Endeavour Capital Advisors Inc. Trims Stock Holdings in Banc of California, Inc. $BANC

Key Points

• Endeavour Capital Advisors cut its Banc of California stake by 28.4% in the fourth quarter, selling 183,815 shares and leaving it with 463,243 shares worth about $8.94 million.
• Banc of California reported quarterly EPS of $0.39, slightly ahead of expectations, while revenue came in at $286.95 million, below estimates but up 7.9% from a year earlier.
• The bank declared a quarterly dividend of $0.12 per share, implying a 2.5% annualized yield, and analysts currently rate the stock a consensus Buy with an average price target of $22.31.

Endeavour Capital Advisors Inc. trimmed its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 28.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 463,243 shares of the bank's stock after selling 183,815 shares during the quarter. Banc of California comprises 2.5% of Endeavour Capital Advisors Inc.'s holdings, making the stock its 17th largest position. Endeavour Capital Advisors Inc. owned approximately 0.31% of Banc of California worth $8,936,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in BANC. Hantz Financial Services Inc. raised its stake in shares of Banc of California by 199.0% during the 4th quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank's stock valued at $42,000 after buying an additional 1,437 shares during the last quarter. William Blair Investment Management LLC increased its holdings in Banc of California by 8.8% in the 4th quarter. William Blair Investment Management LLC now owns 2,317,363 shares of the bank's stock worth $44,702,000 after acquiring an additional 187,999 shares in the last quarter. Jefferies Financial Group Inc. acquired a new position in shares of Banc of California during the 4th quarter worth about $314,000. MQS Management LLC acquired a new position in shares of Banc of California during the fourth quarter valued at approximately $306,000. Finally, EverSource Wealth Advisors LLC raised its stake in Banc of California by 38.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank's stock valued at $39,000 after purchasing an additional 564 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 BANC opened at $18.83 on Tuesday. The firm has a 50-day simple moving average of $18.18 and a 200-day simple moving average of $18.82. Banc of California, Inc. has a fifty-two week low of $13.24 and a fifty-two week high of $21.61. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 14.37 and a beta of 0.75. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89.

Banc of California (NYSE:BANC - Get Free Report) last released its earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $286.95 million for the quarter, compared to analyst estimates of $291.28 million. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The company's revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 earnings per share. On average, equities research analysts anticipate that Banc of California, Inc. will post 1.72 earnings per share for the current year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.5%. The ex-dividend date is Monday, June 15th. Banc of California's dividend payout ratio is presently 36.64%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wells Fargo & Company increased their price objective on shares of Banc of California from $20.00 to $22.00 and gave the company an "overweight" rating in a report on Monday, March 30th. JPMorgan Chase & Co. boosted their price objective on shares of Banc of California from $20.50 to $22.00 and gave the company an "overweight" rating in a report on Friday, April 24th. Piper Sandler boosted their target price on Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday, April 27th. DA Davidson reissued a "buy" rating and set a $24.00 price target on shares of Banc of California in a research report on Tuesday, April 28th. Finally, Barclays reduced their price objective on Banc of California from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $22.31.

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.

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