Fifth Third Bancorp Has $884,000 Stock Holdings in Banc of California, Inc. $BANC

Key Points

• Fifth Third Bancorp increased its Banc of California stake by 4,791% in the first quarter, bringing its holdings to 50,279 shares valued at approximately $884,000. Institutional investors collectively own 86.88% of BANC’s outstanding stock.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $22.69. Recent targets range from $23 to $24, although Barclays lowered its target from $25 to $23.
• BANC shares opened at $21.28, near their 52-week high of $21.93, while the bank maintains a quarterly dividend of $0.12 per share, representing a 2.3% yield and $0.48 annualized payout.

Fifth Third Bancorp increased its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 4,791.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 50,279 shares of the bank's stock after acquiring an additional 49,251 shares during the quarter. Fifth Third Bancorp's holdings in Banc of California were worth $884,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Banc of California by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank's stock valued at $191,970,000 after acquiring an additional 438,320 shares during the period. Invesco Ltd. lifted its holdings in shares of Banc of California by 3.1% in the fourth quarter. Invesco Ltd. now owns 6,010,260 shares of the bank's stock worth $115,938,000 after acquiring an additional 181,029 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Banc of California by 16.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,863,656 shares of the bank's stock valued at $113,111,000 after buying an additional 810,254 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Banc of California by 8.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank's stock valued at $53,879,000 after acquiring an additional 297,680 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Banc of California by 243.9% in the 3rd quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank's stock valued at $56,782,000 after acquiring an additional 2,433,394 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on BANC shares. 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 report on Tuesday, April 7th. Wells Fargo & Company increased 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, July 6th. DA Davidson reissued a "buy" rating and set a $24.00 price target on shares of Banc of California in a research note on Tuesday, April 28th. Piper Sandler boosted their price target on Banc of California from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. Finally, JPMorgan Chase & Co. upped their price objective on 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. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $22.69.

Banc of California Stock Performance

Shares of BANC stock opened at $21.28 on Monday. The stock has a market capitalization of $3.28 billion, a PE ratio of 16.24 and a beta of 0.73. The business's 50 day simple moving average is $20.01 and its 200 day simple moving average is $19.30. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California, Inc. has a one year low of $13.96 and a one year high of $21.93.

Banc of California Announces Dividend

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

About Banc of California

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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