Walleye Capital LLC Makes New $6.76 Million Investment in Banc of California, Inc. $BANC

Key Points

• Walleye Capital LLC disclosed a new stake in Banc of California, buying 384,583 shares worth about $6.76 million in the first quarter.
• Analysts remain generally positive on the stock, with several firms raising price targets; the consensus rating is Buy with an average target of $22.69.
• Banc of California reported quarterly EPS of $0.39, edging past estimates, and recently paid a $0.12 quarterly dividend that implies a 2.3% annual yield.

Walleye Capital LLC bought a new stake in Banc of California, Inc. (NYSE:BANC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 384,583 shares of the bank's stock, valued at approximately $6,761,000. Walleye Capital LLC owned approximately 0.26% of Banc of California as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Triumph Capital Management boosted its position in shares of Banc of California by 32.8% during the 4th quarter. Triumph Capital Management now owns 2,025 shares of the bank's stock valued at $39,000 after acquiring an additional 500 shares during the last quarter. Crescent Grove Advisors LLC increased its position in Banc of California by 0.5% during the first quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank's stock worth $1,810,000 after purchasing an additional 525 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Banc of California by 38.7% during 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 last quarter. CIBC Asset Management Inc raised its stake in Banc of California by 4.5% during the fourth quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank's stock worth $283,000 after purchasing an additional 637 shares during the period. Finally, Maryland State Retirement & Pension System raised its stake in Banc of California by 4.2% during the fourth quarter. Maryland State Retirement & Pension System now owns 19,630 shares of the bank's stock worth $379,000 after purchasing an additional 783 shares during the period. 86.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on BANC shares. 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 research note on Monday, July 6th. JPMorgan Chase & Co. lifted their price target on shares of Banc of California from $22.00 to $24.00 and gave the company an "overweight" rating in a research report on Wednesday, July 1st. DA Davidson reiterated a "buy" rating and issued a $24.00 price objective on shares of Banc of California in a report on Tuesday, April 28th. Piper Sandler increased their price objective 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. Finally, Barclays cut their target price on Banc of California from $25.00 to $23.00 and set an "overweight" rating for the company in a research note on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Banc of California has a consensus rating of "Buy" and an average price target of $22.69.

Banc of California Trading Down 2.5%

NYSE BANC opened at $21.27 on Thursday. 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 has a market capitalization of $3.28 billion, a P/E ratio of 16.24 and a beta of 0.73. The firm's 50-day moving average is $19.90 and its two-hundred day moving average is $19.28. Banc of California, Inc. has a 12 month low of $13.96 and a 12 month high of $21.93.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly 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 business 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 for the quarter was up 7.9% on a year-over-year basis. During the same period last year, the business earned $0.26 earnings per share. On average, sell-side analysts anticipate that Banc of California, Inc. will post 1.71 earnings per share for the current year.

Banc of California Announces Dividend

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