Louisiana State Employees Retirement System Takes Position in Banc of California, Inc. $BANC

Key Points

• Louisiana State Employees Retirement System opened a new position in Banc of California, buying 59,500 shares worth about $1.046 million in the first quarter.
• Other institutional investors also added to or initiated stakes, and 86.88% of BANC shares are owned by institutions, highlighting strong professional investor interest.
• Analysts remain mostly bullish: the stock has a consensus Buy rating with a target price of $22.56, while Banc of California recently beat quarterly EPS estimates and pays a 2.4% dividend yield.

Louisiana State Employees Retirement System acquired a new position in Banc of California, Inc. (NYSE:BANC - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 59,500 shares of the bank's stock, valued at approximately $1,046,000.

A number of other large investors have also recently made changes to their positions in the business. Polar Asset Management Partners Inc. bought a new position in shares of Banc of California in the third quarter worth approximately $2,054,000. Bridgeway Capital Management LLC increased its position in shares of Banc of California by 11.8% during the fourth quarter. Bridgeway Capital Management LLC now owns 915,325 shares of the bank's stock valued at $17,657,000 after acquiring an additional 96,372 shares in the last quarter. Vanguard Group Inc. raised its holdings in Banc of California by 4.6% in the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank's stock worth $191,970,000 after acquiring an additional 438,320 shares during the last quarter. UBS Group AG raised its holdings in Banc of California by 28.4% in the 4th quarter. UBS Group AG now owns 598,427 shares of the bank's stock worth $11,544,000 after acquiring an additional 132,328 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its position 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 valued at $44,702,000 after acquiring an additional 187,999 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Wells Fargo & Company lifted their price target on shares of Banc of California from $20.00 to $22.00 and gave the stock an "overweight" rating in a research note on Monday, March 30th. Piper Sandler raised their price target on Banc of California from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, April 27th. Weiss Ratings cut Banc of California from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, June 4th. DA Davidson reaffirmed 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 decreased 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 research report on Tuesday, April 7th. One 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. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $22.56.

Banc of California Stock Performance

Shares of NYSE BANC opened at $20.32 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $3.13 billion, a P/E ratio of 15.51 and a beta of 0.73. The firm's fifty day moving average is $19.38 and its two-hundred day moving average is $19.17. Banc of California, Inc. has a 52-week low of $13.96 and a 52-week high of $21.61.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $286.95 million during the quarter, compared to the consensus estimate of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The business's revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.26 EPS. As a group, analysts anticipate that Banc of California, Inc. will post 1.71 EPS for the current fiscal year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.4%. 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.

Want to see what other hedge funds are holding BANC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Banc of California, Inc. (NYSE:BANC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.