Jupiter Topco LLC Acquires Shares of 61,448 Banc of California, Inc. $BANC

Key Points

• Jupiter Topco LLC acquired 61,448 shares of Banc of California in the second quarter, worth approximately $1.26 million. Institutional investors collectively own 86.88% of the bank’s stock.
• Banc of California reported a significant quarterly loss, with EPS of -$1.61 versus a $0.40 consensus estimate, revenue of $16.41 million, and a 94% year-over-year revenue decline.
• Despite the weak results, analysts maintain a consensus “Buy” rating with an average price target of $22.62, while the bank declared a quarterly dividend of $0.12 per share, representing a 2.5% yield.

Jupiter Topco LLC bought a new stake in Banc of California, Inc. (NYSE:BANC - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 61,448 shares of the bank's stock, valued at approximately $1,256,000.

Several other hedge funds have also made changes to their positions in the business. Royal Bank of Canada increased its holdings in shares of Banc of California by 9.4% in the first quarter. Royal Bank of Canada now owns 74,043 shares of the bank's stock valued at $1,050,000 after purchasing an additional 6,364 shares during the period. AQR Capital Management LLC boosted its holdings in Banc of California by 209.4% during the first quarter. AQR Capital Management LLC now owns 103,044 shares of the bank's stock worth $1,462,000 after buying an additional 69,739 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Banc of California by 4.6% during the first 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. grew its stake in 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, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Banc of California by 1.0% during the 1st 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 purchasing an additional 4,263 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company's stock.

Banc of California Price Performance

BANC stock opened at $18.95 on Friday. The company has a market cap of $3.00 billion, a PE ratio of -45.12 and a beta of 0.73. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. The stock has a 50-day moving average price of $19.79 and a two-hundred day moving average price of $19.05. Banc of California, Inc. has a 12-month low of $15.33 and a 12-month high of $21.93.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share 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 firm had revenue of $16.41 million during the quarter, compared to analyst estimates of $295.32 million. During the same period in the prior year, the firm earned $0.31 earnings per share. The business's revenue for the quarter was down 94.0% on a year-over-year basis. As a group, research analysts predict that Banc of California, Inc. will post 1.68 EPS for the current year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 15th. Banc of California's payout ratio is -114.29%.

Insider Transactions at Banc of California

In other news, insider Olivia 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 value of $117,000.00. Following the transaction, the insider owned 32,842 shares of the company's stock, valued at approximately $640,419. This trade represents a 15.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.78% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

BANC has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of Banc of California from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Weiss Ratings cut Banc of California from a "hold (c+)" rating to a "hold (c-)" rating in a report on Friday, August 21st. Barclays dropped their target price on Banc of California from $23.00 to $22.00 and set an "overweight" rating for the company in a research note on Monday, August 3rd. JPMorgan Chase & Co. upped 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 note on Wednesday, July 1st. Finally, Wells Fargo & Company initiated coverage on shares of Banc of California in a report on Monday, August 10th. They set an "overweight" rating and a $23.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $22.62.

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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