Vanguard Group Inc. Purchases 438,320 Shares of Banc of California, Inc. $BANC

Key Points

• Vanguard Group increased its stake in Banc of California by 4.6% in the fourth quarter, buying 438,320 additional shares and bringing its holdings to 9,951,795 shares, or about 6.58% of the company.
• Wall Street analysts are generally constructive on the stock, with an average “Buy” rating and a consensus price target of $21.83. Recent reports included higher targets from Barclays, DA Davidson, Piper Sandler, and Wells Fargo.
• Banc of California reported Q1 earnings of $0.39 per share, slightly ahead of estimates, and announced a quarterly dividend of $0.12 per share payable July 1, for an annualized yield of 2.5%.

Vanguard Group Inc. grew its position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 4.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,951,795 shares of the bank's stock after acquiring an additional 438,320 shares during the period. Vanguard Group Inc. owned about 6.58% of Banc of California worth $191,970,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Triumph Capital Management bought a new position in shares of Banc of California during the third quarter valued at about $25,000. Advisory Services Network LLC purchased a new position in shares of Banc of California during the third quarter valued at about $36,000. Aster Capital Management DIFC Ltd increased its position in shares of Banc of California by 145.1% during the third quarter. Aster Capital Management DIFC Ltd now owns 4,181 shares of the bank's stock valued at $69,000 after buying an additional 2,475 shares during the period. Danske Bank A S purchased a new position in shares of Banc of California during the third quarter valued at about $70,000. Finally, Osaic Holdings Inc. increased its position in shares of Banc of California by 210.8% during the second quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank's stock valued at $82,000 after buying an additional 3,940 shares during the period. 86.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on BANC shares. Barclays reduced 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. DA Davidson reiterated a "buy" rating and set a $24.00 price target on shares of Banc of California in a research report on Tuesday, April 28th. Weiss Ratings reiterated a "hold (c)" rating on shares of Banc of California in a research report on Wednesday, January 21st. Piper Sandler boosted 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 report on Monday, April 27th. Finally, Wells Fargo & Company boosted their price target on shares of Banc of California from $20.00 to $22.00 and gave the company an "overweight" rating in a research report on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Banc of California presently has an average rating of "Buy" and a consensus price target of $21.83.

Banc of California Price Performance

Shares of BANC opened at $19.05 on Monday. The stock has a market cap of $2.86 billion, a PE ratio of 14.55 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. Banc of California, Inc. has a fifty-two week low of $13.24 and a fifty-two week high of $21.61. The firm's 50-day simple moving average is $18.00 and its two-hundred day simple moving average is $18.67.

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 for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $286.95 million for 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.26 earnings per share. Analysts anticipate that Banc of California, Inc. will post 1.72 earnings per share for the current fiscal year.

Banc of California Announces Dividend

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

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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