LSV Asset Management Buys Shares of 193,900 Banc of California, Inc. $BANC

Key Points

• LSV Asset Management opened a new position in Banc of California in Q4, buying 193,900 shares valued at about $3.74 million.
• Banc of California reported Q1 earnings of $0.39 per share, edging past estimates, while revenue rose 7.9% year over year.
• The bank announced a quarterly dividend of $0.12 per share payable July 1, and Wall Street remains bullish with a consensus Buy rating and average price target of $22.31.

LSV Asset Management bought a new stake in shares of Banc of California, Inc. (NYSE:BANC - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 193,900 shares of the bank's stock, valued at approximately $3,740,000. LSV Asset Management owned 0.13% of Banc of California as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Amalgamated Bank grew its position in Banc of California by 1.6% in the third quarter. Amalgamated Bank now owns 37,460 shares of the bank's stock worth $620,000 after acquiring an additional 585 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Banc of California by 7.7% in the third quarter. PNC Financial Services Group Inc. now owns 10,804 shares of the bank's stock worth $179,000 after acquiring an additional 777 shares in the last quarter. ProShare Advisors LLC grew its position in Banc of California by 3.2% in the fourth quarter. ProShare Advisors LLC now owns 25,028 shares of the bank's stock worth $483,000 after acquiring an additional 787 shares in the last quarter. GAMMA Investing LLC grew its position in Banc of California by 19.8% in the fourth quarter. GAMMA Investing LLC now owns 5,297 shares of the bank's stock worth $102,000 after acquiring an additional 874 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund grew its position in Banc of California by 4.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 30,742 shares of the bank's stock worth $593,000 after acquiring an additional 1,200 shares in the last quarter. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Trading Up 1.7%

Shares of BANC stock opened at $19.13 on Wednesday. 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 cap of $2.95 billion, a price-to-earnings ratio of 14.60 and a beta of 0.75. 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 firm has a fifty day moving average of $18.22 and a 200-day moving average of $18.83.

Banc of California (NYSE:BANC - Get Free Report) last announced 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. The company had revenue of $286.95 million during the quarter, compared to analysts' expectations 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 company posted $0.26 EPS. On average, equities research analysts forecast that Banc of California, Inc. will post 1.72 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. Banc of California's dividend payout ratio is presently 36.64%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. DA Davidson reissued a "buy" rating and issued a $24.00 target price on shares of Banc of California in a research report on Tuesday, April 28th. JPMorgan Chase & Co. boosted their target price on shares of Banc of California from $20.50 to $22.00 and gave the stock an "overweight" rating in a research report on Friday, April 24th. Wells Fargo & Company boosted their target price on shares of Banc of California from $20.00 to $22.00 and gave the stock an "overweight" rating in a research report on Monday, March 30th. Piper Sandler upped their price objective on shares of Banc of California from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. Finally, Barclays decreased their price objective on shares of Banc of California from $25.00 to $23.00 and set an "overweight" rating for the company in a report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $22.31.

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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