Financiere des Professionnels Fonds d investissement inc. Takes Position in Banc of California, Inc. $BANC

Key Points

• Financiere des Professionnels Fonds d investissement inc. initiated a new stake in Banc of California, buying 159,409 shares worth about $2.8 million and ending the quarter with 0.11% ownership.
• Institutional ownership remains high, with several other funds also increasing positions; the article says 86.88% of Banc of California’s stock is held by institutional investors.
• Analysts remain generally constructive on the stock, with an average rating of “Buy” and a consensus price target of $22.69, while the shares recently traded at $21.46 after the bank beat quarterly EPS estimates by $0.01.

Financiere des Professionnels Fonds d investissement inc. bought a new position in Banc of California, Inc. (NYSE:BANC - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The fund bought 159,409 shares of the bank's stock, valued at approximately $2,802,000. Financiere des Professionnels Fonds d investissement inc. owned 0.11% of Banc of California at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in BANC. Triumph Capital Management lifted its holdings in Banc of California by 32.8% during the fourth quarter. Triumph Capital Management now owns 2,025 shares of the bank's stock valued at $39,000 after purchasing an additional 500 shares in the last quarter. EverSource Wealth Advisors LLC increased 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 worth $39,000 after acquiring an additional 564 shares during the last quarter. Crescent Grove Advisors LLC raised its stake in Banc of California by 0.6% during the fourth quarter. Crescent Grove Advisors LLC now owns 101,750 shares of the bank's stock valued at $1,973,000 after purchasing an additional 610 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of Banc of California by 4.5% during the 4th quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank's stock valued at $283,000 after buying an additional 637 shares in the last quarter. Finally, Maryland State Retirement & Pension System lifted its stake in shares of Banc of California by 4.2% in the 4th quarter. Maryland State Retirement & Pension System now owns 19,630 shares of the bank's stock valued at $379,000 after purchasing an additional 783 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on BANC shares. Barclays cut their price target 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. JPMorgan Chase & Co. raised their price objective on Banc of California from $22.00 to $24.00 and gave the company an "overweight" rating in a research report on Wednesday, July 1st. Piper Sandler upped their price target on Banc of California from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, April 27th. Weiss Ratings downgraded shares of Banc of California from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, June 4th. Finally, Wells Fargo & Company increased their price objective on Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $22.69.

Banc of California Price Performance

NYSE:BANC opened at $21.46 on Friday. The stock's fifty day moving average is $19.69 and its two-hundred day moving average is $19.22. Banc of California, Inc. has a 52 week low of $13.96 and a 52 week high of $21.61. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $3.31 billion, a P/E ratio of 16.39 and a beta of 0.73.

Banc of California (NYSE:BANC - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The company had revenue of $286.95 million during the quarter, compared to analysts' expectations of $291.28 million. During the same period last year, the business posted $0.26 EPS. Banc of California's revenue for the quarter was up 7.9% on a year-over-year basis. Equities analysts expect that Banc of California, Inc. will post 1.71 EPS for the current year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Monday, June 15th. Banc of California's dividend payout ratio (DPR) is currently 36.64%.

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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