Intech Investment Management LLC Boosts Stock Holdings in Banc of California, Inc. $BANC

Intech Investment Management LLC grew its position in Banc of California, Inc. (NYSE:BANC) by 34.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 118,377 shares of the bank’s stock after purchasing an additional 30,463 shares during the period. Intech Investment Management LLC’s holdings in Banc of California were worth $1,959,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in BANC. Royal Bank of Canada grew its position in Banc of California by 9.4% in the 1st quarter. Royal Bank of Canada now owns 74,043 shares of the bank’s stock worth $1,050,000 after purchasing an additional 6,364 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Banc of California by 209.4% in the first quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock valued at $1,462,000 after acquiring an additional 69,739 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Banc of California by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock valued at $1,173,000 after acquiring an additional 3,611 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Banc of California by 8.5% during the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock worth $53,879,000 after acquiring an additional 297,680 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Banc of California by 1.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock worth $6,270,000 after acquiring an additional 4,263 shares during the period. 86.88% of the stock is owned by institutional investors.

Banc of California Stock Performance

Shares of BANC stock opened at $18.30 on Thursday. The firm’s 50 day moving average is $19.94 and its 200 day moving average is $18.28. The stock has a market capitalization of $2.77 billion, a P/E ratio of 15.51 and a beta of 0.72. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $21.61. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.05. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. The business had revenue of $292.93 million for the quarter, compared to analysts’ expectations of $288.41 million. During the same quarter in the previous year, the firm posted $0.28 EPS. On average, sell-side analysts anticipate that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th will be paid a $0.12 dividend. The ex-dividend date is Monday, March 16th. This represents a $0.48 annualized dividend and a yield of 2.6%. This is an increase from Banc of California’s previous quarterly dividend of $0.10. Banc of California’s dividend payout ratio is 33.90%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, January 21st. Piper Sandler boosted their target price on shares of Banc of California from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Keefe, Bruyette & Woods increased their target price on shares of Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. lifted their price target on shares of Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. Finally, Barclays upped their price objective on Banc of California from $21.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, December 19th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.86.

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.