Empowered Funds LLC Invests $14.45 Million in Banc of California, Inc. $BANC

Key Points

• Empowered Funds LLC purchased 707,397 shares of Banc of California during the second quarter, valued at approximately $14.45 million and representing about 0.45% of the company. Institutional investors collectively own 86.88% of the bank.
• Banc of California reported a significant quarterly loss, with EPS of -$1.61 versus the $0.40 consensus estimate, while revenue fell 94% year over year to $16.41 million. Analysts nevertheless maintain an average “Buy” rating with a $22.62 price target.
• The bank declared a quarterly dividend of $0.12 per share, equivalent to an annualized $0.48 dividend and a 2.6% yield; shares recently traded at $18.62, below the average analyst target.

Empowered Funds LLC purchased a new position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 707,397 shares of the bank's stock, valued at approximately $14,452,000. Empowered Funds LLC owned approximately 0.45% of Banc of California as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in Banc of California during the 2nd quarter valued at $462,252,000. Vanguard Group Inc. raised its stake in shares of Banc of California by 4.6% in the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank's stock valued at $191,970,000 after purchasing an additional 438,320 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Banc of California by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,464,447 shares of the bank's stock valued at $113,640,000 after purchasing an additional 600,791 shares in the last quarter. Invesco Ltd. lifted its position in shares of Banc of California by 3.1% during the fourth quarter. Invesco Ltd. now owns 6,010,260 shares of the bank's stock worth $115,938,000 after purchasing an additional 181,029 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Banc of California by 8.5% during the first 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 last quarter. Hedge funds and other institutional investors own 86.88% of the company's stock.

Banc of California Price Performance

Shares of NYSE:BANC opened at $18.62 on Friday. The stock's 50 day moving average price is $19.98 and its 200 day moving average price is $19.11. Banc of California, Inc. has a 12 month low of $15.33 and a 12 month high of $21.93. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of -44.33 and a beta of 0.74. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) 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 company had revenue of $16.41 million during the quarter, compared to the consensus estimate of $295.32 million. During the same period in the prior year, the company posted $0.31 EPS. Banc of California's quarterly revenue was down 94.0% on a year-over-year basis. Equities research analysts anticipate that Banc of California, Inc. will post 1.68 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. Banc of California's dividend payout ratio is currently -114.29%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BANC shares. Wells Fargo & Company assumed coverage on Banc of California in a report on Monday, August 10th. They issued an "overweight" rating and a $23.00 price target for the company. Citigroup lowered their target price on shares of Banc of California from $23.50 to $22.00 and set a "buy" rating for the company in a research note on Friday, July 31st. Brean Capital downgraded shares of Banc of California from a "buy" rating to a "neutral" rating in a research report on Thursday, July 30th. Wall Street Zen lowered shares of Banc of California from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Finally, JPMorgan Chase & Co. boosted 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 report on Wednesday, July 1st. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $22.62.

Insiders Place Their Bets

In other news, insider Olivia I. Lindsay sold 6,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the transaction, the insider owned 32,842 shares in the company, valued at approximately $640,419. This trade represents a 15.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.78% of the company's stock.

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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