Oliver Luxxe Assets LLC Has $1.90 Million Holdings in Banc of California, Inc. $BANC

Key Points

• Oliver Luxxe Assets reduced its Banc of California stake by 39.7% in the second quarter, selling 61,080 shares and retaining 92,753 shares valued at approximately $1.90 million. Institutional investors collectively own 86.88% of the bank.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $22.62, compared with the stock’s reported price of $18.72.
• Banc of California reported a significant quarterly earnings miss, posting a loss of $1.61 per share versus expectations for $0.40 in earnings, while revenue fell 94% year over year to $16.41 million. The bank also declared a quarterly dividend of $0.12 per share, implying a 2.6% annualized yield.

Oliver Luxxe Assets LLC lessened its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 39.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 92,753 shares of the bank's stock after selling 61,080 shares during the quarter. Oliver Luxxe Assets LLC owned about 0.06% of Banc of California worth $1,895,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew 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 valued at $191,970,000 after buying an additional 438,320 shares during the last quarter. UBS Group AG boosted its position in shares of Banc of California by 28.4% in the fourth quarter. UBS Group AG now owns 598,427 shares of the bank's stock valued at $11,544,000 after acquiring an additional 132,328 shares during the period. Bridgeway Capital Management LLC grew its stake in shares of Banc of California by 11.8% in the fourth quarter. Bridgeway Capital Management LLC now owns 915,325 shares of the bank's stock worth $17,657,000 after acquiring an additional 96,372 shares during the last quarter. William Blair Investment Management LLC increased its position in Banc of California by 8.8% during the fourth quarter. William Blair Investment Management LLC now owns 2,317,363 shares of the bank's stock worth $44,702,000 after acquiring an additional 187,999 shares during the period. Finally, LSV Asset Management acquired a new position in Banc of California during the 4th quarter valued at $3,740,000. Institutional investors and hedge funds own 86.88% of the company's stock.

Analyst Upgrades and Downgrades

BANC has been the subject of a number of research reports. Wells Fargo & Company increased their price target on shares of Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, July 6th. Citigroup cut their price objective on shares of Banc of California from $23.50 to $22.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Weiss Ratings raised shares of Banc of California from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday. DA Davidson reiterated a "buy" rating and issued a $24.00 target price on shares of Banc of California in a research note on Tuesday, April 28th. Finally, Piper Sandler lifted 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. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $22.62.

Banc of California Trading Down 1.5%

Shares of Banc of California stock opened at $18.72 on Friday. The firm has a market capitalization of $2.89 billion, a PE ratio of -44.58 and a beta of 0.74. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86. The company's fifty day moving average price is $20.13 and its two-hundred day moving average price is $19.24. Banc of California, Inc. has a 52-week low of $14.35 and a 52-week 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) EPS for the quarter, missing analysts' consensus estimates of $0.40 by ($2.01). Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The business had revenue of $16.41 million for the quarter, compared to the consensus estimate of $295.32 million. During the same period in the previous year, the business posted $0.31 earnings per share. Banc of California's revenue was down 94.0% on a year-over-year basis. On average, analysts expect that Banc of California, Inc. will post 1.68 EPS for the current year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Banc of California's payout ratio is presently -114.29%.

Insiders Place Their Bets

In other news, insider Olivia I. Lindsay sold 6,000 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total value of $117,000.00. Following the sale, the insider directly owned 32,842 shares in the company, valued at approximately $640,419. This represents a 15.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.78% of the company's stock.

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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