Gator Capital Management LLC Reduces Stake in Banc of California, Inc. $BANC

Key Points

• Gator Capital Management cut its stake in Banc of California by 16.5% in the fourth quarter, selling 53,655 shares and leaving it with 271,710 shares worth about $5.24 million.
• Several other institutional investors also adjusted their positions, and institutional ownership remains high at 86.88% of Banc of California’s stock.
• Analysts remain broadly positive, with an average Buy rating and a consensus price target of $22.31; the company also recently beat quarterly EPS estimates and announced a $0.12 quarterly dividend.

Gator Capital Management LLC lessened its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 16.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 271,710 shares of the bank's stock after selling 53,655 shares during the period. Banc of California accounts for approximately 1.1% of Gator Capital Management LLC's investment portfolio, making the stock its 26th biggest holding. Gator Capital Management LLC owned approximately 0.18% of Banc of California worth $5,241,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

BANC has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target 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. DA Davidson reaffirmed a "buy" rating and issued a $24.00 price objective on shares of Banc of California in a research note on Tuesday, April 28th. Piper Sandler boosted their target price 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. Barclays dropped their target price on Banc of California from $25.00 to $23.00 and set an "overweight" rating for the company in a report on Tuesday, April 7th. Finally, Wells Fargo & Company boosted their price target on Banc of California from $20.00 to $22.00 and gave the stock an "overweight" rating in a research report on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Banc of California presently has an average rating of "Buy" and an average price target of $22.31.

Banc of California Stock Up 1.5%

NYSE:BANC opened at $20.17 on Friday. The stock's fifty day moving average is $18.78 and its two-hundred day moving average is $19.02. Banc of California, Inc. has a 52 week low of $13.24 and a 52 week high of $21.61. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of 15.39 and a beta of 0.74. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings data 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. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The company had revenue of $286.95 million for the quarter, compared to analyst estimates of $291.28 million. During the same quarter last year, the firm posted $0.26 earnings per share. The business's quarterly revenue was up 7.9% on a year-over-year basis. Research analysts anticipate that Banc of California, Inc. will post 1.72 EPS for the current year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be given a $0.12 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.48 annualized dividend and a yield of 2.4%. Banc of California's payout ratio is currently 36.64%.

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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