19.31. Banc of California, Inc. has a 52 week low of $13.96 and a 52 week high of $21.93. The stock has a market cap of $3.27 billion, a PE ratio of 16.17 and a beta of 0.73. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California Announces Dividend

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

Analysts Set New Price Targets

A number of analysts recently commented on BANC shares. Barclays decreased their price objective on shares of Banc of California from $25.00 to $23.00 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Piper Sandler lifted their price objective on Banc of California from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. DA Davidson reissued a "buy" rating and issued a $24.00 target price on shares of Banc of California in a report on Tuesday, April 28th. Weiss Ratings downgraded Banc of California from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, June 4th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Banc of California from $22.00 to $24.00 and gave the company an "overweight" rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Banc of California currently has an average rating of "Buy" and a consensus target price of $22.69.

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.

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