North Reef Capital Management LP Has $26.37 Million Position in Banc of California, Inc. $BANC

Key Points

• North Reef Capital Management increased its stake in Banc of California by 29.7% in the first quarter, bringing its holdings to 1.5 million shares worth about $26.37 million.
• Several other hedge funds also added to or initiated positions in the bank, and institutional investors own 86.88% of Banc of California’s stock.
• Analysts remain broadly upbeat: the stock carries a consensus Buy rating with an average price target of $22.69, while the company recently reported earnings that slightly beat EPS estimates and declared a quarterly dividend of $0.12 per share.

North Reef Capital Management LP grew its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 29.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,500,000 shares of the bank's stock after purchasing an additional 343,320 shares during the quarter. Banc of California makes up approximately 0.9% of North Reef Capital Management LP's investment portfolio, making the stock its 25th largest holding. North Reef Capital Management LP owned approximately 1.00% of Banc of California worth $26,370,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Caxton Associates LLP grew its stake in Banc of California by 15.1% in the 1st quarter. Caxton Associates LLP now owns 32,932 shares of the bank's stock valued at $579,000 after buying an additional 4,320 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of Banc of California by 8.9% during the first quarter. Sei Investments Co. now owns 335,588 shares of the bank's stock worth $5,900,000 after acquiring an additional 27,311 shares during the period. Walleye Capital LLC bought a new stake in shares of Banc of California during the first quarter worth approximately $6,761,000. Cetera Investment Advisers grew its position in shares of Banc of California by 11.4% in the first quarter. Cetera Investment Advisers now owns 17,656 shares of the bank's stock valued at $310,000 after purchasing an additional 1,801 shares during the last quarter. Finally, First Trust Advisors LP grew its position in shares of Banc of California by 10.0% in the first quarter. First Trust Advisors LP now owns 490,136 shares of the bank's stock valued at $8,617,000 after purchasing an additional 44,676 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Banc of California from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Wednesday, July 1st. DA Davidson reissued a "buy" rating and set a $24.00 target price on shares of Banc of California in a report on Tuesday, April 28th. Weiss Ratings cut shares of Banc of California from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, June 4th. Wells Fargo & Company boosted their target price on shares of Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Finally, Piper Sandler upped their price target on shares of Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $22.69.

Banc of California Price Performance

Banc of California stock opened at $21.28 on Friday. The firm has a market cap of $3.28 billion, a PE ratio of 16.24 and a beta of 0.73. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The stock's fifty day moving average price is $20.01 and its two-hundred day moving average price is $19.30. Banc of California, Inc. has a one year low of $13.96 and a one year high of $21.93.

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

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Monday, June 15th. Banc of California's payout ratio is 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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