Quantbot Technologies LP Purchases New Holdings in Banc of California, Inc. $BANC

Key Points

• Quantbot Technologies LP acquired 253,389 shares of Banc of California in the second quarter, valued at approximately $5.2 million, giving it a 0.16% stake. Institutional investors collectively own 86.88% of the bank.
• Banc of California reported a significant quarterly loss, posting -$1.61 in EPS versus the $0.40 consensus estimate, while revenue fell 94% year over year to $16.41 million.
• The company declared a quarterly dividend of $0.12 per share, representing a 2.6% annualized yield. Despite mixed analyst actions, the stock maintains a consensus “Buy” rating with an average price target of $22.62.

Quantbot Technologies LP acquired a new position in Banc of California, Inc. (NYSE:BANC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 253,389 shares of the bank's stock, valued at approximately $5,177,000. Quantbot Technologies LP owned about 0.16% of Banc of California at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Navalign LLC bought a new position in Banc of California in the 4th quarter valued at $27,000. Triumph Capital Management acquired a new position in shares of Banc of California during the third quarter valued at $25,000. Western Wealth Management LLC acquired a new position in shares of Banc of California during the first quarter valued at $29,000. Orion Capital Management LLC bought a new position in Banc of California in the fourth quarter valued at about $35,000. Finally, EverSource Wealth Advisors LLC increased its position in Banc of California by 38.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank's stock worth $39,000 after purchasing an additional 564 shares during the period. Institutional investors and hedge funds own 86.88% of the company's stock.

Banc of California Stock Down 0.1%

Banc of California stock opened at $18.64 on Friday. The firm has a market capitalization of $2.95 billion, a price-to-earnings ratio of -44.38 and a beta of 0.74. The company's 50 day simple moving average is $20.11 and its 200 day simple moving average is $19.17. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86. Banc of California, Inc. has a fifty-two week low of $15.33 and a fifty-two week high of $21.93.

Banc of California (NYSE:BANC - Get Free Report) last posted its earnings results 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). The firm had revenue of $16.41 million during the quarter, compared to analyst estimates of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The company's revenue for the quarter was down 94.0% on a year-over-year basis. During the same quarter last year, the business posted $0.31 earnings per share. As a group, sell-side analysts anticipate that Banc of California, Inc. will post 1.68 EPS for the current year.

Banc of California Dividend Announcement

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

Insiders Place Their Bets

In other Banc of California news, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the transaction, the insider directly owned 32,842 shares in the company, valued at approximately $640,419. The trade was a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.78% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BANC. JPMorgan Chase & Co. raised their target price 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. DA Davidson reaffirmed a "buy" rating and set a $24.00 target price on shares of Banc of California in a report on Tuesday, April 28th. Piper Sandler upped 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, April 27th. Wall Street Zen lowered Banc of California from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Finally, Brean Capital lowered Banc of California from a "buy" rating to a "neutral" rating in a research report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $22.62.

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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